AsemconnectVietnam - Saigon Vina Real Estate Joint Stock Company (Land Saigon, ticker LSG - UPCoM) recorded a profit of VND64.37 billion in the fourth quarter, bringing the cumulative profit for 2025 to VND16.69 billion, a 511.1% increase compared to the same period last year.

In the fourth quarter of 2025, Land Saigon recorded revenue of VND3,510 million, a slight increase of 2.5% compared to the same period last year, and net profit of VND64,368.3 million, a 16.27-fold increase compared to the same period last year. However, the gross profit margin decreased from 69.5% to 38.1%.
During the period, gross profit decreased by 43.8% compared to the same period last year, equivalent to a decrease of VND1,040.9 million, to VND1,338.3 million. Financial revenue decreased by 25.3%, equivalent to a decrease of VND6,819.3 million, to VND20,122.5 million; financial expenses decreased by 63%, equivalent to a decrease of VND57,253.1 million, to VND33,565.3 million; business management expenses increased by 32.1%, equivalent to an increase of VND1,252.9 million, to VND5,150.7 million; other income increased by 22.9%, equivalent to an increase of VND16,059.6 million, to VND86,040.1 million; and other activities showed insignificant fluctuations.
Therefore, during the period, Land Saigon's gross profit was insufficient to cover financial and business management expenses; the company's profit was mainly due to other income.
Land Saigon explained that the increase in other income during the period arose from non-recurring investment cooperation transactions.
For the year 2025, Land Saigon recorded revenue of VND8,020 million, an increase of 134.2% compared to the same period, and after-tax profit of VND16,694.9 million, an increase of 511.1% compared to the same period.
In 2025, Land Saigon plans for total revenue of VND172.36 billion, a decrease of 4.7% compared to the same period, and projected pre-tax profit of VND2.55 billion, a decrease of 29.6% compared to 2024, and will continue not to pay dividends to shareholders.
Thus, ending 2025 with a pre-tax profit of VND21.13 billion, Land Saigon has completed 828.6% of its planned profit of VND2.55 billion for 2025.
In reality, despite the strong increase in net profit, in 2025, Land Saigon still recorded a negative cash flow from core business operations of VND72.78 billion compared to a negative VND130.62 billion in the same period. In addition, during the same period, investment cash flow was positive VND313.9 billion and financing cash flow was negative VND265 billion.
Regarding asset size, as of December 31, 2025, Land Saigon's total assets decreased by 10.3% compared to the beginning of the year, equivalent to a decrease of VND241.9 billion, to VND2,113.5 billion. Of this, long-term work-in-progress assets accounted for VND1,265.8 billion, representing 59.9% of total assets; Short-term receivables amounted to VND623.2 billion, accounting for 29.5% of total assets; cash totaled VND48.59 billion, accounting for 2.3% of total assets; and other items.
During the year, short-term receivables increased by 68.4% compared to the beginning of the year, an increase of VND253.1 billion, reaching VND623.2 billion; long-term receivables decreased by 90.8% compared to the beginning of the year, a decrease of VND477.5 billion, to VND48.6 billion…
In addition, regarding capital sources, while Land Saigon had short-term debt of VND318 billion at the beginning of 2025, by the end of 2025, this debt had decreased to VND0.20.
N.Nga
Source: VITIC/Tinnhanhchungkhoan