Long Thanh Cement posts fifth consecutive annual loss in 2025 as debt climbs to about 5.21 trillion dong

Long Thanh Cement Joint Stock Company disclosed its 2025 financial results, continuing a period of weak business performance. The company recorded a net loss after tax of 52.6 billion dong, sharply higher than the 6.2 billion dong loss in 2024, marking five consecutive years of losses since 2021.

Losses deepen over multiple years

Long Thanh Cement’s losses have widened over the past five years. In 2021, the company posted a loss of 638 million dong; in 2022, a loss of 1.1 billion dong; and in 2023, a loss of 68.3 billion dong. The continued underperformance has driven accumulated losses to about 146 billion dong, significantly affecting the company’s equity base.

Equity and liabilities as of December 31, 2025

As of December 31, 2025, the company’s equity was about 1.54 trillion dong, down from the beginning of the year. Contributed capital stood at 1.686 trillion dong, while after-tax profits not distributed were negative 146 billion dong, indicating that real capital has been eroded over time.

Total liabilities rose to about 5.210 trillion dong, up nearly 0.6 trillion dong compared with the year-start level.

Debt structure and outstanding bond tranche

The company’s debt structure includes bank borrowings of 2.465 trillion dong and bonds of about 1.864 trillion dong, with the remainder recorded as other payables.

Long Thanh Cement is currently outstanding with bond tranche LTCCH2136001, with remaining value of about 1.8643 trillion dong. The tranche was issued in May 2021, with a 15-year tenor and a 10.5% annual interest rate, to finance the Long Thanh Cement Plant project.

Bond collateral

The bonds are secured by collateral, including land-use rights of related individuals and assets of Cuong Thinh Thi Construction Investment Group JSC in Ninh Binh, together with shares of Long Thanh Cement held by the company’s shareholders.

Financial pressure and outlook

Maintaining a large debt load while operating results have not improved continues to pressure the company’s financial position. Interest expenses and long-term debt obligations are expected to remain key factors affecting operations in the coming periods.

Long Thanh Cement Joint Stock Company was established in 2008, with charter capital of 1.0 trillion dong, and operates in cement production. In the context of volatility in the construction materials market, improving cash flow and enhancing operating efficiency are highlighted as priorities going forward.