MRF
Listed Company · UPCOM
Price
21,000
Latest close
03 Apr 2026
P/E
—
EPS
(TTM)
—
ROE
(TTM)
-8.9%
P/B
—
BVPS
(Latest)
—
ROA
(TTM)
-7.0%
What Is Changing
MRF no longer looks like a business simply rebounding from a weak base. Revenue posted +0.1% YoY, while net margin reached -5.10% with an additional -9.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.
- Net Margin fell below its recent low, compressing 898bps to -5.10% in 2024.
- Net Income fell to a multi-period low at VND -7.1bn in 2024.
- Revenue growth accelerated to 0.1% in 2024, up 31.2pp versus the prior year.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 139.7 | 139.5 | 202.3 |
| Growth | +0% | -31% | — |
| Net Income | -7.1 | 5.4 | 12.7 |
| Net Margin | -5.10% | 3.88% | 6.26% |
Quarterly snapshot data is not available yet.
Financial Statements
Profitability
Net margin reached -5.10% while Revenue posted +0.1% YoY.
Balance Sheet
Inventory stood at 21.5bn, liabilities at 12.7bn, and equity at 74.2bn.
Cash Flow
Operating cash flow was 20.5bn in 2024, while investing cash flow was -0.7bn.
Financing cash flow: -18.1bn.
| Item | 2024 | 2023 | 2022 |
|---|---|---|---|
|
Revenue
|
139.8 | 139.5 | 202.3 |
|
Revenue Deductions
|
0.1 | 0.0 | 0.0 |
|
Net Revenue
|
139.7 | 139.5 | 202.3 |
|
Cost of Goods Sold
|
129.9 | 114.1 | 163.2 |
|
Gross Profit
|
9.8 | 25.4 | 39.1 |
|
Financial Income
|
0.0 | 0.0 | 0.2 |
|
Financial Expenses
|
0.6 | 2.0 | 3.0 |
|
Interest Expense
|
0.6 | 2.0 | 2.9 |
|
Share of Associates and Joint Ventures
|
0.0 | 0.0 | 0.0 |
|
Selling Expenses
|
4.6 | 5.9 | 7.5 |
|
General and Administrative Expenses
|
11.5 | 9.6 | 13.0 |
|
Operating Profit
|
-7.0 | 7.9 | 15.9 |
|
Other Income
|
0.4 | 0.1 | 1.5 |
|
Other Expenses
|
0.5 | 1.0 | 1.2 |
|
Other Profit
|
-0.2 | -0.9 | 0.3 |
|
Profit Before Tax
|
-7.1 | 7.0 | 16.1 |
|
Current Income Tax Expense
|
0.0 | 1.6 | 3.5 |
|
Deferred Income Tax Expense
|
0.0 | 0.0 | 0.0 |
|
Net Income
|
-7.1 | 5.4 | 12.7 |
|
Non-controlling Interest
|
0.0 | 0.0 | 0.0 |
|
Profit Attributable to Parent
|
-7.1 | 5.4 | 12.7 |
|
Earnings per Share
|
-1,048.00 | 796.00 | 3,450.00 |
|
Diluted EPS
|
-1,048.00 | 796.00 | 1,865.00 |
| Item | 2024 | 2023 | 2022 |
|---|---|---|---|
|
A. SHORT-TERM ASSETS (100=110+120+130+140+150)
|
55.1 | 76.9 | 97.2 |
|
I. Cash and cash equivalents
|
5.5 | 3.7 | 8.6 |
|
1. Cash
|
5.5 | 3.7 | 8.6 |
|
2. Cash equivalents
|
0.0 | 0.0 | 0.0 |
|
II. Short-term financial investments
|
0.0 | 0.0 | 0.0 |
|
1. Available for sale securities
|
0.0 | 0.0 | 0.0 |
|
2. Provision for diminution in value of available for sale securities (*)
|
0.0 | 0.0 | 0.0 |
|
3. Held to maturity investments
|
0.0 | 0.0 | 0.0 |
|
III. Short-term receivables
|
27.2 | 36.1 | 35.0 |
|
1. Short-term trade accounts receivable
|
24.4 | 28.2 | 35.5 |
|
2. Short-term prepayments to suppliers
|
6.7 | 9.0 | 1.0 |
|
3. Short-term inter-company receivables
|
0.0 | 0.0 | 0.0 |
|
