State capital management firm reports strong profit increase

State Capital Investment Corporation (SCIC) yesterday reported that trading targets went beyond the plan in 2016 and strongly increased over the previous year.

Pre-tax and after profit reached 107 percent of plan and doubled that in 2015. Return on equity (ROE) hit 19.9 percent, equal to 1.24 times of the year plan.

In 2016, the company successfully sold state capital at 73 businesses yielding VND16,112 billion (US$712 million) from the cost price of VND3,083 billion ($136.24 million).

Capital sale value accounted for 105 percent of plan and was 4.5 times higher than 2015.

On December 12, SCIC started selling 5.4 percent shares at Vietnam Dairy Product Joint Stocks Company  (Vinamilk) earning VND11,286 billion ($499 million), 28 times higher than cost price.

The number of enterprises under the corporation was 146 by the end of last year with the total book value of VND18,841 billion ($833 million). Of these, 22 companies have the state capital ratio of 61 percent and 13 firms have 6 percent.

By Ngoc Quang – Translated by Hai Mien

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