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SCIC reports nearly $243m after-tax profit

Update: February, 06/2015 - 09:20

HA NOI (VNS) — The State Capital Investment Corporation (SCIC) this week announced an after-tax profit of VND5.19 trillion (US$242.5 million) last year, representing a 14 per cent year-on-year increase, while surpassing its set target by 15 per cent.

Statistics revealed that all of the corporation's business results were higher than the scheduled targets, as well as greater than posted results from 2013.

Before-tax profits in 2014 reached VND5.64 trillion ($263.5 million), increasing 11 per cent over the previous year and posting 17 per cent higher than the initial target.

Also, its return on equity (ROE) was 19.7 per cent, which was higher than the 14.3 per cent target.

With the encouraging results, SCIC was eligible to be listed as an A level business last year.

After eight years of operations, the corporation's financial targets, including turnover, profits, total assets and ROE, saw relatively high growth rates.

Its total assets were estimated at VND69 trillion ($3.22 billion), increasing 13 times from when it was established in 2006. Also, SCIC's owner capital was VND31 trillion ($1.44 billion), rising 9 times since 2006.

The corporation has been successful in selling capital at 724 enterprises since 2006. SCIC has used its profits to invest in businesses and projects in important sectors.

By the end of last year, its total investment was VND13 trillion ($607.4 million) in key projects such as International Financial Tower and Thai Nguyen Iron and Steel Joint Stock Corporation (TISCO) ‘s phase 2 expansion.

Further, SCIC has studied the possibility of investing in projects in industries involved in infrastructure, seaports and healthcare.

This year the corporation is expected to focus on transferring State-owned capital activities, enhancing administration at companies in which the State holds controlling capital, accelerating restructuring at one member limited companies and resolving shortcomings in some businesses.

The corporation said they would continue to accelerate selling capital at SOEs. Last year, it sold State-owned capital at 76 of 290 enterprises, accounting for 26 per cent of its set target. SCIC reports earning VND2.2 trillion ($102.8 million) from the divestment. — VNS

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