4. Construction contract progress receipts due from customers
|
0.0 | 0.0 | 0.0 |
|
5. Short-term loan receivables
|
0.0 | 0.0 | 0.0 |
|
6. Other short-term receivables
|
0.5 | 0.6 | 0.2 |
|
7. Provision for short-term doubtful debts (*)
|
-4.3 | -1.7 | -1.8 |
|
8. Assets awaiting resolution
|
0.0 | 0.0 | 0.0 |
|
IV. Inventories
|
21.5 | 35.7 | 50.6 |
|
1. Inventories
|
21.8 | 44.1 | 58.8 |
|
2. Provision for decline in value of inventories
|
-0.3 | -8.4 | -8.1 |
|
V. Other short-term assets
|
0.9 | 1.4 | 3.0 |
|
1. Short-term prepayments
|
0.4 | 0.1 | 0.0 |
|
2. Value added tax to be reclaimed
|
0.5 | 1.3 | 2.9 |
|
3. Taxes and other receivables from state authorities
|
0.0 | 0.0 | 0.0 |
|
4. Government bonds
|
0.0 | 0.0 | 0.0 |
|
5. Other short-term assets
|
0.0 | 0.0 | 0.0 |
|
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)
|
31.8 | 38.4 | 45.5 |
|
I. Long-term receivables
|
0.0 | 0.0 | 0.3 |
|
1. Long-term trade receivables
|
0.0 | 0.0 | 0.0 |
|
2. Long-term prepayments to suppliers
|
0.0 | 0.0 | 0.0 |
|
3. Capital at inter-company
|
0.0 | 0.0 | 0.0 |
|
4. Long-term inter-company receivables
|
0.0 | 0.0 | 0.0 |
|
5. Long-term loan receivables
|
0.0 | 0.0 | 0.0 |
|
6. Other long-term receivables
|
0.0 | 0.0 | 0.3 |
|
7. Provision for long-term doubtful debts
|
0.0 | 0.0 | 0.0 |
|
II. Fixed assets
|
30.0 | 35.6 | 40.5 |
|
1. Tangible fixed assets
|
21.2 | 20.4 | 23.6 |
|
- Cost
|
90.1 | 80.4 | 78.6 |
|
- Accumulated depreciation
|
-68.9 | -60.1 | -55.0 |
|
2. Financial leased fixed assets
|
0.0 | 6.1 | 7.4 |
|
- Cost
|
0.0 | 8.8 | 8.8 |
|
- Accumulated depreciation
|
0.0 | -2.7 | -1.4 |
|
3. Intangible fixed assets
|
8.8 | 9.2 | 9.5 |
|
- Cost
|
13.3 | 13.3 | 13.3 |
|
- Accumulated depreciation
|
-4.5 | -4.1 | -3.7 |
|
III. Investment properties
|
0.0 | 0.0 | 0.0 |
|
- Cost
|
0.0 | 0.0 | 0.0 |
|
- Accumulated depreciation
|
0.0 | 0.0 | 0.0 |
|
IV. Long-term assets in progress
|
0.1 | 0.2 | 1.1 |
|
1. Long-term production in progress
|
0.0 | 0.0 | 0.0 |
|
2. Construction in progress
|
0.1 | 0.2 | 1.1 |
|
V. Long-term financial investments
|
0.2 | 0.2 | 0.2 |
|
1. Investments in subsidiaries
|
0.0 | 0.0 | 0.0 |
|
2. Investments in associates, joint-ventures
|
0.0 | 0.0 | 0.0 |
|
3. Investments in other entities
|
0.2 | 0.2 | 0.2 |
|
4. Provision for diminution in value of long-term investments
|
0.0 | 0.0 | 0.0 |
|
5. Held to maturity investments
|
0.0 | 0.0 | 0.0 |
|
6. Other long-term investments
|
0.0 | 0.0 | 0.0 |
|
VI. Other long-term assets
|
1.6 | 2.3 | 3.4 |
|
1. Long-term prepayments
|
1.6 | 2.3 | 3.4 |
|
2. Deferred income tax assets
|
0.0 | 0.0 | 0.0 |
|
3. Long-term equipment, supplies, spare parts
|
0.0 | 0.0 | 0.0 |
|
4. Other long-term assets
|
0.0 | 0.0 | 0.0 |
|
5. Goodwill
|
0.0 | 0.0 | 0.0 |
|
VII. Goodwill (before 2015)
|
0.0 | 0.0 | 0.0 |
|
TOTAL ASSETS (280=100+200)
|
86.9 | 115.3 | 142.7 |
|
A. LIABILITIES (300=210+330)
|
12.7 | 28.7 | 49.4 |
