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Saigon Jewelry Company Limited (SJC) has released its audited financial statements for 2025, reporting the highest profit on record to date despite a sharp decline in revenue to a decade low.
In 2025, SJC’s revenue reached nearly VND 14,031 billion, down more than 56% year-on-year and the lowest level in ten years. The company’s cost of goods sold fell by about 58%, allowing gross profit to rise about 6% to nearly VND 742 billion. Gross margin stood at 5.29%.
Revenue from financial activities increased to more than VND 4 billion, up 11% year-on-year, mainly driven by dividends and distributed profits. SJC also reported significant reductions in expenses, with selling expenses down 36% and administrative expenses down 7%.
Financing costs in 2025 were more than VND 1.3 billion. In 2024, SJC had reversals of impairment provisions of more than VND 27 billion. The company also recorded more than VND 1 billion in interest expense.
For the year ended 2025, SJC reported pre-tax profit of VND 534 billion and after-tax profit of over VND 425.5 billion, up 9% from the previous year. On average, the company earned about VND 1.16 billion per day.
As of end-2025, total assets reached over VND 2,500 billion, up nearly 14% compared with the start of the year. Inventory accounted for more than VND 2,000 billion, mainly goods. Notably, SJC no longer provisioned for inventory write-downs as it did in the prior year.
Liabilities increased by nearly 16% to over VND 576 billion. Within the liability structure, taxes and amounts payable to the state budget accounted for over VND 278 billion, while the development fund for science and technology exceeded VND 125 billion.
SJC’s audited statements also reference changes to Vietnam’s gold bar production regime. Previously, the State Bank of Vietnam held a monopoly on producing gold bars, and SJC was selected as the national gold bullion brand. From October 2025, Decree 232 took effect, ending the monopoly. Under the new rules, enterprises and banks meeting the conditions may be licensed to produce gold bars and import raw gold.
At the end of 2025, SJC had a loan of VND 45.5 billion at MB Bank to support production, processing, and trading of jewelry gold, silver, and precious stones.
In its audit notes, AASC stated that in 2024, some SJC officers were charged with embezzlement and abuse of power during the performance of duties. The case is currently under appellate review, and no final conclusion has been reached, meaning the full impact on the 2024 and 2025 financial statements cannot be fully determined.
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