In his report to the General Meeting, Chairman of the Board of Directors Huynh Van Thon assessed that 2024 was an exceptionally challenging year for the rice export industry in general and Loc Troi in particular. The company faced mounting operational costs, thin profit margins, and financial shortages, making it difficult to maintain their supply chain and export activities.
Mr. Thon also revealed that Loc Troi is facing financial difficulties in meeting its obligations to banks, suppliers, employees, and the state.
As of now, the company has yet to publish its semi-annual financial report and 2024 audited financial statements. The auditing firm, Ernst & Young Vietnam, is conducting additional audit procedures to assess the company’s going concern.
One factor contributing to the prolonged audit process is Loc Troi’s efforts to recover inventory from previous years. This situation arose due to agent insolvency, near-expired or substandard goods, and the company’s cash flow imbalance.
Facing these challenges, Loc Troi cautiously plans for 2025, with projected revenue of only VND 4,200 billion—the lowest in over a decade (excluding 2024, for which financial data is unavailable). The company forecasts a substantial accounting loss before interest, taxes, depreciation, and amortization (EBITDA) of VND 524 billion.
Loc Troi has yet to release several critical financial reports, including those for Q2, Q3, Q4, and the full year of 2024, as well as Q1/2025. Repeated violations of information disclosure obligations have resulted in LTG shares being restricted from trading since October 24, 2024, with trading allowed only on Fridays on the UPCoM exchange.
After consistently maintaining profits in the hundreds of billions of VND, Loc Troi Group has experienced a significant downturn since 2023.
Recently, Loc Troi inaugurated its representative office in District 7, Ho Chi Minh City. This event marks a new chapter in the company’s restructuring and recovery journey following a prolonged period of crisis.
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