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SCIC reports 2018 profits 52 per cent higher than target

Divesting from Vinaconex was one of SCIC’s most successful deals last year. - Photo Vietnamfinance.vn

HÀ NỘI — On Monday, the State Capital Investment Corporation (SCIC) reported after-tax profit of VNĐ 八. 二 五 trillion (US$ 三 五 八. 七 million) in  二0 一 八,  五 二 per cent higher than the target for the year.

Its revenue was VNĐ 一 二. 五 八 trillion, equivalent to  一 五 九 per cent of its target.

SCIC estimated it had paid VNĐ 六. 九 九 trillion in corporate income tax in  二0 一 八,  五 四 per cent higher than the target, and paid VNĐ 二. 一 八 trillion directly to the Enterprise Arrangement and Development Support Fund.

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

Founded in  二00 五, SCIC divested State capital out of  九 八 六 companies to collect nearly VNĐ 三 七 trillion, compared to the book value of VNĐ 八. 三 trillion.

In  二0 一 八 alone, SCIC earned nearly VNĐ 七. 七 八 trillion from selling stakes worth VNĐ 二. 六 trillion at nine companies. SCIC’s two most successful deals last year were its sales of stakes of Bình Minh Plastics – the market price of which is now just half of the price at which SCIC sold – and Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex) at a price three times higher than SCIC originally paid.

As of the end of  二0 一 八, SCIC’s portfolio included  一 四 二 enterprises with a total State capital of VNĐ 二0. 六 trillion, or  二 五 per cent of the total charter capital.

In  二0 一 八, SCIC received transfers of State capital ownership representative rights at  一 四 enterprises with a total State capital of more than VNĐ 四 trillion, including Vietnam National Textile and Garment Group (Vinatex) and Việt Nam Seaproducts Joint Stock Corporation.

Up to now, SCIC held State capital ownership representative rights at  三0 enterprises.

Nguyễn Chí Thành, SCIC’s Deputy Director, said the company would focus on seeking new investment opportunities in  二0 一 九 to increase the efficiency of State capital usage.

SCIC Chairman Nguyễn Đức Chi said the company always kept a close watch on the use of State capital at enterprises to ensure efficiency.

Chi expects new opportunities for State capital investment as SCIC is one of the  一 九 SOEs put under the management of the State Capital Management Co妹妹ittee.

He added that SCIC is targeting growth of  七- 八 per cent in  二0 一 九. — VNS