Recent financial results from CTCP Thép Thủ Đức (code: TDS) for Q1 2025 show a net revenue of over 401 billion VND, an 18% increase year-on-year. Gross profit surged by 39% to nearly 17 billion VND, attributed to lower growth in cost of goods sold compared to revenue. However, net profit after tax fell by 21% year-on-year to approximately 2.2 billion VND. As of March 31, 2025, total assets were nearly 359 billion VND, down 5 billion VND, with inventory accounting for a significant portion. While liabilities amounted to 144 billion VND, the company did not incur any financial debt, and retained earnings reached over 48 billion VND. Steel billet sales increased by 54%, boosting gross profit, though management and selling expenses rose by 14%, mainly due to increased transport costs. In Q1 2024, pre-tax profit was 3.5 billion VND, largely from a land rental reduction. On April 16, TDS shares traded around 8,500 VND per share, up 2.4%.
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