Becamex IDC Surpasses Profit Targets, Achieves Record Highs in 2023

155

Becamex IDC, the renowned Investment and Industrial Development Corporation, has reported a remarkable financial performance for the fiscal year 2023, surpassing its annual profit target by an impressive 102%. This achievement stands as the pinnacle in the company’s recent history, marking the highest profit levels attained over the past eight years.

In a statement released from its headquarters in Hanoi, Becamex IDC disclosed that its consolidated revenue for the fourth quarter of 2023 soared to nearly VNĐ5.17 trillion (US$211.8 million), indicating a remarkable surge of 5.8 times compared to the corresponding period in 2022. Notably, the business and real estate investment sector emerged as the primary contributor, accounting for approximately 90% of the total revenue with VNĐ4.67 trillion.

After meticulous deductions of operating expenses, Becamex IDC declared a post-tax profit of nearly VNĐ2.05 trillion for the same period, a staggering increase of more than 36 times compared to 2022. This achievement not only reflects unprecedented growth but also signifies the highest quarterly profit ever recorded in the company’s trajectory as a leading industrial real estate enterprise.

For the entirety of 2023, Becamex IDC reported a total revenue exceeding VNĐ8.2 trillion, accompanied by a post-tax profit surpassing VNĐ2.4 trillion. These figures represent notable increments of 25% and 43.5%, respectively, in contrast to the preceding year. Significantly, these milestones underscore Becamex IDC’s adeptness in meeting 85% of its revenue target and surpassing its profit target by an impressive 102% for the fiscal year.

A pivotal development in mid-December 2023 saw the People’s Committee of Bình Dương province approving the transfer of the esteemed New Urban Area Project, situated within the Bình Dương Service-Industrial Complex – Urban Area, to Sycamore, a subsidiary of CapitaLand. Valued at VNĐ13.6 trillion, this strategic transaction is anticipated to yield revenues exceeding $242 million (equivalent to over VNĐ6 trillion) and a substantial profit of VNĐ2 trillion in 2023, as projected by Becamex IDC.

Concluding the fiscal year with resolute strength, Becamex IDC’s total assets soared beyond VNĐ53.18 trillion, marking a commendable 10% escalation from the year’s outset. Earning its distinction as the foremost industrial park investor in Bình Dương province, the corporation commands over 30% of the provincial market share and stands third nationwide with a market share of 3.6%. Presently, Becamex IDC manages and operates 18 Becamex-VSIP industrial parks across 9 provinces and cities.

Beyond its formidable presence in industrial real estate, Becamex IDC extends its reach into residential real estate, boasting a land bank of 3,100 hectares in Bình Dương, with nearly 1,000 hectares earmarked for commercial development.

Moreover, investing in education and healthcare as integral components of its real estate development ecosystem, Becamex IDC oversees the operations of two hospitals and a university, further cementing its commitment to holistic community development and sustainable growth.