Kinh Bac Urban Development Corporation (KBC) has recently published its audited financial report for 2024, showing a post-tax profit of 423 billion VND, down by 37 billion VND from the self-reported figures. The main reason cited was a decline in profits from associated companies. Compared to 2023, profits plummeted by 81%. KBC stated it had not yet recorded all revenues from signed land lease contracts. The parent company’s profit was a mere 14.4 billion VND, a staggering 98% drop. KBC held an extraordinary general meeting in March 2025, aiming for total revenues in 2025 to triple and profits to increase sevenfold from 2024. Chairman Dang Thanh Tam expressed optimism about investment shifts towards Vietnam. However, he also lamented over shareholders who left the company. KBC often outlines ambitious targets but has only reached 31% of its revenue goal in 2024.
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