Licogi 16 (LCG) earns $70m after-tax profit in nine months
Licogi 16 (LCG) earns $70m after-tax profit in nine months
Licogi 16 Joint Stock Company (Licogi 16) posted consolidated sales of nearly VND1.62 trillion (US$69.38 million) in the first nine months of 2018, a year-on-year increase of 93 per cent.
Of which, revenue from construction and other sales accounted for 80 per cent, while the rest came from real estate.
The parent company’s after-tax profit from January to September was VND93 billion, up 75.5 per cent compared to the same period last year.
On October 12, Licogi 16 signed a cooperation agreement with Nikko Sekuritas Indonesia, one of Indonesia’s biggest investment banking firms. The coordination includes implementing two construction projects in Indonesia – a $50-million financial tower in Jakarta and a 6.7km highway with estimated capital of $200 million. At the same time, Nikko would invest $50 million into Licogi 16’s 50MW solar energy project in central Viet Nam.
Nikko is currently a founding shareholder of Licogi 16. Through its two financial companies, Lucerne Enterprise Ltd and Ns Advisory Inc Pte, Nikko holds 26.47 per cent of Licogi shares after the private placement in January of this year.
Licogi 16 in early September announced the purchase of two million shares to reduce the number of shares in circulation, increasing shareholder value. Time for purchasing was from September 14 to October 13.
