PTG

Listed Company · UPCOM

Price

—

Latest close

P/E —

EPS (TTM) —

ROE (TTM) 31.5%

P/B —

BVPS (Latest) —

ROA (TTM) 17.3%

What Is Changing

PTG no longer looks like a business simply rebounding from a weak base. Revenue posted +13.9% YoY, while net margin reached 11.63% with an additional +0.9pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 10.14% in 2023 to 11.63% in 2025.
Revenue growth accelerated to 13.9% in 2025, up 8.0pp versus the prior year.
Net Income reached a multi-period high at VND 64.7bn in 2025.

Metric	2025	2024	2023	2022
Revenue	556.1	488.1	460.8	501.0
Growth	+14%	+6%	-8%	—
Net Income	64.7	52.5	46.7	49.3
Net Margin	11.63%	10.75%	10.14%	9.85%

Financial Statements

Profitability

Net margin reached 11.63% while Revenue posted +13.9% YoY.

Balance Sheet

Inventory stood at 4.1bn, liabilities at 188.0bn, and equity at 197.4bn.

Cash Flow

Operating cash flow was 73.8bn in 2025, while investing cash flow was 50.2bn.

Financing cash flow: -50.0bn.

Item	2025	2024	2023	2022
Revenue	556.1	488.1	460.8	501.0
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	556.1	488.1	460.8	501.0
Cost of Goods Sold	470.2	423.6	404.1	437.0
Gross Profit	85.9	64.6	56.7	64.1
Financial Income	15.9	14.6	15.5	12.9
Financial Expenses	0.6	1.1	0.8	2.2
Interest Expense	—	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	1.8	1.7	1.8	1.8
General and Administrative Expenses	15.3	12.2	12.2	12.0
Operating Profit	84.1	64.2	57.5	60.8
Other Income	0.8	0.2	0.0	0.0
Other Expenses	2.9	0.1	0.0	0.0
Other Profit	-2.0	0.2	-0.0	-0.0
Profit Before Tax	82.1	64.3	57.4	60.8
Current Income Tax Expense	17.4	11.9	10.7	11.5
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	64.7	52.5	46.7	49.3
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	64.7	52.5	46.7	49.3
Earnings per Share	12,942.00	9,452.00	9,352.00	9,923.00
Diluted EPS	12,942.00	9,452.00	9,352.00	9,875.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	348.2	331.7	281.3	255.9
I. Cash and cash equivalents	195.2	121.1	80.8	156.9
1. Cash	24.9	25.4	18.2	25.2
2. Cash equivalents	170.3	95.8	62.6	131.7
II. Short-term financial investments	86.5	141.5	146.0	43.8
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	86.5	141.5	146.0	43.8
III. Short-term receivables	57.6	64.1	47.3	48.6
1. Short-term trade accounts receivable	55.3	36.7	34.9	36.9
2. Short-term prepayments to suppliers	—	0.0	0.1	0.0
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	4.9	27.4	12.3	11.7
7. Provision for short-term doubtful debts (*)	-2.7	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	4.1	4.1	6.0	4.9
1. Inventories	4.1	4.1	6.0	4.9
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	4.8	0.9	1.2	1.7
1. Short-term prepayments	0.7	0.4	0.7	0.2
2. Value added tax to be reclaimed	4.1	0.6	0.5	1.5
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)	37.2	32.0	40.5	41.3
I. Long-term receivables	—	0.0	0.0	0.0
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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	34.1	25.6	33.2	33.5
1. Tangible fixed assets	29.2	20.6	28.1	28.3
- Cost	157.0	150.3	153.5	145.2
- Accumulated depreciation	-127.8	-129.7	-125.4	-117.0
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	4.9	5.0	5.1	5.2
- Cost	7.0	7.0	7.0	7.0
- Accumulated depreciation	-2.1	-2.0	-1.9	-1.8
III. Investment properties	2.2	2.6	2.9	3.3
- Cost	5.6	5.6	5.6	5.6
- Accumulated depreciation	-3.4	-3.1	-2.7	-2.3
IV. Long-term assets in progress	—	2.7	2.7	2.7
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	2.7	2.7	2.7
V. Long-term financial investments	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
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	1.0	1.1	1.7	1.8
1. Long-term prepayments	1.0	1.1	1.7	1.8
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)	385.4	363.7	321.8	297.2
A. LIABILITIES (300=210+330)	188.0	150.8	146.7	153.9
I. Short -term liabilities	188.0	150.8	146.7	153.9
1. Short-term trade accounts payable	5.7	5.5	4.1	6.3
2. Short-term advances from customers	0.0	0.0	0.0	0.7
3. Taxes and other payables to state authorities	15.3	8.0	7.6	4.4
4. Payable to employees	155.0	127.0	126.1	135.1
5. Short-term acrrued expenses	—	0.0	0.0	0.1
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	0.0	0.0
9. Other short-term payables	0.3	0.3	0.3	0.3
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	11.8	10.0	8.6	7.0
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	0.0
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	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
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)	197.4	212.9	175.1	143.3
I. Owner's equity	197.4	212.9	175.1	143.3
1. Owner's capital	50.0	50.0	50.0	50.0
- Common stock with voting right	50.0	50.0	50.0	50.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	4.0	4.0	4.0	4.0
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	12.0	12.0	12.0	12.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	66.8	94.5	62.5	28.1
11. Undistributed earnings after tax	64.7	52.5	46.7	49.3
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0
- Undistributed earnings in this period	64.7	52.5	46.7	49.3
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)	385.4	363.7	321.8	297.2

