SCIC reports 19% decrease in profit in Jan-Jun
SCIC sets revenue target of VND7.9 trillion (US$341.62 million) and after-tax profit of over VND5.4 trillion (US$233.51 million) for 2018.
In the first six months of 2018, State Capital Investment Corporation (SCIC), the Vietnamese government's investment arm, reported a net profit of VND1.94 trillion (US$83.92 million), down 19% year-on-year, VnExpress reported.
Illustrative photo.
|
Upon breaking down, the company's revenue from dividends stood at VND1.15 trillion (US$49.73 million), down 38% year-on-year, while that of from the sale of state capital doubled to VND401 billion (US$17.34 million).
Additionally, SCIC's revenue from deposit interests and bond investment amounted to VND731 billion (US$31.61 million), up 23% year-on-year.
By the end of the second quarter, SCIC saw a reduction in total assets value by VND20 trillion (US$865 million) compared to the beginning of the year to VND41.75 trillion (US$1.8 billion). This was due to SCIC handing over VND17 trillion (US$735.37 million) from the Support Fund for Enterprise Reorganization and Development to the Ministry of Finance (MoF).
This resulted in the company’s payables decreased by over VND20 trillion (US$865 million) during this period compared to the end of 2017 to over VND1.46 trillion (US$63.14 million).
SCIC currently has VND419 billion (US$18.12 million) in cash and VND19.83 trillion (US$857.87 million) in bank deposits.
Under the government's divestment scheme in the 2017 - 2020 period, SCIC is expected to sell state capital at 62 state owned enterprises (SOEs) in 6 ministries and 16 provinces, totaling VND11.2 trillion (US$484.35 million).
However, by the end of June, SCIC has just been handed over 25 SOEs under the list with capital of VND862 billion (US$37.27 million).
SCIC sets revenue target of VND7.9 trillion (US$341.62 million) and after-tax profit of over VND5.4 trillion (US$233.51 million) for 2018.
12:17, 2025/02/25
Vietnam eyes top 3 in investment environment in ASEAN next 2 years: Party Chief
A key objective is to trim off at least 30% of administrative procedures and cut both business costs and unofficial fees.
18:03, 2025/02/22
Vietnam attracts South Korean tech investment at SEMICON Korea 2025
The event provided a platform for Vietnam to showcase its semiconductor potential and reaffirm its commitment to developing high-tech industries and strengthening international cooperation.
16:46, 2025/02/20
Swedish group plans US$1 billion investment in Binh Dinh recycling plant
By creating a large number of jobs and promoting a green economy, the initiative is important in establishing Vietnam as a global hub for the circular textile sector.
10:52, 2025/02/13
Samsung plans to invest in AI, semiconductors in Vietnam
Vietnam will continue improving its investment environment and driving strategic breakthroughs in order to usher in a new era of economic development.
17:20, 2025/02/07
Vietnam's data center construction costs among the lowest in Asia Pacific
The country has a lot of potential to become one of the most important data markets in the region.
21:05, 2025/02/03
Bright prospects for FDI inflows into Vietnam in 2025
Market size, growth potential, low labor costs, and stable political and social conditions continue to be Vietnam’s selling points in attracting foreign investors.
- Foreign companies confirm investment expansion in Vietnam in 2025
- PM invites Skoda to manufacture electric vehicles in Vietnam
- US Berggruen Holdings to help Vietnam set up investment funds
- Vietnam releases Esports White Book 2022-2023
- Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
- Better links with FDI firms to support Hanoi businesses