AsemconnectVietnam - Nam Kim Steel Joint Stock Company (NKG - HOSE) recorded a loss of VND9.34 billion in the fourth quarter, bringing its cumulative profit for 2025 to VND197.19 billion, a decrease of 56.55% and failing to meet its annual plan.

In the fourth quarter of 2025, Nam Kim Steel recorded revenue of VND3,136.45 billion, a decrease of 29.8% compared to the same period last year; after-tax profit recorded a loss of VND9.34 billion compared to a profit of VND18.42 billion in the same period last year, a decrease of VND27.76 billion. The gross profit margin decreased from 6.7% to 2.3%.
During the period, in addition to declining revenue, Nam Kim Steel also faced pressure from shrinking gross profit margins, resulting in a 76.1% decrease in gross profit compared to the same period last year, equivalent to a decrease of VND229.02 billion, to VND71.82 billion.
Furthermore, during the same period, financial revenue decreased by 46% compared to the same period last year, equivalent to a decrease of VND46.72 billion, to VND54.93 billion; financial expenses decreased by 72.9%, equivalent to a decrease of VND122.54 billion, to VND45.58 billion; selling and administrative expenses decreased by 50.4%, equivalent to a decrease of VND110.34 billion, to VND108.46 billion; and other activities showed insignificant fluctuations.
Thus, in the fourth quarter, Nam Kim Steel's gross profit was insufficient to cover financial, sales, and administrative expenses, and it also fell short of financial revenue, resulting in a reported loss in the last quarter of 2025.
According to data on SSI Securities' iBoard, Nam Kim Steel recorded a loss in the most recent quarter, Q1/2023, with a loss of VND49.27 billion.
Therefore, after 10 quarters of profitability, Nam Kim Steel recorded a loss in Q4/2025.
For the full year 2025, Nam Kim Steel recorded revenue of VND14,808.1 billion, a decrease of 28.1% compared to the same period; after-tax profit reached VND197.19 billion, a decrease of 56.5% compared to the same period last year.
In 2025, Nam Kim Steel plans a total production volume of 1.05 million tons. Total revenue reached VND23,000 billion, an increase of 11.1% compared to the same period; pre-tax profit was VND440 billion, a decrease of 21.1% compared to 2024.
Thus, ending 2025 with a pre-tax profit of VND240.8 billion, Nam Kim Steel only completed 54.7% of its annual plan.
Contrary to the declining business results, in 2025, Nam Kim Steel's main operating cash flow recorded a positive VND1,326.8 billion compared to a negative VND559.96 billion in the same period. Furthermore, during the same period, investment cash flow was negative VND3,028.7 billion and financing cash flow was positive VND2,149.9 billion, mainly due to additional share issuance and increased borrowing.
In terms of asset size, as of December 31, 2025, Nam Kim Steel's total assets increased by 22% compared to the beginning of the year, equivalent to an increase of VND2,974.8 billion, reaching VND16,493.9 billion. Of this, the main assets are VND5,303.1 billion in inventory, accounting for 32.2% of total assets; VND4,443 billion in long-term work-in-progress assets, accounting for 26.9% of total assets; VND1,804.7 billion in fixed assets, accounting for 10.94% of total assets; VND 1,673.8 billion in cash and short-term financial investments, accounting for 10.1% of total assets; and other items.
Notably, at the beginning of the year, long-term work-in-progress costs were only VND285.8 billion, but by the end of 2025, they had reached VND4,443 billion.
At the 2025 Annual General Meeting of Shareholders on April 25, 2025, Mr. Ho Minh Quang, Chairman of the Board of Directors of Nam Kim Steel, shared that the Nam Kim Phu My Steel Sheet Factory Project is progressing according to schedule and is expected to begin operations in the first quarter of 2026. The factory is expected to need 2-3 quarters to reach 50-60% of its total capacity in the initial operating phase and hopes to reach full capacity in 2027.
Regarding capital sources, as of the end of 2025, Nam Kim Steel's total short-term and long-term debt increased by 8.8% compared to the beginning of the year, equivalent to an increase of VND555.38 billion, reaching VND6,867.08 billion and accounting for 89.9% of total equity. Of this, short-term debt was VND4,600.98 billion and long-term debt was VND2,266.1 billion (no long-term debt was used at the beginning of the year).
N.Nga
Source: VITIC/Tinnhanhchungkhoan