PCC

Tập đoàn Xây lắp 1 - Petrolimex ·UPCOM ·2025Q4

▲ Slightly positive

Price

36,000

Latest close

02 Jun 2026

P/E —

P/B —

EPS —

BVPS —

ROE 11.3%

ROA 1.6%

Profit Margin 2.1%

Asset Turnover 0.74x

Equity Mult. 6.93x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a Năm 2025 basis, PCC is showing a few mildly positive signals versus the same period, though the magnitude is narrow — profit is at an all-time high. The direction is leaning toward improvement, but the next test will be whether the magnitude widens enough to become a trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,338bn
	                                
+12.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 30bn
	                                
+11.4%YoY

Metric	2025	2024	2023	2022
Revenue	1,337.6	1,193.4	907.3	626.3
Growth	+12%	+32%	+45%	—
Net Income	29.5	26.5	19.5	12.4
Net Margin	2.21%	2.22%	2.15%	1.98%

Quarterly snapshot data is not available yet.

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 2.21% −0.0pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Focus on inventory, liability structure, and year-end cash balance.

Inventory ended the period at 804.2bn, roughly 34.1% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The next item to monitor is working capital needs model and cycle context. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: Working capital needs model and cycle context.

Statement Data

Item	2025	2024	2023	2022
Revenue	1,337.6	1,193.4	907.4	626.3
Revenue Deductions	—	0.0	0.1	0.0
Net Revenue	1,337.6	1,193.4	907.3	626.3
Cost of Goods Sold	1,199.2	1,073.1	796.2	557.2
Gross Profit	138.4	120.4	111.1	69.1
Financial Income	0.6	0.9	0.4	0.3
Financial Expenses	17.0	20.3	18.8	13.8
Interest Expense	17.1	20.0	18.8	14.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	9.7	8.7	8.0	8.2
General and Administrative Expenses	77.7	55.1	56.8	36.1
Operating Profit	34.6	37.2	27.8	11.3
Other Income	3.9	0.9	0.9	6.4
Other Expenses	1.0	2.7	1.5	0.7
Other Profit	2.9	-1.8	-0.6	5.6
Profit Before Tax	37.5	35.4	27.2	16.9
Current Income Tax Expense	17.5	8.1	6.6	4.5
Deferred Income Tax Expense	-9.5	0.8	1.1	0.0
Net Income	29.5	26.5	19.5	12.4
Non-controlling Interest	1.5	1.0	0.9	0.7
Profit Attributable to Parent	28.0	25.5	18.6	11.7
Earnings per Share	2,433.00	2,218.00	1,615.00	1,020.00
Diluted EPS	2,433.49	2,218.32	1,615.29	1,019.94

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,026.3	759.1	688.6	540.3
I. Cash and cash equivalents	99.1	89.4	75.5	14.5
1. Cash	96.3	89.4	72.9	12.1
2. Cash equivalents	2.8	0.0	2.5	2.4
II. Short-term financial investments	7.5	17.5	13.7	3.5
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	7.5	17.5	13.7	3.5
III. Short-term receivables	1,101.8	509.4	400.4	294.0
1. Short-term trade accounts receivable	406.6	400.4	335.8	224.6
2. Short-term prepayments to suppliers	73.7	55.6	47.6	35.8
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	0.4	0.4	0.0	0.0
6. Other short-term receivables	698.2	106.6	61.3	59.6
7. Provision for short-term doubtful debts (*)	-77.2	-53.7	-44.5	-26.1
8. Assets awaiting resolution	0.1	0.1	0.1	0.1
IV. Inventories	804.2	141.3	193.8	217.6
1. Inventories	804.6	141.7	193.8	217.6
2. Provision for decline in value of inventories	-0.4	-0.4	0.0	0.0
V. Other short-term assets	13.6	1.5	5.1	10.7
1. Short-term prepayments	0.8	0.5	0.2	1.0
2. Value added tax to be reclaimed	11.1	0.9	4.8	7.7
3. Taxes and other receivables from state authorities	1.7	0.1	0.1	2.0
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)	332.0	517.1	481.4	231.5
I. Long-term receivables	4.0	2.6	3.3	3.5
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	4.0	2.6	3.3	3.5
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	298.8	194.4	193.8	220.0
1. Tangible fixed assets	260.2	165.4	159.8	193.6
- Cost	708.2	596.5	565.9	574.7
- Accumulated depreciation	-448.1	-431.1	-406.0	-381.1
2. Financial leased fixed assets	38.7	29.0	33.9	26.5
- Cost	53.8	34.9	55.3	39.4
- Accumulated depreciation	-15.1	-5.9	-21.4	-12.9
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	0.1	0.1	0.1	0.1
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1
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	19.8	316.8	281.8	5.6
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	19.8	316.8	281.8	5.6
V. Long-term financial investments	1.2	1.1	1.4	0.9
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	2.5	2.5	2.5	2.5
4. Provision for diminution in value of long-term investments	-1.3	-1.4	-1.1	-1.6
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	8.1	2.1	1.1	1.4
1. Long-term prepayments	2.1	2.1	1.1	1.4
2. Deferred income tax assets	6.0	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)	2,358.2	1,276.2	1,170.0	771.8
A. LIABILITIES (300=210+330)	2,091.6	1,018.8	918.3	525.7
I. Short -term liabilities	1,644.7	698.6	611.3	482.7
1. Short-term trade accounts payable	190.1	184.7	139.6	174.8
2. Short-term advances from customers	1,117.0	75.9	80.1	68.1
3. Taxes and other payables to state authorities	12.2	23.9	17.3	13.3
4. Payable to employees	42.3	29.6	24.0	26.5
5. Short-term acrrued expenses	37.3	51.5	57.1	24.4
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	5.6	5.7	3.3	2.0
9. Other short-term payables	10.9	69.2	15.9	18.7
10. Short-term borrowings and financial leases	196.9	222.2	237.5	123.7
11. Provision for short-term liabilities	21.8	24.8	20.3	13.9
12.. Bonus and welfare fund	10.5	11.3	16.1	17.4
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	446.8	320.2	307.0	42.9
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	6.2	11.0	14.6	5.5
7. Other long-term liabilities	381.8	281.2	269.2	0.8
8. Long-term borrowings and financial leases	58.8	24.5	20.4	36.6
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	3.5	2.7	0.1
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)	266.7	257.4	251.8	246.1
I. Owner's equity	266.7	257.4	251.8	246.1
1. Owner's capital	115.0	115.0	115.0	115.0
- Common stock with voting right	115,000,000,000.00	115,000,000,000.00	115,000,000,000.00	115,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	1.9	1.9	1.9	1.9
5. Treasury shares	—	0.00	0.00	0.00
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	115.4	107.3	106.4	98.2
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	23.8	23.4	18.4	21.8
- Accumulated retained earning at the end of the previous period	-4.2	-2.2	0.0	10.1
- Undistributed earnings in this period	28.0	25.5	18.4	11.7
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	10.6	9.9	10.1	9.2
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)	2,358.2	1,276.2	1,170.0	771.8

