Specifically, Thaco achieved a post-tax profit of over 3 trillion VND in 2024, marking a 14% increase compared to the previous year. The Return on Equity (ROE) improved from 5.06% to 5.42%. This profit also helped the company reach nearly 16.8 trillion VND in accumulated profits by the end of 2024.
Despite the growth, the increase was partly due to the relatively low base in the previous year, as Thaco’s profit in 2023 plummeted by 63% compared to 2022.
| Thaco’s Business Performance |
By the end of 2024, shareholders’ equity reached over 55.8 trillion VND, a 6% increase year-on-year. Total liabilities rose by 19% to nearly 140 trillion VND, primarily driven by a 53% surge in bank loans, reaching over 91 trillion VND. Bond debt decreased by 5%, totaling more than 13.3 trillion VND.
The debt-to-total-assets ratio stood at 0.71, indicating that Thaco’s total assets were approximately 197 trillion VND. The quick and current ratios were 0.45 and 0.87, respectively, suggesting potential risks in meeting short-term debt obligations. However, with an interest coverage ratio of 1.93, the company faces no risk in servicing interest payments.
Currently, Thaco has four outstanding bond issuances, with the majority of the debt stemming from the TCOCH2328001 series. This issuance, valued at nearly 8.7 trillion VND, was launched in November 2023. It comprises 8,680 bonds with a face value of 1 billion VND each, maturing on November 14, 2028. The bonds were issued to a “strategic organization,” later revealed to be Jardine Cycle & Carriage (JCC), which holds a 26.6% stake in Thaco.
Thaco’s profit growth in the past year was highlighted in JCC’s financial report. Amid JCC’s overall decline, Thaco stood out with a contribution of 39 million USD in profit, benefiting from vehicle registration tax incentives in the second half of the year, which boosted vehicle sales. However, Thaco’s agriculture segment remained unprofitable due to ongoing expansion efforts.
Urban railcar model planned for production at THACO Chu Lai Industrial Park. Dimensions: 10m x 2.95m x 3.9m (length x width x height), weighing 10 tons (excluding bogie), designed for 26 seated and 124 standing passengers, with a maximum capacity of 150.
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 THACO Seeks Partnership with South Korean Giant for Urban Rail Development
 THACO CEO Resigns, Chairman Tran Ba Duong Assumes Dual Role
– 08:40 19/09/2025
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