|
I. Short -term liabilities
|
12.7 | 28.7 | 42.8 |
|
1. Short-term trade accounts payable
|
2.9 | 2.9 | 3.9 |
|
2. Short-term advances from customers
|
1.7 | 1.4 | 0.1 |
|
3. Taxes and other payables to state authorities
|
0.2 | 0.6 | 1.0 |
|
4. Payable to employees
|
2.6 | 3.2 | 3.9 |
|
5. Short-term acrrued expenses
|
1.0 | 2.3 | 2.5 |
|
6. Short-term inter-company payables
|
0.0 | 0.0 | 0.0 |
|
7. Construction contract progress payments due to suppliers
|
0.0 | 0.0 | 0.0 |
|
8. Short-term unearned revenue
|
0.0 | 0.4 | 0.8 |
|
9. Other short-term payables
|
2.0 | 1.3 | 1.0 |
|
10. Short-term borrowings and financial leases
|
0.0 | 13.7 | 26.5 |
|
11. Provision for short-term liabilities
|
0.0 | 0.0 | 0.0 |
|
12.. Bonus and welfare fund
|
2.2 | 2.9 | 3.0 |
|
13. Price stabilization fund
|
0.0 | 0.0 | 0.0 |
|
14. Government bonds
|
0.0 | 0.0 | 0.0 |
|
II. Long-term liabilities
|
0.0 | 0.0 | 6.7 |
|
1. Long-term trade payables
|
0.0 | 0.0 | 0.0 |
|
2. Long-term advances from customers
|
0.0 | 0.0 | 0.0 |
|
3. Long-term acrrued expenses
|
0.0 | 0.0 | 0.0 |
|
4. Inter-company payables on business capital
|
0.0 | 0.0 | 0.0 |
|
5. Long-term inter-company payables
|
0.0 | 0.0 | 0.0 |
|
6. Long-term unearned revenue
|
0.0 | 0.0 | 0.0 |
|
7. Other long-term liabilities
|
0.0 | 0.0 | 0.3 |
|
8. Long-term borrowings and financial leases
|
0.0 | 0.0 | 6.4 |
|
9. Convertible bonds
|
0.0 | 0.0 | 0.0 |
|
10. Preferred stock (Debts)
|
0.0 | 0.0 | 0.0 |
|
11. Deferred income tax liabilities
|
0.0 | 0.0 | 0.0 |
|
12. Provision for long-term liabilities
|
0.0 | 0.0 | 0.0 |
|
13. Fund for technology development
|
0.0 | 0.0 | 0.0 |
|
14. Provision for severance allowances
|
0.0 | 0.0 | 0.0 |
|
B. OWNER'S EQUITY (400=410+430)
|
74.2 | 86.6 | 93.2 |
|
I. Owner's equity
|
74.1 | 86.5 | 93.2 |
|
1. Owner's capital
|
68.0 | 68.0 | 36.8 |
|
- Common stock with voting right
|
68.0 | 68.0 | 36.8 |
|
- Preferred stock
|
0.0 | 0.0 | 0.0 |
|
2. Share premium
|
0.0 | 0.0 | 1.3 |
|
3. Convertible bond option
|
0.0 | 0.0 | 0.0 |
|
4. Other capital of owners
|
0.0 | 0.0 | 0.0 |
|
5. Treasury shares
|
-0.0 | -0.0 | -0.0 |
|
6. Assets revaluation differences
|
0.0 | 0.0 | 0.0 |
|
7. Foreign exchange differences
|
0.0 | 0.0 | 0.0 |
|
8. Investment and development fund
|
10.8 | 10.8 | 33.0 |
|
9. Fund to support corporate restructuring
|
0.0 | 0.0 | 0.0 |
|
10. Other funds from owner's equity
|
1.3 | 1.2 | 1.8 |
|
11. Undistributed earnings after tax
|
-5.9 | 6.6 | 20.4 |
|
- Accumulated retained earning at the end of the previous period
|
1.2 | 1.2 | 7.7 |
|
- Undistributed earnings in this period
|
-7.1 | 5.4 | 12.7 |
|
12. Reserves for investment in construction
|
0.0 | 0.0 | 0.0 |
|
13. Minority's interest
|
0.0 | 0.0 | 0.0 |
|
14. Financial reserves
|
0.0 | 0.0 | 0.0 |
|
II. Other resources and funds
|
0.0 | 0.0 | 0.0 |
|
1. Subsidized not-for-profit funds
|
0.0 | 0.0 | 0.0 |
|
