BIM Real Estate Joint Stock Company (BIM Land) Reports Lowest Profit in 5 Years; Largest Decrease in Equity

In 2022, BIM Real Estate Joint Stock Company (BIM Land) reported a significant decrease in after-tax profit, dropping to around 798 billion VND. This marks the lowest profit level for the real estate giant in the last 5 years. Despite this setback, BIM Land’s equity reached over 4,740 billion VND by the end of the year.

One of the reasons for BIM Land’s decreased profitability is an increase in liabilities. The company’s liabilities increased by nearly 2,950 billion VND, surpassing 21,880 billion VND. However, the company’s outstanding bond debt amounted to about 5,285 billion, slightly lower than the previous year. In September 2023, BIM Land successfully issued bonds worth more than 2,300 billion VND at an interest rate of 10.4% per year, maturing in July 2023. Additionally, the company repurchased about 99 million USD in bonds before maturity, with a total value of 200 million USD maturing in mid-2026.

As a member of BIM Group headquartered in Ha Long city, Quang Ninh province, BIM Land owns a land fund of 5.6 million m² in various locations across Vietnam. The company has developed luxury hotels and resorts in partnership with international brands like Park Hyatt and Regent Hotels & Resorts. Last year marked a significant milestone for BIM Land as they signed a management contract with IHG Hotels & Resorts to develop the first InterContinental brand valley resort in Vietnam located in Thanh Xuan Valley tourist urban area at Dai Lai Lake Ngoc Thanh Commune Vinh Phuc Province which is expected to boost their revenue streams furthermore