Traphaco Reports 78% Profit Surge as Pharmacy Network Expands Reach

Revenue from core products surged alongside expanded OTC channel coverage, enabling Traphaco JSC (HOSE: TRA) to reap significant rewards in Q3/2025.

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TRA’s Q3/2025 Business Targets

In Q3, TRA achieved a net revenue of VND 676 billion, a 20% increase year-over-year. Meanwhile, the cost of goods sold rose only slightly by 4%, resulting in a 34% surge in gross profit to VND 400 billion. The gross margin also improved from 53% to over 59%.

Despite the significant growth in gross profit, two major expenses—selling expenses (up 36% to VND 226 billion) and administrative expenses (slightly down to VND 82 billion)—eroded much of this gain. Nevertheless, the company still reported a net profit of VND 68 billion, a 78% increase compared to the same period last year.

TRA attributed the strong Q3 profit growth primarily to the increased sales of key product lines and the expansion of its OTC channel (pharmacy network), which boosted revenue. Additionally, optimizing product mix, focusing on high-margin products, and enhancing supply chain efficiency helped reduce production costs.

For the first nine months of the year, TRA recorded over VND 1.9 trillion in revenue, a 12% year-over-year increase, with a net profit of VND 179 billion, up 12%. The company has achieved 76% of its annual revenue target and 75% of its post-tax profit plan approved at the 2025 Annual General Meeting.

Source: VietstockFinance

As of September 30, 2025, TRA‘s total assets reached over VND 2.3 trillion, an 8% increase from the beginning of the year, with nearly VND 1.8 trillion in current assets. Cash and cash equivalents stood at VND 691 billion, down 4%.

Short-term receivables surged by 88% to VND 517 billion. Of this, customer receivables increased by 64% to VND 402 billion, and prepayments to suppliers rose by 253% to VND 103 billion. Inventory decreased by 7% to VND 511 billion.

In terms of funding, total liabilities increased by 12% to VND 710 billion. Notably, short-term loans and finance leases decreased by 10% to VND 171 billion, primarily bank debt.

Châu An

– 16:28 31/10/2025

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