IPC received nearly VND 450 billion of Phu My Hung's dividend

Phu My Hung is considered a "golden egg" of IPC when dividends of several hundred billion dong are paid annually to joint venture partners.

Phu My Hung is considered a "golden egg" of IPC when dividends of several hundred billion dong are paid annually to joint venture partners.

The separate financial statements of 2018 of Tan Thuan Industrial Development Company Limited (IPC) recorded net revenue of VND 137 billion, a strong increase compared to the previous year but still far below the target of VND 849 billion assigned by HCMC People's Committee. . The change in the share of dividends received from joint-venture companies - associating makes financial income suddenly decrease. But instead, other income soared from VND 9 billion to VND 630 billion.

IPC currently has 8 investments in Vietnam in joint ventures and associates with a net worth of approximately VND 1,450 billion. In particular, the investment to own 30% of the charter capital of Phu My Hung Development Company is worth more than VND 250 billion. The financial report showed that the IPC profit received from this partner in 2018 was VND 445 billion, while the previous year was lower at VND 411 billion.

Most of the remaining joint-venture companies operate in the field of industrial and urban infrastructure development such as Sadeco, Sepzone - Linh Trung, Long Hau ... and bring back IPC dividend profits. about VND 180 billion.

Since transforming the operating model into a limited liability company 8 years ago, this group of companies has become the main growth engine, but also brings certain risks when the company may have to divest or liquidating some investments under the direction of the city's renovation arrangement.

The report of production and business results in the period of 2015 - 2017 showed that the average profit before tax reached VND 808 billion per year. Excluding the influence of Phu My Hung's dividends, the average profit growth rate is 15%.

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The highlight of the growth chain of enterprises plays a pioneering role in infrastructure development in the south of the city in 2015 when revenue increased 18 times last year, to VND 1,138 billion. The main reason is that the company implemented the direction of Ho Chi Minh City People's Committee to collect income of 1,637 billion dong from Phu My Hung Development Company Limited. However, in order to facilitate joint venture partners to increase their charter capital, the company has proposed and approved by the city a partial collection of over VND 750 billion.

According to IPC's management, in the coming time, the company still focuses on the main task assigned by the HCM City People's Committee to become the head of the southern city infrastructure development. The company is researching infrastructure connecting Hiep Phuoc port urban area with regional traffic, upgrading Nguyen Van Linh road (District 7) to increase the efficiency of Tan Thuan export processing zone.

The company will invest in key projects in each phase with priority order, namely the third phase of Hiep Phuoc Industrial Park, Hiep Phuoc Port, Hiep Phuoc Urban Area, and projects to expand industrial parks at Long Hau (Long An) and other real estate projects.

IPC is an enterprise owned 100% by the HCM City People's Committee, established in 1993. IPC's total assets as of the end of 2018 are more than VND 5,300 billion. Owner's equity reached VND 4,345 billion, in which undistributed after-tax profit fell sharply to only VND48 billion.

On May 14, Ho Chi Minh City Police arrested Mr. Te Tri Dung (former general director of Tan Thuan Industrial Development Company Limited - IPC) on acts of property corruption and violation of management regulations. use of State property causing wasteful waste.

Previously, the City Inspector pointed out many violations at IPC, including the implementation of the company under the direction of Mr. Tat Thanh Cang as Deputy Secretary of the Standing Party Committee of Ho Chi Minh City.
Vietnam News



Breaking Vietnam news | Vietnam's #1 News Site | Viet-News.com: IPC received nearly VND 450 billion of Phu My Hung's dividend
IPC received nearly VND 450 billion of Phu My Hung's dividend
Phu My Hung is considered a "golden egg" of IPC when dividends of several hundred billion dong are paid annually to joint venture partners.
Breaking Vietnam news | Vietnam's #1 News Site | Viet-News.com
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