Viglacera posts 34% rise in 2025 net profit on industrial park leasing

Viglacera, a top producer of construction materials and a leading developer of industrial parks in Vietnam, reported a 34.3% rise in profit after tax year-on-year in 2025 to VND1.59 trillion ($61.48 million), driven mainly by strong earnings from the industrial park segment.

The company, listed on the Ho Chi Minh City Stock Exchange (HoSE) as VGC, posted net revenue of nearly VND13.32 trillion ($513.3 million) in the year, up 11.8% from a year earlier, according to its Q4/2025 financial statements.

Pre-tax profit jumped 35% to VND2.2 trillion ($84.85 million). Thus, although revenue did not meet the set target, pre-tax profit exceeded the target by 26.3%.

According to the company's explanation, this growth is primarily due to the leasing of industrial park infrastructure at its subsidiaries. This is a business segment with good profit margins and a stable contribution to the corporation's cash flow.

Net revenue in Q4/ 2025 reached over VND3.98 trillion ($153.35 million), an increase of 6.7% compared to nearly VND3.73 trillion in the same period.

Due to a 7.5% increase in cost of goods sold, gross profit only increased slightly by 5.1% to over VND1.31 trillion ($50.62 million).

Despite slightly higher financial expenses, Viglacera cut selling and administrative costs sharply, lifting Q4 pre-tax profit by 21.1% to VND879.6 billion ($33.9 million).

Net profit for the quarter rose 16.8% to VND638.9 billion ($24.63 million).

As of December 31, 2025, Viglacera’s short-term assets stood at more than VND26.64 trillion ($1.03 billion), up 6.5% from the start of the year. Short-term financial investments, mainly term deposits held to maturity, surged to over VND2.16 trillion ($83.27 million) from VND433 billion dong, reflecting a strong cash position.

Inventories declined to VND4.02 trillion from nearly 4.38 trillion ($168.66 million) at the end of 2024, with work-in-progress costs at real estate and construction projects accounting for a large share (VND1.45 trillion), indicating continued development of industrial parks and social housing projects.

Viglacera currently owns 31 factories producing basic construction materials such as construction glass, high-tech glass, ceramic tiles, sintered stone, sanitary equipment, autoclaved aerated concrete, and fired clay bricks and tiles.

The corporation is also the investor of 16 industrial parks with a total land fund of more than 4,500 hectares, 18 residential urban areas, and one 5-star resort hotel.

On the HoSE, VGC shares closed Friday at VND50,100 ($1.93) apiece.