SMC announced its consolidated financial report for 2024 with two emphasized opinions, not reflecting any dishonesty. The receivable from Novagroup and related companies is over 1,115 billion VND. SMC and Novagroup signed a debt confirmation document, but some additional documents were incomplete due to overlap with the Tet holiday. However, by mid-2025, SMC completed the records, confirming secured assets worth nearly 730 billion VND. The reversal of reserve -335.2 billion VND improved the 2024 profit. SMC is working to strengthen its operational capability despite a cumulative loss of 139.625 billion VND and negative cash flow from operations. The company plans to implement several measures such as optimizing inventory, negotiating debts, and cutting production costs. In Q1 2025, SMC reported a 17% decline in revenue but still made a profit of 127 billion VND, indicating signs of recovery. SMC’s stock has surged over 75% recently.
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