08:06 (GMT +7) - Wednesday 11/12/2019

Business

Bamboo Capital sets targets for upcoming years

Released at: 18:34, 17/05/2019

Bamboo Capital sets targets for upcoming years

Photo: Khanh Chi (VET)

Group's AGM approves ambitious goals for next three years.

by Khanh Chi

The Bamboo Capital JSC (BCG) has approved its plan for 2019, with a revenue target of over $128 million, up 2.6-fold against 2018, and profit of $13.3 million, 166 per cent higher than last year.

At its annual general meeting (AGM) held recently in Ho Chi Minh City, Chairman Mr. Nguyen Ho Nam also set revenue and profit targets for 2020, of nearly $241 million and $18.6 million, respectively, and $192.3 million and $38.7 million for 2021.

By 2020, the company’s revenue structure will change due to the completion of certain real estate developments and the collection of revenue from energy projects. Discussing the structure in the 2019-2021 period, Mr. Nam said that while revenue this year will come from real estate in central Quang Nam province and Ho Chi Minh City, revenue in 2020 would come mainly from solar power projects.

Regarding the dividend plan, the AGM approved an expected dividend for 2019 of 20 per cent, of which 10 per cent is in cash and 10 per cent in shares. The dividend for 2020 is expected to be 10 per cent in cash and 20 per cent in shares.

The Malibu Hoi An residential project in Quang Nam is to earn expected revenue of $130.5 million and additional revenue of $42.7 million this year, with hand over beginning in the third quarter. All condotels have been sold, as have two-thirds of villas.

The King Crown Village Thao Dien project in Ho Chi Minh City’s District 2 will see 17 villas handed over at the end of this year with revenue of $38.5 million. In the second phase, a 25-story complex will function as a five-star hotel and office building with total investment of over $64 million.

BCG is also implementing legal procedures for its Casa Marina project in Quy Nhon in south-central Binh Dinh province, including 160 villas, and for its 38-story PEGAS condominium project in south-central Nha Trang city.

In solar energy, BCG Bang Duong expects its Gaia project will be completed and generate electricity before June, with full operations by the end of the year.

BCG also continues to deploy solar projects - one in the Mekong Delta’s Long An province with a total capacity of 100 MW, one in the central highlands’ Dak Lak province with 50MW, and three in the Mekong Delta’s Ben Tre province with a capacity 500 MW, as well as a wind power project in the Mekong Delta’s Soc Trang province of 45 MW. BCG’s goal is to increase total capacity to 400 MW in 2019-2020 and 1,000 MW in 2023.

Mr. Nguyen The Tai, BCG’s Vice Chairman, said its agricultural subsidiary Nguyen Hoang Corp. would be listed by 2020. The subsidiary has set a revenue plan for 2019 of nearly $15 million with a gross manufacturing margin of 25 per cent.

Mr. Nam added that South Korea’s Hanwha Energy and BCG have drafted a cooperation contract, under which Hanwha plans to invest $4.3-$8.6 million in acquiring 10 per cent of BCG’s energy segment this year. The contract is expected to be signed in June.

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