Trailing net profit reached 16.0bn, rose 7.0bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and better other profit. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 10.5% year on year — not from a single spike: quarterly growth stepped up from +21% to +51%.

2 of the last 4 quarters grew year on year.

Net margin edged up to 2.75%, rising 1.0pp. Core operating signals are improving as Gross margin rose 3.4pp are enough to offset pressure from SG&A / Revenue rose 2.8pp (with additional support from Net financial result / Revenue rose 0.5pp and Other profit / Revenue rose 0.1pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 40.8bn against investing cash flow of 0.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +41.4bn. Financing cash flow was negative +42.7bn.

CFO / net income was 4,58 lần.

After spending +1.3bn on fixed-asset investment, the business generated trailing free cash flow of +72.0bn.

How much income is non-core?

About 93% of pre-tax profit comes from core operations.

Within that, net financial result at −13.9%, other profit at +7.0% of PBT.

ROIC expanded to 7.41%, rising 4.0pp. That translates to 7.41 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.9pp and capital turnover rose 0.77x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 46.7 days versus the same period last year. The main moves came from DIO fell 35.8 days, DSO rose 19.5 days, and DPO rose 30.5 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Leverage looks fairly comfortable, with net debt / equity at 0.44x and interest coverage at 4.97x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 16.7% of debt, and total debt stands at 64.8bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.41x equity, net debt at 0.44x equity.

Inventory ended the period at 121.1bn, roughly 71.6% of total assets.

Over the last 12 months, working capital released 52.3bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.