Bamboo Capital establishes financial company with charter capital of $17.5 million

August 17, 2021 | 22:09

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Bamboo Capital JSC, a multi-industry company operating in trade and services, has approved the establishment of a financial company with a charter capital of VND400 billion ($17.5 million).

Bamboo Capital establishes financial company with charter capital of $17.5 million

Bamboo Capital's solar farm in Binh Dinh province

Bamboo Capital has decided to establish BCG Financial JSC, which will specialise in providing financial services such as debt trading, as well as related consulting and brokerage.

The company has a charter capital of VND400 billion ($17.5 million), of which Bamboo Capital contributes 80 per cent, equivalent to VND320 billion ($14 million).

After the establishment of BCG Financial, the company will have seven directly-owned subsidiaries, together with 45 indirectly-owned subsidiaries and 12 affiliates.

Most of its member organisations will operate within the group's main business areas agricultural production, commerce, infrastructure, and real estate construction, and renewable energy. In which, renewable energy is a medium and long-term strategic segment that is poised to create a stable source of income in the next five years.

Thanks to its subsidiaries, in the second quarter of 2021, BCG generated revenues of more than $35.85 million, up 56 per cent over the same period. After deducting expenses, BCG's after-tax profits were $13.8 million, 17 times higher than in the same period last year.

These revenues mainly came from the handover and transfer of projects, as well as its construction and installation activities and renewable energy projects that have been energised by the end of 2020.

Accumulated in the first six months, BCG cashed in $63.5 million in revenues, an increase of 60 per cent; and more than $21 million in profits after tax, 18 times higher than in the same period last year.

Compared with the company's target of $235.6 million in revenues and $35.3 million in profits after tax for 2021, BCG achieved 27 and 59 per cent, respectively.

By Trúc Anh

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