The latest subsidiary in the Philippines is named PC1 Philippines Inc., with a chartered capital of 110 million PHP (equivalent to nearly 48 billion VND), of which PC1 contributes 99.98% of the capital. This will be PC1’s 31st subsidiary.
As of September 30, 2024, PC1 had a total of 30 subsidiaries and 4 affiliated companies.
Earlier in March, PC1 established a subsidiary called Hai Phong International Industrial Park JSC, with a chartered capital of 20 billion VND, in which PC1 contributed 19.8 billion VND, equivalent to 99% of the company’s charter capital.
The establishment of a subsidiary in the Philippines by the PC1 Group comes as the company signed an EPC (Engineering, Procurement, and Construction) contract for the 58.5 MW Camarines Sur wind power plant with a partner on October 9 in Manila, Philippines.
The project investor is SPV Cornerstone Energy Development, Inc. (CEDI) – a company established by a consortium between Aboitiz Power Corporation (a Philippine energy investment enterprise) and Mainstream Renewable Power (a global wind power investment enterprise).
PC1 stated that the successful signing of the EPC contract in the Philippines with leading energy investment groups in the region and the world demonstrates the capability, expertise, experience, and confidence of Vietnamese enterprises to participate in the global value chain.
The project is expected to be constructed throughout 2025 and early 2026, contributing partially to PC1’s business revenue.
PC1 and partner sign EPC contract for 58.5 MW Camarines Sur wind power plant in the Philippines
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Regarding dividends, PC1 has successfully issued over 46.6 million shares as a dividend payment for 2023, with a ratio of 15%, to its shareholders. The expected date for the share transfer is in December. For 2024, the company plans to distribute a 15% dividend as well.
In terms of business operations, in the first nine months of 2024, PC1 achieved a net revenue of 7,538 billion VND, a 47% increase, and a net profit of 399 billion VND, a 133-fold rise compared to the same period last year. With these results, the company has exceeded its annual profit target by 10%.
Thanh Tú
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