Galaxy Entertainment Holding posts first net profit since 2021, reporting net income of about 40.3 billion VND in 2025

After four consecutive years of losses totaling hundreds of billions of dong, Galaxy Entertainment Holding—the owner of the Galaxy Cinema chain—reported a net profit of more than 40 billion dong in 2025.

Galaxy Entertainment Holding JSC’s 2025 financial report shows net profit of nearly 40.3 billion dong, a sharp turnaround from a loss of more than 126 billion dong in 2024. For the first time since it began reporting information in 2021, the company returned to positive earnings, though it still carries a cumulative loss of about 250 billion dong.

Balance sheet improvement in 2025

By the end of 2025, Galaxy Entertainment Holding’s equity rose modestly to more than 454.3 billion dong, supported by a reduction in accumulated losses. In the same period, subsidiaries also turned a profit, contributing more than 231 billion dong in earnings.

Total liabilities declined by more than 19% to about 994 billion dong. Most of this figure consisted of other payables, while financial debt stood at just over 146 billion dong, all of which was bank loans.

Bond redemption and interest payments

Last year, the company redeemed two tranches of bonds issued in 2021 with a 12% annual coupon. It spent about 21 billion dong on interest payments to bondholders and recorded no defaults.

Industry recovery reflected in cinema results

The return to profitability for Galaxy Cinema’s owner aligns with broader signs of recovery in Vietnam’s cinema industry. CGV Vietnam reported revenue of about 253.6 billion won in 2025 (equivalent to about 4,689 billion dong), up more than 22% year-on-year. Operating profit reached a record about 37.4 billion won (equivalent to about 691.5 billion dong). Management said the results were driven by strong growth in both the overall film market and domestic films over the past year.

2025 box office and ticket growth

At a strategic-partner conference in mid-March, CGV Vietnam said total cinema box office revenue for 2025 reached 5,593 billion dong, up 24% from the prior year. Compared with pre-pandemic levels in 2019, the figure was more than 35% higher, and was described as a record for the film industry.

Revenue was supported by more than 70 million cinema tickets sold in 2025. Total attendance rose 29% versus 2024 and reached an all-time high. The main driver was a plentiful supply of domestic films, which captured and led the industry. This segment increased from 25% of total box office revenue in 2016 to 62% by 2025.

Business scope and ownership footprint

Galaxy Entertainment Holding JSC operates multiple units, including Galaxy Production (film production), Galaxy Studio (film distribution), Galaxy Cinema (cinema chain), Galaxy Play (online streaming platform), and Galaxy Education (online learning platform).

The company is known for backing the Galaxy Cinema chain, one of the private companies that entered the film industry early. Galaxy Cinema was established in 2003, and the group owns 25 complexes, concentrated mainly in Ho Chi Minh City and the southern provinces.

IPO expectations

Galaxy Entertainment Holding has recently been predicted by stock brokers and analysts to be among initial public offering (IPO) candidates in 2026–2027. The company has not issued an official comment.