Item	2025	2024	2023	2022
Profit Before Tax	82.1	64.3	57.4	60.8
Depreciation of Fixed Assets and Investment Property	7.3	9.1	9.0	8.5
Provision (Increase)/Reversal	2.7	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.1	0.1	0.6
Gain/Loss from Investment Activities	-10.9	-7.8	-10.4	-5.6
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	81.3	65.6	56.2	64.4
Increase/(Decrease) in Receivables	-21.9	-0.9	3.5	-16.8
Increase/(Decrease) in Inventory	0.0	1.9	-1.1	1.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	28.2	2.3	-12.6	32.5
Increase/(Decrease) in Prepaid Expenses	-0.2	0.9	-0.4	-1.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	-10.1	-11.6	-7.5	-6.1
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-3.5	-3.2	-3.3	0.0
Net Cash Flow from Operating Activities	73.8	55.0	34.7	74.5
Payments for Fixed Assets and Other Long-term Assets	-15.4	-1.2	-8.3	-5.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.8	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	-147.2	-244.8	-205.3	-364.1
Receipts from Loan Repayments and Sale of Debt Instruments	202.2	249.3	103.1	394.8
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	9.8	6.7	9.7	5.8
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	50.2	10.3	-100.8	31.3
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	3.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	—	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-50.0	-25.0	-10.0	-60.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-50.0	-25.0	-10.0	-57.0
Net Cash Flow During the Period	74.1	40.3	-76.1	48.8
Cash and Cash Equivalents at Beginning of Period	121.1	80.8	156.9	108.2
FX Difference from Revaluation	-0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	195.2	121.1	80.8	156.9

Item	Q4'25
Profit Before Tax	82.1
Depreciation of Fixed Assets and Investment Property	7.3
Provision (Increase)/Reversal	2.7
FX Gain/Loss from Revaluation of Monetary Items	0.1
Gain/Loss from Investment Activities	-10.9
Operating Profit Before Changes in Working Capital	81.3
Increase/(Decrease) in Receivables	-21.9
Increase/(Decrease) in Inventory	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	28.2
Increase/(Decrease) in Prepaid Expenses	-0.2
Corporate Income Tax Paid	-10.1
Other Operating Payments	-3.5
Net Cash Flow from Operating Activities	73.8
Payments for Fixed Assets and Other Long-term Assets	-15.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.8
Loans and Purchases of Debt Instruments	-147.2
Receipts from Loan Repayments and Sale of Debt Instruments	202.2
Dividends and Interest Income Received	9.8
Net Cash Flow from Investing Activities	50.2
Dividends Paid	-50.0
Net Cash Flow from Financing Activities	-50.0
Net Cash Flow During the Period	74.1
Cash and Cash Equivalents at Beginning of Period	121.1
FX Difference from Revaluation	-0.0
Cash and Cash Equivalents at End of Period	195.2

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PTG

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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