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Solar power company Trung Nam Thuận Nam LLC has released its 2025 financial statements, reporting a sharp deterioration in profitability and a significant weakening of its equity structure.
By the end of fiscal year 2025, the company recorded a net loss after tax of 969 billion dong, reversing a net profit of 138.2 billion dong in 2024.
The continued losses increased accumulated losses to 1,818 billion dong as of year-end 2025, compared with 849 billion dong reported at the end of the previous year.
As losses persisted, equity fell sharply from 1,562 billion dong to 593 billion dong, representing a 62% decrease.
Total liabilities as of 31/12/2025 reached 9,937 billion dong, up 13.2% from the start of the year. Within the liability structure, bank borrowings rose 32.1% to 1,742 billion dong, while bond debt declined 6.4% to 4,283 billion dong. Other payables also increased 35.7% to 3,911 billion dong versus 2024.
The combination of shrinking equity and rising liabilities lifted the debt-to-equity ratio from 5.62x to 16.76x, an increase of 198.2%.
Interest coverage ratio fell from 1.21x to negative 0.33x, reflecting unfavorable operating conditions. Meanwhile, the short-term liquidity ratio improved slightly by 12%, rising from 0.50x to 0.56x.
As part of capital restructuring, as of 31/3/2026, Trung Nam Thuận Nam conducted early redemption of portions of nine bond lots issued in May 2020, with total buybacks valued at about 68.6 billion dong.
In addition, Hanoi Stock Exchange data published in April 2026 showed modifications to the terms of 10 bond lots.
Regarding ownership, Trung Nam Tra Vinh Solar Power Joint Stock Company currently holds 100% of the charter capital of the enterprise. From March 2026, Mr. Vu Dinh Tan, the company’s director, serves as the representative for the entire contributed capital.
The business operates a 450 MW solar plant integrated with a substation and a 500 kV transmission line in Khanh Hoa province (Thuận Nam, formerly Ninh Thuan). The project covers 557 hectares, uses more than 1.3 million solar panels, and has a maximum output of 1.2 billion kWh. Total construction cost was 12,000 billion dong, and the plant has been in full operation since October 2020.
The company’s 2025 financial statements were confirmed by AASC Auditing Firm as presenting a true and fair view of the financial position as of 31/12/2025.
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