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CTCP Đầu tư Thương mại SMC (stock code: SMC) published its consolidated financial statements for Q1 2026, reporting net revenue of 1,072 billion VND, down 42% year over year. Gross profit reached 23 billion VND, down 47%. In the period, operating income from financial activities fell 18% to nearly 5 billion VND, while financial expenses rose twofold to 45 billion VND, mainly due to interest costs. Conversely, profit from associates turned positive, recording 8 billion VND. Notably, other income surged to 79 billion VND, up 3.5 times year over year, with 75 billion VND coming from liquidation and sale of fixed assets. Thanks to these factors, SMC posted net profit after tax of over 18.5 billion VND, up 880% from the same period in 2025. For 2026, SMC set a revenue target of 7,000 billion VND, broadly flat vs. last year; projected after‑tax profit is 30 billion VND, down 84.8%. After Q1, the company had completed 57.4% of its annual profit plan. As of 31/3/2026, total assets stood around 4,200 billion VND, down nearly 200 billion VND from the start of the year. Notably, longer‑term prepayments to suppliers rose almost sixfold to 693 billion VND. Liabilities were 3,200 billion VND, with short‑term borrowings exceeding 1,700 billion VND. According to the notes to the financial statements, SMC is investing 77 billion VND into Hoà Bình Construction Joint Stock Company (HBC) and has recognized 36 billion VND in provisions; it has also set aside 182 billion VND for bad debts, on total debt of 302 billion VND. CTCP Đầu tư Thương mại SMC was established in 1988, originally known as Store No. 15 of the Southern wholesale construction materials center. In 2004, the unit was equitized and began operating under the name CTCP Đầu tư Thương mại SMC. Two years later, the company listed on HoSE (Ho Chi Minh City Stock Exchange) with ticker SMC. SMC’s main activities include trading, coil center processing, and production of steel products, primarily focusing on domestic trade with customers comprising construction firms and major developers. SMC was once a leading steel trading company with 37 years of history, predating the Hoà Phát steel giant. The company once had USD‑denominated revenues, but its business results deteriorated from 2022 due to steel price declines and difficulties in debt collection in construction and real estate. Mai Chi, Nhịp sống thị trường
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