AsemconnectVietnam - Binh Duong Business and Development Joint Stock Company (TDC - HOSE) recorded a profit of VND122.8 billion in the fourth quarter, bringing the cumulative profit for 2025 to VND278.75 billion, a decrease of 25.6% compared to the same period.

In the fourth quarter of 2025, Binh Duong Business and Development recorded revenue of VND1,162.45 billion, an increase of 52.2% compared to the same period; after-tax profit reached VND122.8 billion, a decrease of 54% compared to the same period last year. In particular, the gross profit margin unexpectedly decreased sharply from 51.9% to 25.5%.
During the period, gross profit decreased by 25.2% compared to the same period, corresponding to a decrease of VND99.76 billion, to VND296.83 billion; Financial revenue increased by 119.6%, equivalent to an increase of VND4.51 billion, reaching VND8.28 billion; financial expenses decreased by 17.4%, equivalent to a decrease of VND9.15 billion, to VND43.29 billion; selling and administrative expenses increased by 13.6%, equivalent to an increase of VND8.67 billion, to VND72.58 billion; other income showed a loss of VND25.79 billion compared to a loss of VND1.09 billion in the same period, and other activities showed insignificant fluctuations.
Thus, despite the increase in revenue, due to the narrowing gross profit margin, Binh Duong Business and Development still recorded a sharp decline in gross profit, and negative other income led to a 54% decrease in net profit.
Cumulatively in 2025, Binh Duong Business and Development recorded revenue of VND2,477.87 billion, an increase of 111.7% compared to the same period; Net profit after tax reached VND278.75 billion, a decrease of 25.6% compared to the same period.
In 2025, Binh Duong Business and Development plans total revenue of VND3,139.49 billion, an increase of 139.9% compared to the same period; projected net profit after tax of VND253.74 billion and a projected dividend of 8%.
Thus, ending 2025 with a net profit after tax of VND278.75 billion, Binh Duong Business and Development has completed 109.9% of its annual plan.
Also in 2025, Binh Duong Business and Development's main operating cash flow recorded a negative VND187.9 billion compared to a negative VND15.1 billion in the same period. In addition, during the same period, investment cash flow was positive VND278.5 billion and financing cash flow was negative VND8.9 billion.
According to data on SSI Securities' iBoard, from 2016 to 2024, Binh Duong Business and Development has never experienced a record negative cash flow like in 2025. The largest negative cash flow from business operations was in 2023, at -VND46.59 billion.
Regarding asset size, as of December 31, 2025, Binh Duong Business and Development's total assets increased slightly by 3.2% compared to the beginning of the year, equivalent to an increase of VND141.5 billion, reaching VND4,552.6 billion. Of this, the main assets recorded were VND2,193.5 billion in short-term liabilities, accounting for 48.2% of total assets; and VND1,662.6 billion in long-term work-in-progress assets, accounting for 36.5% of total assets. Inventory amounted to VND248.6 billion, representing 5.46% of total assets, with other items accounting for an insignificant proportion.
During the year, short-term receivables of Binh Duong Business and Development increased by 57.8% compared to the beginning of the year, equivalent to an increase of VND803.31 billion, reaching VND2,193.45 billion.
Furthermore, at the end of 2025, Binh Duong Business and Development only possessed VND96.3 billion in cash, but total outstanding loans amounted to VND1,265.8 billion, equivalent to 73.7% of total equity. Of this, short-term loans were VND1,157.2 billion and long-term loans were VND108.6 billion.
Also in 2025, Binh Duong Business and Development increased its capital from VND1,000 billion to VND1,272.28 billion.
Furthermore, following the capital increase, the ownership stake of Becamex Industrial Development Corporation (Becamex IDC, ticker BCM - HOSE) decreased from 60.7% to 47.73% of the charter capital. In addition, the company has two new major shareholders: An Phu Gia Holdings JSC, owning 7.98% of the charter capital; and Hai Dang TBCONS Investment JSC, owning 7.63% of the charter capital. The remaining 36.67% of the charter capital belongs to other shareholders.
Furthermore, regarding capital sources, as of the end of 2025, Binh Duong Business and Development recorded VND2,722.5 billion in short-term debt and VND2,552.3 billion in short-term assets.
Thus, short-term liabilities are currently greater than short-term assets by VND170.2 billion (using short-term funds to finance long-term assets worth VND170.2 billion).
N.Nga
Source: VITIC/Tinnhanhchungkhoan