Pomina Steel Joint Stock Company (Stock Code: POM) has announced its consolidated financial statements for Q1 2025.
Net revenue reached VND 1,029 billion, up 118.3% from the previous year. Pomina has stopped selling below cost, recording a gross profit of VND 59.7 billion (compared to a loss of VND 6.5 billion in the same period last year). However, financial expenses alone amounted to VND 176 billion, excluding other expenses, resulting in a net loss of VND 159.3 billion (compared to a loss of VND 224.9 billion in Q1 2024).
As of March 31, 2025, Pomina Steel had accumulated losses of VND 2,697 billion, equivalent to 96.4% of its charter capital (VND 2,796 billion). The company has incurred losses for 12 consecutive quarters.
The company stated that in Q1 2025, the performance of its subsidiaries improved. This led to a reduction in the provision for financial investment losses compared to Q1 2024, which, in turn, decreased financial expenses and consolidated losses.
Meanwhile, the Company continues to control non-recurring expenses and other costs to minimize expenses as the factory remains temporarily closed.
The delay in submitting the Q1 2025 report was due to personnel changes, and the verification and compilation of data between affiliated units required more time to ensure the accuracy and compliance of the report.
Pomina Steel, formerly known as Pomina Steel Mill 1, was established on August 17, 1999, by Pomina Vietnam Steel Company Limited. On July 17, 2008, the company was transformed into Pomina Steel Joint Stock Company with a charter capital of VND 500 billion.
On April 7, 2010, Pomina Steel Joint Stock Company officially listed its shares on the Ho Chi Minh City Stock Exchange (HOSE) under the symbol POM.
Once dubbed the ‘king’ of Vietnam’s steel industry, especially during the period from 2000 to 2010, Pomina has faced challenges and lost its top position to Hoa Phat Group, even falling out of the top 5.
Since May 2024, POM shares have been delisted from HOSE due to late submission of audited financial statements for three consecutive years (after 11 years of listing). Currently, POM shares are traded on UPCoM, ending the session on June 10 at VND 1,500 per share.
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