A major player in the steel industry lost over 3 trillion in 3 years, heavily indebted to banks

CTCP Thép Pomina (POM) reported a 126% increase in Q4 2024 revenue, reaching nearly 752 billion VND, mainly due to domestic steel sales. However, the cost of goods sold rose to 98.7%, leading to a gross profit of only 9.6 billion, down 57%. The company faced significant financial strain with 146 billion in financial costs and 172 billion in loan interest, recording a 65 billion loss from business operations and an additional 134 billion loss from other activities, extending its net loss streak to 11 consecutive quarters with a total loss of nearly 200 billion. For the entire year of 2024, revenue fell by 29% to 2,327 billion VND, with a net loss of 990 billion and cumulative losses reaching 2.6 trillion, leaving equity at only 263 billion. POM shares were delisted from HoSE and currently trade on UPCom. Pomina holds significant debts with BIDV and Vietinbank, along with a 300 billion loan from Thadico. Most assets are tied up in the unfinished construction costs of a 5,723 billion VND high furnace project.