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Banking & Finance

SCIC announces 2014 results and sets tasks for 2015

Released at: 14:38, 06/02/2015

SCIC announces 2014 results and sets tasks for 2015

Corporation exceeds targets in key indicators.

by Hung Nguyen

By the end of 2014 the State Capital Investment Corporation (SCIC) had invested VND13 trillion ($616.04 million), earning VND5.19 trillion ($247.33 million) in profit after tax; 15 per cent more than it planned and 14 per cent higher than in 2013, with an ROE of nearly 19.7 per cent, or 14.3 per cent higher than planned, according to its report.

Total assets reached some VND69 trillion ($3.28 billion), an increase of 13 times compared to when it was first established in 2006. Equity is over VND31 trillion, or nine times higher than in 2006. In the last nine years the SCIC has successfully sold capital in 724 enterprises for VND6.25 trillion ($297.9 million).

This year the SCIC will continue to focus on the handover of State capital in equitized corporations, selling State capital in State-owned enterprises as approved by the Prime Minister, research investments in the acquisition of non-core investments of State corporations in the banking sector, and identify opportunities to purchase or sell projects and become involved in mergers and acquisitions.

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