Friday , May 24 2024

Leading business conglomerate FLC sees profits plummet

The FLC conglomerate with real estate, aviation and other interests earned pre-tax profits of more than VND162.7 billion ($7.18 million) in 2021, down nearly 2.6 times year-on-year.

The group, founded by Trinh Van Quyet, posted fourth quarter sales and service revenues of nearly VND1,190 billion, down 67 percent year-on-year, it said in its new financial statement.

The downturn was caused by Covid-19 and it no longer consolidated the revenue of Bamboo Airways, the statement said.

As of December 31, 2021, FLC’s total assets were valued at nearly VND 33,780 billion, down 12 percent from the beginning of the year. Liabilities were about VND24 trillion, of which short-term debt was nearly VND16,000 billion, down VND2,000 billion from the beginning of the year while long-term debt increased by more than VND1,700 billion to VND8,112 billion.

Tickers of FLC and its relating companies as seen on a smartphone, January 11, 2021. Photo by VnExpress/Tat Dat

Tickers of FLC and subsidiaries on a smartphone, January 11, 2021. Photo by VnExpress/Tat Dat

After two years of being heavily affected by the pandemic, FLC plans to achieve revenues of nearly VND27,000 billion in 2022, three times higher than in 2021. Of this, it expects the biggest revenues from real estate at more than VND18,000 billion (67 percent). Its commerce, production, tourism and other services will make up the remaining 33 percent.

If additional sectors such as aviation and construction investment are included, FLC’s revenue is estimated at VND42,000 billion. On this basis, it has set itself a highest ever profit target of VND2,100 billion in 2022.

The conglomerate is implementing and launching various projects in Quang Binh, Ha Giang, Gia Lai and Phu Tho provinces. FLC said its land bank is continuing to expand across the country. It expects to complete the legal process to start construction of nearly 25 projects this year.

It has also launched its FJC jewelry brand.

Its Bamboo Airways continues to open new routes and operates nearly 70 domestic routes now. In the near future, the airline will open international routes to Australia, Germany and the U.K., the group said.

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