AsemconnectVietnam - Pomina Steel JSC (code POM - UPCoM floor) continues to lose in 2024, increasing the total accumulated loss to VND2,601.3 billion and using VND6,403.06 billion of short-term capital to finance long-term assets.

On March 21, 2025, Pomina Steel announced its Q4/2024 Financial Report with continued business losses.
In Q4/2024, Pomina Steel recorded revenue of VND751.81 billion, an increase of 125.6% over the same period, the parent company's after-tax profit recorded a loss of VND199.56 billion compared to the same period with a loss of VND312.72 billion. In particular, the gross profit margin decreased sharply from 6.7% to only 1.3%.
With a gross profit of only VND9.64 billion, pressured by financial costs of VND146.5 billion, and other operating losses of VND134.5 billion, Pomina Steel continued to suffer losses in the last quarter of 2024.
Explaining the losses, Pomina Steel said that Pomina Steel Factory 3 and Pomina Steel Factory 1 are still in a state of suspension to minimize costs. The factory must reduce labor and at the same time save maximum other management costs such as: electricity, water, office supplies ... so the loss difference is lower than the same period last year.
In addition, the factories are still in suspension but have to bear costs, of which interest expenses account for the largest proportion, so there is a loss in the period. The company is still trying to find investors to restructure and the factories can resume production as soon as possible.
“The reason the Company is late in submitting the report for the fourth quarter of 2024 is because one of the factories has a server system problem since the third quarter of 2024, so the data input is slow, leading to a delay in data collection,” Pomina Steel further emphasized.
In 2024, Pomina Steel recorded a 29.1% decrease in revenue to VND2,327.6 billion, the parent company's after-tax profit continued to lose VND 990.27 billion compared to the same period of VND959.7 billion. Notably, in 2024, Pomina Steel continued to operate below cost price, leading to a negative gross profit of VND79.58 billion compared to the same period of negative VND59.6 billion.
With losses for the third consecutive year, as of December 31, 2024, Pomina Steel recorded an accumulated loss of VND2,601.3 billion, equal to 93% of its charter capital of VND2,796.8 billion.
In addition, at the end of 2024, Pomina Steel still had outstanding loans of VND6,205.26 billion, equal to 23.59 times its equity. Of which, short-term loans were VND5,486.3 billion and long-term loans were VND718.96 billion.
And in particular, as of December 31, 2024, Pomina Steel recorded short-term debt of VND8,921.96 billion and short-term assets of VND2,518.9 billion. Thus, the Company is using VND6,403.06 billion of short-term capital (term of less than 1 year) to finance assets with terms greater than one year.
N.Nga
Source: VITIC/Tinnhanhchungkhoan