The State Capital Investment Corporation (SCIC) has recently published its financial report for 2021, announcing consolidated revenue of around VND10.1 trillion (US$438 million), 50 per cent higher than the figure for 2020.
Of the amount, VND4.3 trillion came from dividends and distributed profits, VND1.9 trillion from capital sales and VND1.4 trillion from banking deposit and bond interests. The returned provision for devaluation in investments also contributed VND3.4 trillion to the figure.
Despite high revenue, SCIC earned a consolidated after-tax profit of just VND3.6 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 VND1.5 trillion, leading to a shrinkage of SCIC's capital.
The airline continued to make a loss of over VND1.1 trillion in Q4, resulting in equity of VND507 billion. SCIC had to record an additional fall of VND300 billion to its consolidated profit in this regard.
By late 2021, SCIC had a total asset of nearly VND57.7 trillion, down 9 per cent year-on-year, and 145 affiliated companies in its portfolio with a total state capital of VND46.5 trillion.
SCIC is expected to transform into a governmental fund in the near future with its focus shifting from capital management to investment. — VNS
- Bristol City post substantial £20million increase in losses
- Tesla posts first profit in two years in triumph for Elon Musk
- Sheffield’s top SMEs post 77% profit rise in third year of growth
- Leading IBEX firms post profit figures
- German companies may be stockpiling too much goodwill
- Tech giants shift profits to avoid taxes. There’s a plan to stop them.
- Banks eye profit goals, despite credit crunch
- UPDATE 1-Peppa Pig owner Entertainment One posts wider first-quarter loss
- Drake Circus fashion retailer makes huge losses
- Carpetright blames Brexit as it shuts stores and sees profits tank
- Fears for McColl's as shares tank after profit warning
- Fears over Paperchase in Plymouth and Exeter as it makes huge loss
- Royal Mail boss vows to take action after half-year profits tumble
- Apple loses $1trillion value crown as share price plummets despite £1,000 iPhone X boosting profits
- Troubled Plymouth cycle shop could close even if it's profitable
- Bristol City's finances dissected after posting £23million losses
- TCS reports net profit of Rs 8,042 crore in Q2, up 1.78%
- Caterpillar posts £20m pre-tax loss during year of cost cuts
- Commercial banks report record high profit in 2017
- Viridian posts £52.8m six month profits after resolving I-SEM issue
SCIC posts lower profits due to affiliated company losses have 419 words, post on bizhub.vn at May 23, 2022. This is cached page on Talk Vietnam. If you want remove this page, please contact us.