NRC Group ends 2025 with lower bank borrowings and bonds, but total debt rises due to a surge in other payables; quick liquidity remains very low.

CTCP Tập đoàn NRC (NRC) ended 2025 with lower bank borrowings and bond balances, but total debt increased at the consolidated level as other payables surged. Quick liquidity remained largely unchanged, leaving the company with limited flexibility to meet short-term obligations.

Parent-company: liabilities fall and leverage improves

On a standalone (parent-company) basis, NRC’s year-end total liabilities decreased to 712.15 billion VND, down from 773.32 billion VND in the prior year. Leverage ratios improved accordingly, with debt-to-equity falling from 0.77x to 0.70x.

For bonds, the debt-to-equity ratio also declined from 0.22x to 0.16x, indicating some progress in managing financing costs and reducing leverage.

Consolidated: total liabilities rise due to other payables

At the consolidated level, the direction reversed. NRC’s year-end total liabilities rose to 802.8 billion VND, about 29.4 billion VND higher than the previous year.

The main driver was a sharp increase in other payables, climbing from 196.47 billion VND to 527.01 billion VND—an increase of more than 330 billion VND. This shift significantly changed NRC’s debt structure: other payables accounted for more than 65% of total liabilities, while the share of borrowings declined.

The change suggests that financial pressure did not disappear; it shifted from bank borrowings to other obligations, which can constrain near-term liquidity.

Liquidity and solvency: current ratio improves, quick ratio stays very low

Solvency indicators showed mixed signals. The current ratio improved from 0.71x to 1.36x. However, the quick ratio remained very low at 0.02x, indicating limited ability to convert assets into cash to meet immediate obligations.

Earnings: NRC returns to profit in 2025

On the earnings front, NRC exited losses in 2025. Consolidated after-tax profit reached 6.69 billion VND, reversing a loss of 137.3 billion VND in 2024.

At the parent level, after-tax profit reached 9.82 billion VND, also reversing a loss of more than 137 billion VND in the prior year.

Despite the turnaround, the profit base did not materially strengthen. Year-end equity stood at 1,167.5 billion VND, up less than 1% from the previous year. Retained earnings shifted from negative to positive but remained at a low level, indicating a thin financial cushion.

Background and audit

NRC was established in 2014 as Netland Real Estate JSC, later renamed to Danh Khoi Group JSC in 2020. In July 2025, the company officially changed its name to NRC Group JSC as approved by shareholders’ meeting, with an orientation toward a multi-sector model with real estate as its core.

The 2025 financial statements were audited with an unqualified opinion. However, the financial structure still shows a sharp rise in other liabilities and very low quick liquidity, suggesting that while debt reduction occurred in borrowings and bonds, cash flow and the overall balance of obligations have not been fully resolved.