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ABS’s Q4/2025 Business Targets
Source: VietstockFinance
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In Q4/2025, ABS recorded a revenue of only VND 39 billion, a staggering 55% decline compared to the same period last year. Despite a corresponding reduction in cost of goods sold, gross profit plummeted to a mere VND 1 billion, reflecting a 5% decrease.
The most striking aspect was the surge in corporate management expenses, skyrocketing to over VND 216 billion (compared to just over VND 2 billion in the same quarter last year). The primary reason behind this was ABS’s necessity to provision for bad debts amounting to VND 214 billion solely in Q4. Consequently, the company reported a net loss of VND 218 billion in the final quarter, escalating the cumulative loss for 2025 to a staggering VND 511 billion.
Notably, in the 2025 semi-annual audited financial statements, the auditing firm issued a qualified opinion regarding ABS’s “misclassification” of a VND 216 billion loss incurred in 2024 as a 2025 expense. If retrospectively adjusted, ABS would have actually incurred significant losses as early as 2024. The concentration of provisions in 2025 further exacerbated the severity of last year’s losses.
As of late December 2025, ABS’s total assets had dwindled to VND 493 billion, a more than 50% decline since the beginning of the year. The majority of these assets, approximately VND 457 billion, were short-term. The primary cause of this reduction was the provisioning of VND 526 billion (compared to only VND 21.5 billion at the start of the year). According to the notes, ABS’s largest debtors were Smart Eco City (provisioned over VND 196 billion), Bira Construction (VND 178 billion), and Dao Ngoc Investment (VND 176 billion).
While cash and cash equivalents increased significantly by the end of the period, they only amounted to slightly over VND 1 billion. In comparison to the total liabilities (almost entirely short-term) of over VND 87 billion, with short-term loans slightly rising to nearly VND 64 billion, this amount is akin to a drop in the ocean.
Due to the substantial losses, ABS’s undistributed after-tax profit has plunged to a negative VND 437.5 billion, eroding into the owner’s equity.
– 19:45 30/01/2026
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