SJF continues to suffer heavy losses

The consolidated business results for the second quarter of 2025 of Sao Thai Duong Investment Joint Stock Company (stock code: SJF) recorded a sharp increase in after-tax loss and a sharp decline in revenue compared to the same period last year.

According to the report, SJF's consolidated after-tax profit in the second quarter of 2025 was negative by more than VND 7.47 billion, equivalent to a loss increase of 63% compared to the negative figure of VND 4.5 billion in the same period in 2024.

At the same time, net revenue in the period also dropped seriously by 66%, reaching only 6.3 billion VND compared to 18.2 billion VND in the same period last year.

In the explanatory document sent to the State Securities Commission and Hanoi Stock Exchange, SJF's board of directors pointed out the main reasons leading to this poor business result.

First, revenue declined in both major markets. In the export segment, overseas orders, especially for bamboo plywood products, have dropped sharply due to the impact of new global tax policies. This has caused foreign partners to temporarily suspend placing orders. In the domestic market, revenue has also been negative, forcing the company to temporarily suspend sales of unprofitable products.

Sao Thai Duong Investment Company must explain its poor business results in the second quarter of 2025 when revenue decreased by 66% and after-tax loss increased to nearly 7.5 billion VND.

Second, the cost burden remains high despite declining revenue. The company said it still needs to maintain a skilled workforce for long-term stability, while restructuring the factory and investing in new equipment. This leads to increased administrative and sales expenses.

Third, the pressure from financial costs and provisions. Low revenue has prevented the company from paying all the financial costs remaining from the previous year. In addition, SJF has had to make provisions for bad debts and investments. Efforts to collect debts from partners have also not yielded results, continuing to negatively affect profits.

Accumulated in the first 6 months of 2025, SJF's net revenue reached 20.95 billion VND. Loss after corporate income tax was 9.45 billion VND.

As of June 30, 2025, Sao Thai Duong Investment's total assets reached VND 841.3 billion, a slight increase compared to VND 812.6 billion at the beginning of the year. However, the asset structure has some notable changes.

In terms of short-term assets, cash and cash equivalents decreased sharply by 77%, from 39 billion VND at the beginning of the year to only 8.78 billion VND. Meanwhile, short-term receivables increased from 591.9 billion to 656.8 billion VND. Inventories also increased from 3.45 billion to 6.25 billion VND.

SJF's total liabilities at the end of the second quarter of 2025 were VND333.9 billion, up 12.8% compared to the beginning of the year. Of which, short-term debt was VND168.1 billion and long-term debt was VND165.8 billion. Notably, long-term loans and financial leasing debts increased sharply from VND86.4 billion to VND130.1 billion.

In October 2024, the Ho Chi Minh City Stock Exchange (HOSE) announced the mandatory delisting of SJF shares of Sao Thai Duong Investment from November 1, 2024, even though the company had sent a request for an extension to submit its audited financial statements.

According to HOSE's decision, the number of delisted securities is 79.2 million shares, the value of delisted securities at par value is 792 billion VND.

The reason for delisting is that SJF seriously violated its information disclosure obligations, which is a case of securities being compulsorily delisted according to regulations.

Established in March 2012, Sao Thai Duong Investment operates mainly in the field of providing clean agricultural production solutions applying microbiological technology, investing in organic agricultural production and providing high-quality clean food, and producing industrial pressed bamboo.

Minh Thu

Source: https://doanhnghiepvn.vn/doanh-nhan/sjf-tiep-tuc-lo-nang/20250806023840990