MTP

Listed Company · UPCOM

Price

14,000

Latest close

03 Apr 2026

P/E —

EPS (TTM) —

ROE (TTM) 16.8%

P/B —

BVPS (Latest) —

ROA (TTM) 3.0%

What Is Changing

MTP no longer looks like a business simply rebounding from a weak base. Revenue posted +3.3% YoY, while net margin reached 1.38% with an additional +0.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 17.8bn in 2024.
Revenue growth accelerated to 3.3% in 2024, up 9.5pp versus the prior year.

Metric	2024	2023	2022
Revenue	1,286.9	1,245.8	1,328.5
Growth	+3%	-6%	—
Net Income	17.8	16.0	4.6
Net Margin	1.38%	1.29%	0.34%

Financial Statements

Profitability

Net margin reached 1.38% while Revenue posted +3.3% YoY.

Balance Sheet

Inventory stood at 94.5bn, liabilities at 516.4bn, and equity at 110.7bn.

Cash Flow

Operating cash flow was 48.5bn in 2024, while investing cash flow was -26.3bn.

Financing cash flow: -33.8bn.

Item	2024	2023	2022
Revenue	1,292.1	1,248.3	1,331.2
Revenue Deductions	5.2	2.5	2.6
Net Revenue	1,286.9	1,245.8	1,328.5
Cost of Goods Sold	1,185.4	1,155.3	1,234.9
Gross Profit	101.5	90.5	93.6
Financial Income	3.1	1.9	1.4
Financial Expenses	25.3	28.9	26.6
Interest Expense	24.6	28.5	26.3
Share of Associates and Joint Ventures	0.0	0.0	0.0
Selling Expenses	25.3	20.1	20.9
General and Administrative Expenses	32.6	23.4	27.8
Operating Profit	21.4	20.0	19.8
Other Income	0.3	0.3	0.7
Other Expenses	0.1	0.2	4.5
Other Profit	0.2	0.1	-3.8
Profit Before Tax	21.6	20.1	15.9
Current Income Tax Expense	3.8	4.1	11.4
Deferred Income Tax Expense	0.0	0.0	0.0
Net Income	17.8	16.0	4.6
Non-controlling Interest	0.0	0.0	0.0
Profit Attributable to Parent	17.8	16.0	4.6
Earnings per Share	2,390.00	2,150.00	612.00
Diluted EPS	2,390.00	2,150.00	612.00

Item	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	587.8	529.7	490.9
I. Cash and cash equivalents	18.2	29.9	12.1
1. Cash	18.2	9.7	12.1
2. Cash equivalents	0.0	20.2	0.0
II. Short-term financial investments	45.4	32.4	20.0
1. Available for sale securities	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0
3. Held to maturity investments	45.4	32.4	20.0
III. Short-term receivables	419.0	327.3	282.3
1. Short-term trade accounts receivable	417.7	323.4	274.6
2. Short-term prepayments to suppliers	20.3	12.6	15.6
3. Short-term inter-company receivables	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0
6. Other short-term receivables	1.9	2.2	1.9
7. Provision for short-term doubtful debts (*)	-20.9	-10.9	-9.9
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	94.5	132.5	170.3
1. Inventories	102.5	139.7	183.8
2. Provision for decline in value of inventories	-8.0	-7.1	-13.5
V. Other short-term assets	10.7	7.7	6.2
1. Short-term prepayments	0.6	0.3	0.1
2. Value added tax to be reclaimed	9.6	7.0	6.2
3. Taxes and other receivables from state authorities	0.5	0.3	0.0
4. Government bonds	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	39.4	38.8	25.8
I. Long-term receivables	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0
II. Fixed assets	35.7	27.7	24.5
1. Tangible fixed assets	35.7	27.7	24.5
- Cost	114.5	98.9	89.4
- Accumulated depreciation	-78.8	-71.2	-64.9
2. Financial leased fixed assets	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	3.2	0.0
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	0.0	3.2	0.0
V. Long-term financial investments	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0
VI. Other long-term assets	3.7	8.0	1.2
1. Long-term prepayments	3.7	8.0	1.2
2. Deferred income tax assets	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	627.2	568.6	516.6
A. LIABILITIES (300=210+330)	516.4	466.9	427.2
I. Short -term liabilities	509.1	466.9	427.2
1. Short-term trade accounts payable	126.3	47.3	54.8
2. Short-term advances from customers	3.6	5.9	18.7
3. Taxes and other payables to state authorities	0.4	0.9	1.4
4. Payable to employees	7.0	6.1	7.7
5. Short-term acrrued expenses	0.9	2.6	1.4
6. Short-term inter-company payables	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.3
9. Other short-term payables	7.5	7.4	0.7
10. Short-term borrowings and financial leases	362.9	396.6	341.9
11. Provision for short-term liabilities	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.1	0.3
13. Price stabilization fund	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0
II. Long-term liabilities	7.4	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0
8. Long-term borrowings and financial leases	7.4	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	110.7	101.7	89.4
I. Owner's equity	110.7	101.7	89.4
1. Owner's capital	74.6	74.6	74.6
- Common stock with voting right	74.6	74.6	74.6
- Preferred stock	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	1.5	1.5	1.5
5. Treasury shares	-0.1	-0.1	-0.1
6. Assets revaluation differences	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0
8. Investment and development fund	10.2	2.9	2.4
9. Fund to support corporate restructuring	0.0	0.0	0.0
10. Other funds from owner's equity	6.4	6.4	6.1
11. Undistributed earnings after tax	18.2	16.5	5.0
- Accumulated retained earning at the end of the previous period	0.4	0.4	0.4
- Undistributed earnings in this period	17.8	16.0	4.6
12. Reserves for investment in construction	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	627.2	568.6	516.6

Item	2024	2023	2022
Profit Before Tax	21.6	20.1	15.9
Depreciation of Fixed Assets and Investment Property	7.5	6.3	5.9
Provision (Increase)/Reversal	10.8	-5.3	16.7
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	-0.1
Gain/Loss from Investment Activities	-1.9	-1.5	-0.8
Interest Expense	24.6	28.5	26.3
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	62.7	48.1	63.8
Increase/(Decrease) in Receivables	-101.5	-47.5	-96.1
Increase/(Decrease) in Inventory	37.2	44.1	7.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	76.4	-13.4	41.4
Increase/(Decrease) in Prepaid Expenses	4.1	-7.1	0.6
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	-24.8	-28.7	-25.9
Corporate Income Tax Paid	-4.6	-4.8	-11.2
Other Operating Receipts	0.0	0.0	0.0
Other Operating Payments	-1.0	-0.3	-0.8
Net Cash Flow from Operating Activities	48.5	-9.4	-21.2
Payments for Fixed Assets and Other Long-term Assets	-15.2	-12.6	-1.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-15.6	-12.4	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	2.6	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0
Dividends and Interest Income Received	2.0	1.2	0.8
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-26.3	-23.8	-0.8
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0
Proceeds from Borrowings	1,057.1	1,172.7	812.3
Repayment of Borrowings	-1,083.5	-1,117.9	-778.6
Repayment of Finance Leases	0.0	0.0	0.0
Dividends Paid	-7.5	-3.7	-3.3
Other Financing Receipts	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-33.8	51.0	30.4
Net Cash Flow During the Period	-11.6	17.8	8.4
Cash and Cash Equivalents at Beginning of Period	29.9	12.1	3.7
FX Difference from Revaluation	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	18.2	29.9	12.1

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

MTP

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research