Becamex IDC plans to 50 per cent less profit this year

February 05, 2021 | 08:00

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Becamex IDC targets to reduce revenue by 15 per cent and profit by 48 per cent for 2021 due to the impact of COVID-19.

becamex idc plans to 50 per cent less profit this year

Becamex IDC plans to plunge 50 per cent of profit this year

Becamex IDC has published its business plan for 2021, announcing expectations to acquire VND6.7 trillion ($291.3 million) in revenue, including an after-tax profit of VND1.12 trillion ($48.7 million). VND2.5 trillion ($108.7 million) is expected to come from the industrial park (IP) business, VND3.5 trillion ($152.17 million) from apartment and urban area real estate business, and VND700 billion ($30.43 million) from other sources.

Regarding investment activities, Becamex IDC will complete the infrastructure of the expanded Bau Bang IP and Cay Truong IP.

Besides, the sale of land plots, resettlement projects, and residential areas is expected to bring Becamex IDC about VND2.3 trillion ($100 million).

This plan is built based on the forecast of continued COVID-19 impacts on the operation of its partners.

Last year, the company acquired VND7.72 trillion ($335.65 million) in net revenue and VND1.95 trillion ($84.8 million) in gross profit, dropping 6 and 18 per cent on-year.

At the end of 2020, the company reported VND48.19 trillion ($2.1 billion) in assets, up 11 per cent on-year. 51 per cent of these assets are unsold goods.

Becamex IDC owns 14 IPs with a total area of more than 14,400 hectares, occupying 11.4 per cent of the total industrial land area in Vietnam.

In September 2020, Becamex IDC officially listed more than 1 billion shares to trade for the first day on the Ho Chi Minh City Stock Exchange on August 31 at the reference price of VND28,000 ($1.22).

By Ha Vy

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