The Concrete Giant’s Resurrection: From Near Bankruptcy to Q1 2025 Profit

The veteran construction company, Beton 6 (stock code: BT6), has released its Q1 2025 financial report, revealing a remarkable turnaround. The company achieved a remarkable 263% surge in revenue, totaling VND 29 billion, compared to the same period last year. This growth is attributed to their primary business of concrete products. Beton 6’s implementation of a business recovery plan and increased production have proven successful.

Gross profit witnessed a substantial increase of 268%, resulting in a figure of nearly VND 6 billion. A notable improvement was also seen in net profit, which stood at VND 4.3 million, a dramatic shift from the VND 564 million loss in Q1 2024.

As of Q1 2024, Beton 6 faced accumulated losses of nearly VND 1,396 billion, with negative equity of VND 994 billion. These challenges stemmed from prolonged financial struggles and consecutive years of losses.

As of March 31, 2025, Beton 6’s total assets were valued at VND 179 billion. Short-term receivables stood at over VND 523 billion, with a significant provision of nearly VND 500 billion set aside for difficult-to-recover debts.

The company’s liabilities amounted to VND 1,173 billion, including short-term financial loans and leases of over VND 339 billion. Notably, a substantial portion of over VND 273 billion was borrowed from an individual, Ms. Nguyen Thi Lan Anh.

With a rich history dating back to 1958, Beton 6 was once a leading provider of precast concrete components for bridge and road projects in the southern region. The company was also a pioneer in listing on the HoSE in early 2002 and was favored by many large investors, particularly foreign ones.

However, in 2009, with the arrival of Mr. Trinh Thanh Huy on the Board of Directors, the company’s fortunes began to change. Under new leadership, Beton 6 entered a period of decline and almost disappeared from the market.

In 2015, Beton 6 delisted from the HoSE, citing a focus on corporate restructuring to enhance business efficiency and development. Unfortunately, the subsequent years saw further deterioration, with a halving of revenue in 2017 and an official pre-tax loss of VND 139 billion.

In 2019, Beton 6 took a significant step by filing for bankruptcy with the People’s Court of Binh Duong province, acknowledging its inability to repay debts to creditors. In January 2020, the court issued Decision No. 01/2020/QD-MTTPS, initiating bankruptcy proceedings for the company.

In November 2022, the court convened a creditors’ meeting, where a decision was made to pursue a company recovery plan. Creditors requested a detailed recovery plan before organizing another meeting to make a final decision.

Currently, Beton 6’s stock (BT6) is traded on the UpCOM exchange but is restricted due to negative equity. The share price stands at VND 3,400 per share.