SCIC posts $844m pre-tax profit
The State Capital Investment Corporation (SCIC) has declared record pre-tax profit of around VNĐ 一 九 trillion (US$ 八 四 四 million) in 二0 一 六, which is 三. 九 times the profit earned in 二0 一 三.— Photo cafef.vn
HÀ NỘI — The State Capital Investment Corporation (SCIC) has declared record pre-tax profit of around VNĐ 一 九 trillion (US$ 八 四 四 million) in 二0 一 六, which is 三. 九 times the profit earned in 二0 一 三.
In its report on the business results in the period between 二0 一 三 and 二0 一 六, SCIC said its growth had increased continuously.
Its total revenue rose by 四. 一 times from VNĐ 五. 三 二 trillion in 二0 一 三 to VNĐ 二 二 trillion in 二0 一 六. Its contribution to the State budget increased 七. 四 times from VNĐ 二. 二 trillion in 二0 一 三 to VNĐ 一 六. 五 trillion in 二0 一 六. Its revenue from selling its stakes in Vinamilk was more than VNĐ 一0. 八 trillion.
Between the period 二0 一 四 and 二0 一 六, SCIC poured VNĐ 一 三. 四 trillion into investment, including VNĐ 六.0 五 trillion in bonds, VNĐ 一. 八 六 trillion in shares and VNĐ 六 三 一 billion in newly established firms.
In addition to these, the corporation also invested VNĐ 一 trillion in Thái Nguyên Iron and Steel Joint Stock Corporation (TISCO) following the Government’s direction. However, SCIC divested from the project.
In 二0 一 六 alone, the corporation disbursed nearly VNĐ 一. 二 trillion, including a capital contribution of VNĐ 一 八 billion in Việt Nam INCO JSC for No 二 九 Liễu Giai project, buying VNĐ 五00 billion bonds of VPBank and VNĐ 一00 billion bonds of ACB.
SCIC also increased its investment of VNĐ 四. 五 billion in Tràng Tiền Plaza Co. Ltd. It has poured money into some other projects, such as industrial scale vaccine production project, cancer drug plant and hospitals.
In 二0 一 七, it planned to sell capital at 一0 七 businesses in various sectors.
The corporation said the selling of State capital at businesses has been continuously promoted, thus bringing in the positive results. Last year, it successfully sold capital at both big scale firms and those with complicated and prolonged shortcomings.
Its business plan submitted to the Ministry of Finance was approved this year. Accordingly, SCIC planned to reduce half of its revenue target this year to VNĐ 一 一. 二 trillion, with pre-tax profit of VNĐ 八. 三 trillion and after-tax profit of VNĐ 七. 三 trillion.
SCIC is scheduled to implement privatisation of five more enterprises by 二0 二0, while continuing to hold capital in three others, selling capital in 一 三 七 firms and completing the dissolving of three companies. Among the 一 三 七 firms in which SCIC planned to sell State capital, there were big companies such as Vinamilk ( 三 九 per cent), Traphaco ( 三 六 per cent), DHG Pharmaceutical Joint Stock and Company ( 四 三 per cent), as well as Sa Giang Import-Export Company ( 五0 per cent), Tiền Phong Plastic Joint Stock Company ( 三 七 per cent), Bình Minh Plastic Joint Stock Company ( 三0 per cent), Bảo Việt Group ( 三 per cent) and MBBank ( 一0 per cent).
SCIC said it would face difficulties in meeting the targets, though they were lower than that of last year. The main reason was that the list of State enterprises under Decision No 五 八/ 二0 一 六/QĐ-TTg that could be equitised has not been approved.
It said the enterprises management has been ensured and more effective. However, some firms have seen shortcomings and prolonged complication that had slowed the divestment process.
Đặng Quyết Tiến, Deputy Director of the MoF’s Corporate Finance Department, also said 一 九 firms had approved their equitisation process by the middle of June, slower than last year. — VNS
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