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GSM’s Q3/2025 Business Targets
Source: VietstockFinance
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In Q3/2025, GSM recorded a revenue of nearly VND 53 billion, a 43% increase year-over-year. The cost of goods sold rose by 45% to VND 25 billion. Despite this, gross profit surged by 40%, reaching VND 28 billion.
According to the company’s explanation, the Huong Son – Huong Son 2 Hydropower Plant complex began commercial operation under the Power Purchase Agreement (PPA) based on the avoided cost tariff from November 1, 2024. Additionally, higher water inflows into the reservoir during Q3/2025 compared to the same period last year contributed to the revenue growth.
Financial activities were less favorable, with financial revenue reaching only VND 751 million, while financial expenses skyrocketed 3.8 times to nearly VND 3.2 billion due to interest expenses. Selling and administrative expenses increased by 16% to VND 1.8 billion.
Nevertheless, thanks to the robust revenue growth, GSM’s after-tax profit exceeded VND 22 billion, a 32% year-over-year increase.
For the first nine months of the year, GSM achieved VND 156 billion in net revenue, nearly double the same period last year, and VND 73 billion in after-tax profit, 3.5 times higher year-over-year. Compared to the 2025 Annual General Meeting (AGM) plan, the company has achieved 86% of its revenue target and surpassed the after-tax profit target by nearly 19%.
Source: VietstockFinance
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As of the end of Q3, GSM’s total assets reached VND 775 billion, a slight increase from the beginning of the year. Current assets rose by 7.6% to VND 142 billion, with cash and cash equivalents soaring to over VND 97 billion, 16 times higher than at the start of the year. Conversely, accounts receivable decreased sharply by 61% to VND 44 billion, primarily due to reduced customer receivables.
On the liabilities side, total liabilities decreased by 24% to VND 193 billion, with only VND 34 billion being short-term liabilities (a 61% reduction). Short-term loans plummeted by 72% to VND 18 billion, while long-term loans decreased slightly by 5% to VND 159 billion.
– 15:43 21/10/2025
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