AsemconnectVietnam - Hoa Sen Group Joint Stock Company (HSG - HOSE) recorded a decline in revenue and profit in the first quarter of the fiscal year 2025-2026 and showed signs of increased inventory holdings.

In the first quarter of the fiscal year 2025-2026 (from October 1, 2025 to December 31, 2025), Hoa Sen recorded revenue of VND8,383.07 billion, a decrease of 18% compared to the same period; after-tax profit reached VND62.35 billion, a decrease of 62.3% compared to the same period. The gross profit margin decreased slightly from 11.8% to 11.2%.
During the period, gross profit decreased by 22.1% year-on-year, equivalent to a decrease of VND266.8 billion, to VND938.52 billion; financial revenue decreased by 9.8%, equivalent to a decrease of VND4.23 billion, to VND39.14 billion; financial expenses decreased by 7.4%, equivalent to a decrease of VND5.54 billion, to VND69.42 billion; selling and administrative expenses decreased by 16.6%, equivalent to a decrease of VND164.4 billion, to VND826.98 billion; and other activities showed insignificant fluctuations.
In terms of cash flow, in the first quarter of the 2025-2026 fiscal year, Hoa Sen recorded a negative cash flow from core business operations of VND957.8 billion, compared to a negative VND20.2 billion in the same period. Furthermore, during the same period, investment cash flow was negative VND351.1 billion and financing cash flow was positive VND1,739.3 billion, mainly due to increased borrowing.
As of December 31, 2025, Hoa Sen's total assets increased by 11.1% compared to the beginning of the fiscal year, equivalent to an increase of VND2,105.3 billion, reaching VND21,058.3 billion. Of this, the main assets recorded were VND9,439.96 billion in inventory, accounting for 44.8% of total assets; VND4,185.1 billion in fixed assets, accounting for 19.87% of total assets; VND2,186.9 billion in short-term receivables, accounting for 10.38% of total assets; VND1,882.4 billion in long-term receivables, accounting for 8.9% of total assets; and other items.
During the period, inventory increased by 15.1% compared to the beginning of the period, equivalent to an increase of VND1,236.26 billion, reaching VND9,439.96 billion; long-term work-in-progress assets increased by 41.5% compared to the beginning of the period, equivalent to an increase of VND317.1 billion, reaching VND1,081.8 billion…
In the first quarter of the 2025-2026 fiscal year (from October 1, 2025 to December 31, 2025), Hoa Sen recorded revenue of VND8,383.07 billion, a decrease of 18% compared to the same period; after-tax profit reached VND62.35 billion, a decrease of 62.3% compared to the same period. Of which, the gross profit margin decreased slightly from 11.8% to 11.2%.
During the period, gross profit decreased by 22.1% year-on-year, equivalent to a decrease of VND266.8 billion, to VND938.52 billion; financial revenue decreased by 9.8%, equivalent to a decrease of VND4.23 billion, to VND39.14 billion; financial expenses decreased by 7.4%, equivalent to a decrease of VND5.54 billion, to VND69.42 billion; selling and administrative expenses decreased by 16.6%, equivalent to a decrease of VND164.4 billion, to VND826.98 billion; and other activities showed insignificant fluctuations.
In terms of cash flow, in the first quarter of the 2025-2026 fiscal year, Hoa Sen recorded a negative cash flow from core business operations of VND957.8 billion, compared to a negative VND20.2 billion in the same period. Furthermore, during the same period, investment cash flow was negative VND 351.1 billion and financing cash flow was positive VND1,739.3 billion, mainly due to increased borrowing.
As of December 31, 2025, Hoa Sen's total assets increased by 11.1% compared to the beginning of the fiscal year, equivalent to an increase of VND2,105.3 billion, reaching VND21,058.3 billion. Of this, the main assets recorded were VND9,439.96 billion in inventory, accounting for 44.8% of total assets; VND4,185.1 billion in fixed assets, accounting for 19.87% of total assets; VND2,186.9 billion in short-term receivables, accounting for 10.38% of total assets; VND1,882.4 billion in long-term receivables, accounting for 8.9% of total assets; and other items.
During the period, inventory increased by 15.1% compared to the beginning of the period, equivalent to an increase of VND1,236.26 billion, reaching VND9,439.96 billion; long-term work-in-progress assets increased by 41.5% compared to the beginning of the period, equivalent to an increase of VND317.1 billion, reaching VND1,081.8 billion…
At the annual general meeting of shareholders in early 2025, HSG Chairman Le Phuoc Vu shared that in the 2023-2024 fiscal year, the Group also promoted investment in many potential projects in Dong Nai, aiming to capitalize on the development wave when Long Thanh Airport becomes operational, demonstrating the long-term strategic vision of the leading steel sheet and sheet metal company.
"Hoa Sen must develop a 600-700 hectare urban area, not a small one. The Long Thanh airport location will be central to the road network, and the largest urban areas will develop along this route. Nowhere else has such a prime location as Long Thanh. Furthermore, we are not as foolish as other real estate corporations that take people's money without proper legal documentation and then fail to deliver the houses. We have resources, money, and the advantage of cheaper materials. We must build a 600-700 hectare urban area. We will use resources from one side to the other," Mr. Le Phuoc Vu further emphasized.
In addition, regarding capital, as of the end of the first quarter, total short-term debt increased by 39.5% compared to the beginning of the fiscal year, corresponding to an increase of VND1,739.3 billion, reaching VND6,143.2 billion and equaling 54% of total equity.
N.Nga
Source: VITIC/Tinnhanhchungkhoan