Item	2025	2024	2023	2022
Profit Before Tax	37.5	35.4	27.2	16.9
Depreciation of Fixed Assets and Investment Property	35.8	29.3	26.9	35.0
Provision (Increase)/Reversal	20.4	14.3	23.2	3.3
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-1.2	-0.9	-0.9	-3.0
Interest Expense	17.1	20.0	18.8	14.0
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	109.6	98.0	95.2	66.2
Increase/(Decrease) in Receivables	-627.1	-112.8	-36.0	33.4
Increase/(Decrease) in Inventory	-354.7	52.2	25.0	-50.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,073.7	110.6	-86.3	5.0
Increase/(Decrease) in Prepaid Expenses	-0.3	-1.3	0.1	0.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-16.9	-20.5	-18.9	-13.5
Corporate Income Tax Paid	-21.2	-7.7	-4.8	-3.7
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-3.9	-5.6	-1.1	-1.4
Net Cash Flow from Operating Activities	159.3	112.9	-26.7	35.4
Payments for Fixed Assets and Other Long-term Assets	-132.5	-61.6	-21.0	-8.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	11.2	0.3	6.2
Loans and Purchases of Debt Instruments	-11.5	-26.9	-10.2	-3.5
Receipts from Loan Repayments and Sale of Debt Instruments	21.6	22.8	1.5	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	0.5	0.7	0.3	-0.6
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	-121.3	-53.7	-29.2	-6.7
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	325.3	268.4	350.1	223.8
Repayment of Borrowings	-321.1	-283.6	-217.9	-255.3
Repayment of Finance Leases	-15.3	-12.8	-11.4	0.0
Dividends Paid	-17.1	-17.3	-12.6	-11.4
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-28.3	-45.3	108.2	-42.9
Net Cash Flow During the Period	9.8	13.9	52.3	-14.1
Cash and Cash Equivalents at Beginning of Period	89.4	75.5	23.2	28.6
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	99.1	89.4	75.5	14.5

Item	Q4'25
Profit Before Tax	37.5
Depreciation of Fixed Assets and Investment Property	35.8
Provision (Increase)/Reversal	20.4
Gain/Loss from Investment Activities	-1.2
Interest Expense	17.1
Operating Profit Before Changes in Working Capital	109.6
Increase/(Decrease) in Receivables	-627.1
Increase/(Decrease) in Inventory	-354.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,073.7
Increase/(Decrease) in Prepaid Expenses	-0.3
Interest Paid	-16.9
Corporate Income Tax Paid	-21.2
Other Operating Payments	-3.9
Net Cash Flow from Operating Activities	159.3
Payments for Fixed Assets and Other Long-term Assets	-132.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6
Loans and Purchases of Debt Instruments	-11.5
Receipts from Loan Repayments and Sale of Debt Instruments	21.6
Dividends and Interest Income Received	0.5
Net Cash Flow from Investing Activities	-121.3
Proceeds from Borrowings	325.3
Repayment of Borrowings	-321.1
Repayment of Finance Leases	-15.3
Dividends Paid	-17.1
Net Cash Flow from Financing Activities	-28.3
Net Cash Flow During the Period	9.8
Cash and Cash Equivalents at Beginning of Period	89.4
Cash and Cash Equivalents at End of Period	99.1

Explore Other Stocks In The Same Sector

VCS, VLB, HT1, MVC, THG, KSB, NNC, LBM, FIC, DHA, LIC, BMJ, HUB, VIT, MTA, TLD, SCL, PDB, CVT, MDG, CLH, RYG, QNC, BTS, CMD, HCC, S74, VHL, YBM, VCX, CCM, C32, BCC, GND, HOM, TRT, TLT, BTD, TNT, FCM, GMH, GMX, ACE, KHD, SCJ, VIH, CDG, CQT, BDT, YBC, AMC, SDY, KSQ, NHC, EME, TMX, TAB, XMD, TDF, DDB, DAC, MCC, HMR, TTC, NXT, DID, TCR, DIC, MIC, VIM, DXV, VTS, HPM, TXM, SCC, DCR, DKG, LMC, GKM, BHC, TTZ, X77, LQN, VHH, SPI, BTN, HLY, DGT, VTA, CMI, DTC, DND, ILA, CYC, LCC, PTE, HVX, BT6, DCT, CTA, KHL, PX1

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

PCC

What Is Changing

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ▼▼

Working Capital Efficiency ●

Is financial risk significant?

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency