Trailing net profit reached 2.5bn, rose 0.8bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses, higher tax, and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 15.8% year on year — not from a single spike: quarterly growth stepped up from −13% to +13%.

3 of the last 4 quarters grew year on year.

Net margin edged up to 3.28%, rising 0.8pp. The main driver is Gross margin rose 1.0pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 0.3pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 6.9bn against investing cash flow of -3.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +3.5bn. Financing cash flow was negative +0.9bn.

CFO / net income was 3,06 lần.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

How much income is non-core?

About 98% of pre-tax profit comes from core operations.

Within that, net financial result at −7.2%, other profit at +1.6% of PBT.

ROIC expanded to 4.90%, rising 2.2pp. That translates to 4.90 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.0pp and capital turnover rose 0.27x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 52.4 days versus the same period last year. The main moves came from DIO fell 4.5 days, DSO fell 67.3 days, and DPO fell 19.3 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Leverage looks fairly comfortable, with net debt / equity at −0.07x and interest coverage at 8.79x.

At present, short-term debt accounts for 35.4% of total debt, cash equals 241.3% of debt, and total debt stands at 2.7bn.

The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 0.83x equity, with a net cash position equivalent to 0.07x equity.

Inventory ended the period at 16.3bn, roughly 17.0% of total assets.

Over the last 12 months, working capital released 4.1bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.