Business

SCIC reports profits 52 percent higher than target

The State Capital Investment Corporation (SCIC) reported after-tax profit of 8.25 trillion VND (356 million USD) in 2018, 52 percent higher than the annual target.
SCIC reports profits 52 percent higher than target ảnh 1Divesting from Vinaconex was one of SCIC’s most successful deals last year (Photo: VNA)

Hanoi (VNS/VNA) - The State CapitalInvestment Corporation (SCIC) reported after-tax profit of 8.25 trillion VND(356 million USD) in 2018, 52 percent higher than the annual target.

Its revenue was 12.58 trillion VND (541.3million USD), equivalent to 159 percent of its target.

SCIC estimated it had paid 6.99 trillion VND(300.7 million USD) in corporate income tax in 2018, 54 percent higher than thetarget, and paid 2.18 trillion VND (93.8 million USD) directly to theEnterprise Arrangement and Development Support Fund.

SCIC played an important role in therestructuring of State-owned enterprises.

Founded in 2005, SCIC divested State capital outof 986 companies to collect nearly 37 trillion VND (1.6 billion USD), comparedto the book value of 8.3 trillion (357 million USD).

In 2018 alone, SCIC earned nearly 7.78 trillionVND (334.7 million USD) from selling stakes at nine companies. SCIC’s two mostsuccessful deals last year were its sales of stakes of Binh Minh Plastics – themarket price of which is now just half of the price at which SCIC sold – andVietnam Construction and Import-Export Joint Stock Corporation (Vinaconex) at aprice three times higher than SCIC originally paid.

As of the end of 2018, SCIC’s portfolio included142 enterprises with a total State capital of 20.6 trillion VND (886.2 millionUSD), or 25 percent of the total charter capital.

In 2018, SCIC received transfers of Statecapital ownership representative rights at 14 enterprises with a total Statecapital of more than 4 trillion VND (172 million USD), including VietnamNational Textile and Garment Group (Vinatex) and Vietnam Seaproducts JointStock Corporation.

Up to now, SCIC held State capital ownershiprepresentative rights at 30 enterprises.

SCIC Deputy Director Nguyen Chi Thanh said thecompany would focus on seeking new investment opportunities in 2019 to increasethe efficiency of State capital usage.

SCIC Chairman Nguyen Duc Chi said the companyalways kept a close watch on the use of State capital at enterprises to ensureefficiency.

Chi expects new opportunities for State capitalinvestment as SCIC is one of 19 SOEs put under the management of the Commissionfor the Management of State Capital at Enterprises.

He added that SCIC is targeting growth of 7-8 percentin 2019.-VNS/VNA
VNA
#State Capital Investment Corporation #SCIC #SCIC's profit in 2018 #State capital divestment #Vinaconex #State capital ownership #Commission for the Management of State Capital at Enterprises #Binh Minh Plastics #updated Vietnam news #Vietnamplus #Vietnam News Agency
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