2. Funds invested in fixed assets
|
0.0 | 0.0 | 0.0 |
|
C. MINORITY'S INTEREST
|
0.0 | 0.0 | 0.0 |
|
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)
|
86.9 | 115.3 | 142.7 |
| Item | 2024 | 2023 | 2022 |
|---|---|---|---|
|
Profit Before Tax
|
0.0 | 0.0 | 0.0 |
|
Depreciation of Fixed Assets and Investment Property
|
0.0 | 0.0 | 0.0 |
|
Provision (Increase)/Reversal
|
0.0 | 0.0 | 0.0 |
|
FX Gain/Loss from Revaluation of Monetary Items
|
0.0 | 0.0 | 0.0 |
|
Gain/Loss from Investment Activities
|
0.0 | 0.0 | 0.0 |
|
Interest Expense
|
0.0 | 0.0 | 0.0 |
|
Gain/Loss on Disposal of Fixed Assets
|
0.0 | 0.0 | 0.0 |
|
Interest Income and Dividends
|
0.0 | 0.0 | 0.0 |
|
Amortization of Goodwill
|
0.0 | 0.0 | 0.0 |
|
Other Adjustments
|
0.0 | 0.0 | 0.0 |
|
Operating Profit Before Changes in Working Capital
|
0.0 | 0.0 | 0.0 |
|
Increase/(Decrease) in Receivables
|
0.0 | 0.0 | 0.0 |
|
Increase/(Decrease) in Inventory
|
0.0 | 0.0 | 0.0 |
|
Increase/(Decrease) in Payables (Excl. Interest and CIT)
|
0.0 | 0.0 | 0.0 |
|
Increase/(Decrease) in Prepaid Expenses
|
0.0 | 0.0 | 0.0 |
|
Changes in Trading Securities
|
0.0 | 0.0 | 0.0 |
|
Interest Paid
|
0.0 | 0.0 | 0.0 |
|
Corporate Income Tax Paid
|
-0.5 | -1.7 | -5.1 |
|
Other Operating Receipts
|
1.5 | 0.3 | 0.5 |
|
Other Operating Payments
|
-8.2 | -7.3 | -10.0 |
|
Net Cash Flow from Operating Activities
|
20.5 | 26.2 | 24.7 |
|
Payments for Fixed Assets and Other Long-term Assets
|
-0.8 | -1.2 | -2.4 |
|
Proceeds from Disposal of Fixed Assets and Long-term Assets
|
0.1 | 0.0 | 0.7 |
|
Loans and Purchases of Debt Instruments
|
0.0 | 0.0 | 0.0 |
|
Receipts from Loan Repayments and Sale of Debt Instruments
|
0.0 | 0.0 | 0.0 |
|
Investments in Other Entities
|
0.0 | 0.0 | 0.0 |
|
Proceeds from Investments in Other Entities
|
0.0 | 0.0 | 0.0 |
|
Dividends and Interest Income Received
|
0.0 | 0.0 | 0.1 |
|
Increase/(Decrease) in Term Deposits
|
0.0 | 0.0 | 0.0 |
|
Acquisition of Non-controlling Interests
|
0.0 | 0.0 | 0.0 |
|
Other Investing Receipts
|
0.0 | 0.0 | 0.0 |
|
Other Investing Payments
|
0.0 | 0.0 | 0.0 |
|
Net Cash Flow from Investing Activities
|
-0.7 | -1.3 | -1.7 |
|
Proceeds from Equity Issuance and Capital Contributions
|
0.0 | 0.0 | 0.0 |
|
Share Repurchases
|
0.0 | 0.0 | 0.0 |
|
Proceeds from Borrowings
|
50.6 | 84.5 | 101.2 |
|
Repayment of Borrowings
|
-62.3 | -101.6 | -110.2 |
|
Repayment of Finance Leases
|
-1.9 | -2.1 | -2.1 |
|
Dividends Paid
|
-4.4 | -10.7 | -10.7 |
|
Other Financing Receipts
|
0.0 | 0.0 | 0.0 |
|
Other Financing Payments
|
0.0 | 0.0 | 0.0 |
|
Net Cash Flow from Financing Activities
|
-18.1 | -29.9 | -21.7 |
|
Net Cash Flow During the Period
|
1.8 | -4.9 | 1.3 |
|
Cash and Cash Equivalents at Beginning of Period
|
3.7 | 8.6 | 7.3 |
|
FX Difference from Revaluation
|
0.0 | 0.0 | -0.0 |
|
Cash and Cash Equivalents at End of Period
|
5.5 | 3.7 | 8.6 |
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