AsemconnectVietnam - The financial report for the second quarter of 2025 of Song Hong Garment Joint Stock Company (MSH) showed that the Company's after-tax profit reached VND180 billion, a sharp increase of 96% over the same period and the highest level in the history of the quarterly cycle.

During the period, net revenue reached nearly VND1,467 billion, an increase of 10%. According to the explanation from the enterprise, the increase came from signing more orders. The cost of goods sold remained almost unchanged, helping the gross profit margin jump to 21%, an increase of 7.3 percentage points over the same period and the highest level since Q2/2021.
Financial revenue increased by 21% to more than VND72 billion, while financial expenses increased by only 26%, reaching more than VND24 billion. Selling expenses and administrative expenses also increased by 25% and 15% respectively, but remained under control.
In the first 6 months of the year, MSH achieved VND2,503 billion in net revenue and VND242 billion in profit after tax, up 19% and 74% respectively over the same period. Although revenue has not returned to the semi-annual peak of over VND2,700 billion set in 2022, profit in the first half of the year has set a new record, and returned to the mark of over VND200 billion for the first time after the periods of 2019 and 2021.
After 2 quarters, MSH achieved nearly 55% of the annual pre-tax profit plan (VND600 billion), with pre-tax profit of over VND327 billion, up 88% over the same period.
MSH's total assets are nearly VND4,791 billion, up 6% over the beginning of the year. Inventory is over VND849 billion, up 32%, of which finished products account for over 46%. MSH holds nearly VND101 billion in bank deposits (down 59%), while increasing bond investment to VND1,478 billion (up 14%), with interest rates from 6.3-9.7%/year.
At the 2025 General Meeting of Shareholders, the Company's Board of Directors expressed caution about the US tariff policy when high costs could cause orders to be cut, but on the other hand, they said that "in danger there is opportunity" when large manufacturers in China are disadvantaged due to higher taxes, MSH still expects to benefit from the source of goods shifting from China.
As of the end of June 2025, MSH and its subsidiaries had 11,644 employees, an increase of 261 people compared to the beginning of the year. In the first half of the year, the company spent more than VND1,165 billion on labor costs, an increase of 31% over the same period.
Mr. Bui Duc Thinh, Chairman of MSH, emphasized the view that no matter how harsh the market is, Song Hong Garment always prioritizes retaining workers, ensuring jobs and income for them. As long as there are workers, there will be a factory.
According to the Company Chairman, the average salary of workers has increased by an average of 10% in the past 6 months, to over VND10 million/person/month.
N.Nga
Source: VITIC/Tinnhanhchungkhoan