In the second quarter, the Binh Duong industrial zone giant recorded net revenue of nearly VND 1,162 billion, a 10% decrease compared to the same period last year. However, thanks to a deeper decrease in cost of goods sold, gross profit remained at nearly VND 700 billion, a 4% decrease, with the gross profit margin increasing from over 56% to 60%.
The bright spot this period came from financial activity revenue of nearly VND 134 billion, 13 times higher than the same period, thanks to a cooperation profit of over VND 123 billion. Moreover, BCM earned more than VND 455 billion in profit from its joint ventures and associates, 5 times higher than the same period. At the end of the second quarter, BCM recorded a net profit of nearly VND 381 billion, 2.7 times higher than the same period.
BCM’s Financial Statements from Q1/2020 – Q2/2024
With the positive results in the second quarter, Becamex’s 6-month tax profit exceeded VND 513 billion, 10.5 times higher than the same period. However, with an ambitious profit target of VND 2,350 billion for 2024, the industrial zone giant has only achieved 22% of its annual profit plan.
Source: VietstockFinance
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In 2024, BCM is expected to develop several investment projects, including the Cay Truong industrial zone, The One Residences housing project, and social housing projects in Viet Sing and Dinh Hoa. In addition, Becamex IDC is proposing several key transportation projects in Binh Duong province, including the Ho Chi Minh City Ring Road 4 from Thu Bien Bridge to Saigon River, the Ho Chi Minh City – Thu Dau Mot – Chon Thanh expressway, the My Phuoc Tan Van road improvement project under the PPP model, and the National Highway 13 upgrade and expansion project.
The Binh Duong industrial zone giant has also set a target to raise at least VND 33 trillion in the 2024-2025 period to meet its investment needs. Additionally, BCM aims to be one of the top 10 state-owned enterprises in terms of market capitalization, with a target of over $5 billion in market capitalization. The targeted market capitalization for 2025 and 2026 is $7.1 billion and $10.8 billion, respectively.
On the balance sheet, BCM’s total assets as of the end of June exceeded VND 55,029 billion, a 3% increase compared to the beginning of the year. Of this, nearly VND 2,346 billion is deposited in banks, and inventory stands at nearly VND 20,648 billion, a 4% increase, with the majority comprising construction work in progress.
BCM has total liabilities of over VND 35,202 billion, a 4% increase compared to the beginning of the year, due to an 8% increase in financial debt to nearly VND 21,274 billion, accounting for 60% of total debt. Of this, nearly VND 12,245 billion is in bond principal.
