**Biwase Reports Preliminary Positive Results for the First Ten Months of 2024**
According to preliminary business results for the first ten months of 2024, Biwase Joint Stock Company – General Corporation for Water and Environment in Binh Duong (Biwase, HOSE: BWE) is estimated to have achieved revenue of VND 3,258 billion, an increase of 11% compared to the same period in 2023. Profit after tax, however, decreased by 6% to VND 508 billion. In comparison to the annual plan, the company has achieved nearly 80% of the revenue target and 73% of the profit target.
Biwase noted that as of October, the company had not recognized nearly VND 244 billion in revenue from waste and wastewater treatment. If this amount is included, total revenue is estimated at VND 3,502 billion, representing 85% of the annual plan (VND 4,100 billion).
A highlight of the first ten months was Biwase’s water consumption volume, which reached nearly 166 million m3, an increase of 9% compared to the same period, achieving 86% of the annual plan.
TDM Joint Stock Company (HOSE: TDM), a strategic shareholder owning 37.42% of Biwase’s capital, also reported its performance for the first ten months of 2024, with a water consumption volume of nearly 57 million m3, a 3% increase compared to the same period. This represents 79% of the annual plan.
Total revenue for the ten months is estimated at VND 463.5 billion, and profit after tax is over VND 164 billion, decreases of 6% and 35%, respectively, compared to the same period last year. Compared to the annual plan, the company has achieved 89% of the revenue target and 85% of the profit target.
TDM Water attributed the differences to the fact that in the same period last year, the company had financial revenue from cash dividends from Biwase. This year, Biwase paid dividends in shares. Additionally, increased financial investment provisions and foreign exchange rate loss provisions impacted profits.
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