Biwase Joint Stock Company – Binh Duong Water and Environment Joint Stock Company (Biwase, Stock Code: BWE, HoSE) has recently announced a Board of Directors Resolution approving the establishment of a subsidiary.
The proposed subsidiary, named Biwase Kien Giang Water and Environment LLC, will have a chartered capital of VND 200 billion, fully funded by Biwase in cash. The establishment is scheduled for Q4/2025.
In other news, Biwase has also released a progress report on the utilization of funds raised from the 2020 stock offering.
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By the end of the offering on November 4, 2020, Biwase successfully issued 37.5 million shares, raising nearly VND 964.3 billion.
Biwase plans to allocate VND 599.5 billion for project implementation. As of November 4, 2025, the project is 98.5% complete.
Regarding business performance, Biwase’s Q3/2025 consolidated financial report shows net revenue of over VND 903.4 billion, a 4.1% decrease year-over-year. After deducting COGS, gross profit reached nearly VND 502.3 billion, up 27.3%.
During the period, the company generated VND 116.5 billion in financial revenue, 2.2 times higher than the same period last year. Correspondingly, financial expenses also increased from nearly VND 79 billion to over VND 118 billion.
Conversely, selling expenses decreased from VND 100.2 billion to VND 95.8 billion, and administrative expenses dropped by 12.7% to nearly VND 62.1 billion.
As a result, after taxes and fees, Biwase reported a net profit of nearly VND 280.6 billion, a 46.6% increase.
For the first nine months of 2025, Biwase achieved net revenue of nearly VND 3,152.5 billion, up 13.9% compared to the same period in 2024, with post-tax profit reaching nearly VND 748.5 billion, a 46.4% increase.
As of September 30, 2025, Biwase’s total assets increased by 5% from the beginning of the year to nearly VND 19,907.5 billion. Fixed assets account for VND 4,565.5 billion (22.9% of total assets), and long-term financial investments total nearly VND 3,166.5 billion (15.9% of total assets).
On the liabilities side, total payables stand at nearly VND 8,907.8 billion, a slight 2.5% increase from the beginning of the year. Loans and finance leases account for VND 7,090.2 billion, or 79.6% of total liabilities.
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