AsemconnectVietnam - Binh Thanh Import Export Production and Trade Joint Stock Company (Gilimex, ticker GIL - HOSE) recorded a profit of VND138.19 billion in the fourth quarter, with a cumulative profit of VND35.64 billion for the whole year 2025, an increase of 29% compared to the same period and only reaching 23.8% of the annual plan.

In the fourth quarter of 2025, Gilimex recorded revenue of VND260.52 billion, an increase of 35.9% compared to the same period; after-tax profit recorded VND138.19 billion, an increase of 867.7% compared to the same period. The gross profit margin increased sharply from 24.4% to 47.6%.
During the quarter, gross profit increased by 165.1% year-on-year, equivalent to an increase of VND77.23 billion, reaching VND124 billion; financial revenue decreased by 36.5%, equivalent to a decrease of VND7.51 billion, to VND13.05 billion; financial expenses recorded a negative VND11.96 billion compared to a positive VND14.38 billion in the same period, a decrease of VND 26.34 billion; selling and administrative expenses decreased by 87.8%, equivalent to a decrease of VND44.69 billion, to VND6.2 billion; and other activities showed insignificant fluctuations.
Explaining the profit fluctuations in the fourth quarter, Gilimex stated that its production and business activities have developed new customers and expanded its stuffed toy production. The industrial park real estate project is accelerating infrastructure construction to ensure handover to secondary investors next year.
For the full year 2025, Gilimex recorded revenue of VND713.62 billion, a slight increase of 0.4% compared to the same period; and after-tax profit of VND35.64 billion, an increase of 29% compared to the same period.
Previously, in the first nine months of 2025, Gilimex recorded a loss of VND102.55 billion.
Thus, thanks to the surge in profit in the fourth quarter, Gilimex achieved a profit for the entire year 2025.
In 2025, Gilimex planned for revenue of VND1,200 billion, after-tax profit of VND150 billion, and an expected dividend rate of 10%.
Therefore, ending 2025 with a profit of VND 35.64 billion, Gilimex did not meet its plan and only achieved 23.8% of its annual target.
Regarding cash flow, in 2025, Gilimex recorded a record negative operating cash flow of VND677.5 billion, compared to a negative VND211.2 billion in the same period. Additionally, during the same period, investment cash flow was negative VND162.48 billion, while financing cash flow was positive VND688.87 billion, mainly due to increased borrowing to offset the operating cash flow deficit.
According to data on SSI Securities' iBoard, Gilimex has experienced three consecutive years of record negative cash flow: VND92.9 billion in 2022, VND319.31 billion in 2023, and VND211.17 billion in 2024.
Therefore, with a negative cash flow of VND677.5 billion in 2025, this is Gilimex's highest-ever negative cash flow.
In terms of asset size, as of December 31, 2025, Gilimex's total assets increased by 11.6% compared to the beginning of the year, equivalent to an increase of VND532.2 billion, reaching VND3,794.4 billion. Of this, the main assets recorded were VND1,937.8 billion in inventory, accounting for 51.07% of total assets; cash and short-term financial investments recorded VND772.1 billion, accounting for 20.35% of total assets; VND339.4 billion in short-term receivables, accounting for 8.94% of total assets; and other items.
During the period, the main asset change was the increase in short-term receivables, which rose by 24.9% compared to the beginning of the year, equivalent to an increase of VND67.7 billion, reaching VND339.4 billion. Inventory increased by 17.7% compared to the beginning of the year, equivalent to an increase of VND290.8 billion, reaching VND1,937.8 billion…
In addition, regarding capital sources, as of the end of 2025, total short-term and long-term debt increased by 182.8% compared to the beginning of the year, equivalent to an increase of VND627.91 billion, reaching VND971.36 billion and equaling 36.5% of total equity (at the beginning of the year, outstanding debt was VND343.45 billion and equal to 13.4% of total equity). Of which, short-term debt was VND356.56 billion and long-term debt was VND614.8 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan