AsemconnectVietnam - Sao Mai Group Joint Stock Company (stock code ASM) has just announced its consolidated financial report for the first quarter of 2026, showing a slight decrease in revenue but a strong increase in after-tax profit, 3.2 times higher than the same period last year.

Specifically, at the end of the first quarter of 2026, Sao Mai Group recorded net revenue from sales and services of over VND2,469 billion, a decrease of 9% compared to the same period last year. However, due to a sharp 13% decrease in the cost of goods sold compared to the same period, the company's gross profit for the period increased by 22%.
In addition, ASM's financial revenue increased by VND3 billion, while financial expenses decreased by 13.7%, and selling expenses decreased by 9.3%. Therefore, the Company recorded strong growth in net profit from business operations, reaching VND139.5 billion (3.2 times, equivalent to a 219% increase compared to the same period last year).
As a result, ASM's consolidated after-tax profit in Q1/2026 reached VND120.1 billion, 3.2 times higher than the same period last year.
Explaining the outstanding profit growth in Q1/2026, the Company stated that it was mainly due to a 22.4% increase in gross profit (equivalent to an increase of VND68.5 billion), with the main contribution coming from the increased gross profit of exported pangasius and real estate. In addition, financial expenses decreased by VND24.5 billion (a decrease of 14.02%) due to reduced interest on loans and exchange rate differences.
Notably, real estate revenue in Q1/2026 reached VND75.69 billion, 18.4 times higher than the same period last year. Export revenue from fish reached over VND699.7 billion, an increase of more than 15% compared to the same period last year. Trading revenue increased by 10.5%, reaching VND826.4 billion.
In 2026, Sao Mai aims for revenue of VND13,735 billion and after-tax profit of VND 900 billion, representing increases of 21% and 557% respectively compared to 2025. Thus, after 3 months, the company has completed 18% of its revenue plan and 13% of its profit plan.
As of March 31, 2026, ASM's total assets reached VND24,090 billion, a slight increase of 2.6% compared to the beginning of the year. Equity reached VND8,312 billion. Undistributed after-tax profit reached VND651 billion, an increase of over VND85 billion compared to the beginning of the year.
In 2026, Sao Mai Group expects its real estate segment to generate revenue of VND1,070 billion. In addition to previously developed projects, Sao Mai will begin developing the Sao Mai Lam Son - Sao Vang New Urban Area project in Tho Xuan, Thanh Hoa at the end of March 2026. By mid-2026, the company will continue to launch sales for the Sao Mai New Urban Area project in Minh Son commune, Thanh Hoa.
Regarding the seafood segment, Sao Mai aims for a revenue of VND11,615 billion from seafood trade and exports in 2026, continuing to expand its processing and export capacity for pangasius fish, and maintaining a linked pangasius farming system of approximately 300 hectares to ensure a stable supply of raw materials for its processing plants.
For the energy segment, Sao Mai plans for this sector to contribute VND780 billion in revenue. Two existing projects, the An Hao Solar Power Plant (210 MWp) in An Giang and the Europlast Long An Solar Power Plant (50 MWp) in Long An, continue to operate stably, laying the foundation for expanding the investment portfolio in the clean energy sector.
N.Nga
Source: VITIC/Tinnhanhchungkhoan