Idico poured hundreds of billion dong to establish a power generation company

Idergy JSC will be the 14th subsidiary of Idico with the main business of electricity generation, transmission and distribution.

Resolution of the Board of Directors of Idico Corporation (HNX: IDC) approving the establishment of Idergy Joint Stock Company with the main business of electricity generation, transmission and distribution,… Idergy’s charter capital is 100 billion VND, in then Idico will contribute 99.99%. The headquarters of this new subsidiary is at 151A Nguyen Dinh Chieu, Vo Thi Sau ward, district 3, Ho Chi Minh City, which coincides with the headquarters of the parent company.

The Board of Directors also appointed Mr. Nguyen Van Vu, Idico’s Secretary to the General Director, representing 39.99% of the capital contributed by the parent company at Idergy. Mr. Vu is expected to be the Chairman of Idergy for the term 2022 – 2027. Mr. Nguyen Anh Dung, Head of Economic Department under the Project Management Board represents 30% of contributed capital and participates in the Board of Directors. In addition, Mr. Mai Quoc Chinh, Head of Technical Department under the Project Management Board will be the remaining Idergy Board member and also represent 30% of Idico’s contributed capital here.

As of June 30, Idico has 13 subsidiaries and 3 associate companies. In which, Udico Joint Stock Company mainly operates in electricity trading and construction, while Srok Phu Mieng Idico Hydropower JSC produces and trades in electricity and clean water. The electricity business in the first half of the year brought in VND 1,419 billion for Idico, accounting for 28.5% of total revenue, just behind the industrial park infrastructure segment. In previous years, the electricity business contributed over 50% of Idico’s revenue.

Unit: billion VND.

Regarding business activities, in the second quarter, Idico recorded a net revenue of VND 3,307 billion, up 162% over the same period last year; after-tax profit of parent company’s shareholders is 1,426 billion dong, 6 times higher. The company explained the positive business results thanks to revenue recognition from Nhon Trach 5, Phu My 2, Phu My 2 expansion and Huu Thanh industrial park projects.

Accumulated in 6 months, revenue increased 2.2 times to 4,981 billion dong and net profit nearly 6 times increased to 1,681 billion dong. At the end of the second quarter, the corporation had 1,919 billion dong of undistributed after-tax profit. , 186 billion investment and development funds, 42 billion share capital surplus over 3,300 billion dong of charter capital.

According to Viet Hung/Partner