AsemconnectVietnam - Binh Thanh Production, Trading and Import-Export Joint Stock Company (Gilimex, ticker GIL - HOSE) recorded a profit of VND30.68 billion in the third quarter, with a cumulative profit of VND51.63 billion in the first 9 months of 2026, and only completed 34.4% of the annual plan.

In the third quarter of 2026, Gilimex recorded revenue of VND329.43 billion, an increase of 66.3% compared to the same period; after-tax profit reached VND30.68 billion compared to a loss of VND32.99 billion in the same period. During the period, the gross profit margin improved from 8.6% to 26.4%.
During the period, gross profit increased by 408.8% compared to the same period, corresponding to an increase of VND69.82 billion, reaching VND86.9 billion; Financial revenue recorded a negative VND4.74 billion compared to a positive VND5.75 billion in the same period, a decrease of VND10.49 billion; financial expenses decreased by 38.9%, equivalent to a decrease of VND2.85 billion, to VND4.48 billion; selling and administrative expenses decreased by 32%, equivalent to a decrease of VND15.11 billion, to VND32.15 billion, and other activities showed insignificant fluctuations.
Cumulatively in the first nine months of 2026, Gilimex recorded revenue of VND776.53 billion, an increase of 71.4% compared to the same period; after-tax profit reached VND51.63 billion compared to a loss of VND102.55 billion in the same period.
In 2026, Gilimex plans to achieve revenue of VND1,600 billion and an expected after-tax profit of VND150 billion.
Thus, ending the first nine months of 2026 with after-tax profit reaching VND51.63 billion, Gilimex has only completed 34.4% of its annual plan.
Despite returning to profitability, in the first nine months of 2026, Gilimex recorded a negative cash flow from core business operations of VND738.9 billion, compared to a negative VND481.3 billion in the same period last year. During the same period, investment cash flow was positive VND64.9 billion and financing cash flow was positive VND610.4 billion.
It is known that, according to data on SSI Securities' iBoard, Gilimex has experienced four consecutive years of negative cash flow. Specifically, in 2022, it recorded a negative VND92.9 billion; in 2023, a negative VND319.31 billion; in 2024, a negative VND211.17 billion; and in 2025, a record negative VND602.87 billion.
In terms of asset size, as of September 30, 2026, Gilimex's total assets increased by 19.8% compared to the beginning of the year, equivalent to an increase of VND753.6 billion, reaching VND4,551.5 billion. Of this, the main assets recorded were VND2,720.9 billion in inventory, accounting for 59.78% of total assets; VND591.4 billion in cash and short-term financial investments, accounting for 12.99% of total assets; and VND486.9 billion in short-term receivables, accounting for 10.7% of total assets…
During the period, assets fluctuated, with cash and short-term financial investments decreasing by 23.4% compared to the beginning of the year, equivalent to a decrease of VND180.8 billion, to VND591.4 billion; Short-term receivables increased by 34.4% year-on-year, equivalent to an increase of VND124.5 billion, reaching VND486.9 billion; inventory increased by 42% year-on-year, equivalent to an increase of VND805.1 billion, reaching VND2,720.9 billion…
Gilimex explained that the increase in inventory was mainly related to the increased project costs of Thuan Thanh III – PL C industrial park, which rose from VND9.5 billion to VND624.85 billion, and that the company had not yet made provisions related to inventory.
Previously, on July 11th, Gilimex announced unusual information related to the lawsuit against its partner Amazon. Specifically, on July 10th, 2026, the company received a ruling dated July 9th, 2026 from the U.S. District Court for the Southern District of New York, rejecting all claims in the lawsuit between Gilimex and Amazon.
Gilimex emphasized that the company will continue to take necessary steps in accordance with the law to protect its legitimate rights and interests.
In its 2026 semi-annual audit report, the Southern Accounting and Auditing Financial Consulting Services Company Limited highlighted the failure to make provisions in the basis for issuing a qualified opinion: “Based on the available information and documents, Gilimex has not made provisions for inventory devaluation for these goods as of June 30, 2026. Therefore, the auditing firm cannot estimate the loss or assess the recoverable value of these products to determine the net realizable value of the inventory related to the lawsuit.”
Furthermore, regarding capital sources, as of the end of Q3/2026, Gilimex's total short-term and long-term debt increased by 59.1% compared to the beginning of the year, equivalent to an increase of VND573.7 billion, reaching VND1,545 billion and representing 57.3% of total equity (total short-term and long-term debt at the beginning of the year was VND971.3 billion). Of this, short-term debt was VND324.9 billion and long-term debt was VND1,220.1 billion.
Source: VITIC/Bao Tai chinh – Dau tu