BB Power Holdings JSC announced its business results for the first half of 2024, continuing to incur a loss of nearly VND 185 billion, compared to a loss of nearly VND 377 billion in the same period last year.
Notably, from 2021 to the first half of 2024, BB Power Holdings has consistently made losses, totaling over VND 1,156 billion.
 Source: Consolidated by the author
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As of June 30, 2024, the Company’s equity was nearly VND 1,890 billion, down 22% over the same period last year. The debt-to-equity ratio decreased from 4.73 to 3.68 times, equivalent to more than VND 6,954 billion in payables. Of this, bond debt amounted to over VND 310 billion.
Source: BB Power Holdings
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According to data from HNX, BB Power Holdings currently has only one bond issue, with the code BBP.H.20.23.00, valued at VND 400 billion, issued on December 24, 2020, with a term of 51 months, maturing on March 25, 2025, and an interest rate of 10.3%/year. After three early bond repurchases on January 4, 2021, and July 5 and August 1, 2024, the bond value stood at nearly VND 368 billion.
BB Power Holdings is a member of BB Group, chaired by Mr. Vu Quang Bao. Within this diversified group, BB Power Holdings is responsible for developing renewable energy projects, including solar power plants such as My Son 1, My Son 2, Dam Tra O, Gio Thanh 1, Gio Thanh 2, Hong Phong 5.2, and Phan Lam 2; hydroelectric power plants such as Song Lo 2, Dakpsi 3, Dakpsi 4, and Dak Mi 1; and wind power plants such as BB Power Gia Lai and Hanbaram.
BB Power Holdings of energy tycoon Vu Quang Bao reports a loss of VND 740 billion in 2023
Previously, two “twin” energy companies under Mr. Vu Quang Bao, Hoang Son Energy Investment JSC and Hoang Son Energy Investment JSC 2, have never reported profits in the period from 2021 to 6 months of 2024.
Meanwhile, another energy company owned by Mr. Bao, Phan Lam Energy Company Limited, recorded a post-tax profit of over VND 8 billion in the first half of 2024.
In June and July this year, several energy businesses changed their legal representative from Mr. Vu Quang Bao to another individual.
Vu Quang Bao is no longer the legal representative of two loss-making energy companies
A company owned by energy tycoon Vu Quang Bao reports significant profits in the first half
Vu Quang Bao removes himself as the legal representative of multiple energy companies
