|Passengers board a Vietnam Airlines jet. The airline's loss has contributed to the contraction of SCIC's consolidated profit in 2021. Photo nld.com.vn|
HÀ NỘI — The State Capital Investment Corporation (SCIC) has recently published its financial report for 2021, announcing consolidated revenue of around VNĐ10.1 trillion (US$438 million), 50 per cent higher than the figure for 2020.
Of the amount, VNĐ4.3 trillion came from dividends and distributed profits, VNĐ1.9 trillion from capital sales and VNĐ1.4 trillion from banking deposit and bond interests. The returned provision for devaluation in investments also contributed VNĐ3.4 trillion to the figure.
Despite high revenue, SCIC earned a consolidated after-tax profit of just VNĐ3.6 trillion last year, a 10-year low, due to losses from its affiliated companies.
Notably, SCIC held 31.14 per cent ownership of the national flag carrier Vietnam Airlines. By late Q3/2021, Vietnam Airlines equity fell to about VNĐ1.5 trillion, leading to a shrinkage of SCIC’s capital.
The airline continued to make a loss of over VNĐ1.1 trillion in Q4, resulting in equity of VNĐ507 billion. SCIC had to record an additional fall of VNĐ300 billion to its consolidated profit in this regard.
By late 2021, SCIC had a total asset of nearly VNĐ57.7 trillion, down 9 per cent year-on-year, and 145 affiliated companies in its portfolio with a total state capital of VNĐ46.5 trillion.
SCIC is expected to transform into a governmental fund in the near future with its focus shifting from capital management to investment. — VNS