Vietnam’s Pomina revenue rebounds, losses stretch to 17 consecutive quarters

Pomina reported net revenue of VND1.71 trillion ($65.7 million) in April-June, up 3.7 times from a year earlier and more than 3.6 times from the previous quarter.

The quarterly revenue was the company's highest since the fourth quarter of 2022.

The steelmaker recorded a net loss of VND146 billion, marking its 17th consecutive quarterly loss since the second quarter of 2022.

The loss narrowed from VND170 billion ($6.5 million) in the same period last year and was the smallest in 11 quarters.

The company attributed the continued losses to financial expenses of VND192 billion ($7.4 million), including nearly VND188 billion ($7.2 million) in interest costs, which exceeded its gross profit of VND131 billion ($5 million).

For the first half, Pomina posted net revenue of VND2.18 trillion ($83.6 million), up 46 percent year on year.

Its six-month net loss totaled VND325 billion ($12.5 million), improving by about VND4 billion ($38,000) from the same period last year.

As of June 30, the company reported negative shareholders' equity of VND948 billion ($36.4 million).

Accumulated losses reached VND3.81 trillion ($146.3 million), exceeding its charter capital of VND2.8 trillion ($107.5 million).

Pomina's revenue recovery coincided with expanded transactions with companies in the ecosystem of Vingroup, Vietnam's largest private company.

Its second-quarter financial statement showed payables to Vingroup-related companies rose to VND1.42 trillion ($54.5 million) as of June 30 from zero at the beginning of the year.

The amount was equivalent to about 14 percent of Pomina's short-term borrowings.

Receivables from Vingroup-related companies totaled VND309 billion ($11.9 million) at the end of the quarter.

Pomina was once one of Vietnam's largest construction steel producers but has suspended operations at most of its plants after falling into financial distress under a heavy debt burden.

In late November 2025, Vingroup announced a comprehensive cooperation agreement to support Pomina's business recovery.

Under the agreement, VinMetal, a Vingroup subsidiary, agreed to provide Pomina with an interest-free working capital facility for up to two years.

The financing is intended to improve Pomina's cash flow and restore its supply chain.

Vingroup also agreed to prioritize Pomina as a steel supplier for companies across its ecosystem, including VinFast, Vinhomes, and VinSpeed, to provide the steelmaker with stable demand.