SRC Balance Sheet - Saovang Rubber JSC

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Price: 36 250 VND 0.83% Market Closed

Market Cap: ₫1.3T

S	Saovang Rubber JSC VN:SRC	VN
	Franklin BSP Capital Corp OTC:FRBP	US
N	Noble Development PCL SET:NOBLE	TH
	Check Point Software Technologies Ltd NASDAQ:CHKP	IL
C	Check Point Software Technologies Ltd XMUN:CPW	IL
C	Check Point Software Technologies Ltd F:CPW	IL

Financial profile · Q2 FY2026

A cyclical tire manufacturer with volatile earnings and working-capital cash conversion

Saovang Rubber combines a volume-sensitive manufacturing model with modest operating margins and recurring exposure to financing costs. Revenue has recovered from earlier weakness, but earnings and cash generation remain volatile because working capital, production disruption, and non-operating items can materially change reported results.

What is developing

The latest results show continued trailing revenue recovery, but the second quarter brought renewed pressure on revenue, operating margin, net income, and per-share earnings. Quarterly operating cash flow recovered, although trailing operating cash flow and free cash flow remained negative, so the company’s financial model has not clearly changed.

What matters next

Whether revenue and operating margin recover after the Nguyễn Trãi plant shutdown while trailing operating cash flow turns positive.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Cash & Cash Equivalents	46.6B	42.7B	36.4B	104.3B	71.3B	46.8B	36.4B	33.1B	29.7B	31.7B
Cash	31.1B	32.7B	28.4B	40.8B	56.3B	23.3B	32.4B	17.1B	14.7B	19.7B
Cash Equivalents	15.5B	10B	8B	63.5B	15B	23.5B	4B	16B	15B	12B
Total Receivables	116.9B	123.3B	114.2B	101.5B	771.3B	101.5B	122B	361.3B	267.4B	470.9B
Accounts Receivables	93.7B	103.3B	96.4B	96.2B	588.5B	85.7B	108.5B	356.8B	228.6B	458.6B
Other Receivables	23.2B	20B	17.8B	5.3B	182.8B	15.8B	13.5B	4.5B	38.8B	12.3B
Inventory	233.8B	269.8B	278.3B	209.7B	191.4B	287.3B	323.1B	228.5B	250.3B	270.4B
Other Current Assets	5.4B	937m	7.3B	5.1B	15.9B	71.4B	48.5B	8.2B	1.7B	2.2B
Total Current Assets	402.7B	436.7B	436.2B	420.6B	1T	507B	530.1B	631.1B	549.1B	775.2B
PP&E Net	105.7B	105.9B	96.9B	84.6B	58.6B	55.4B	45.8B	50.9B	47B	41.8B
PP&E Gross	105.7B	105.9B	96.9B	84.6B	58.6B	55.4B	45.8B	50.9B	47B	41.8B
Accumulated Depreciation	(540.7B)	(557.5B)	(566.9B)	(591.7B)	(612.7B)	(633.1B)	(636.2B)	(647.8B)	(658.1B)	(666.9B)
Intangible Assets	3.6B	3.6B	3.6B	3.6B	3.6B	3.4B	3.4B	3.4B	3.4B	10.1B
Note Receivable	1.1B	919m	679m	0	710m	6B	6.3B	6.5B	97.8B	2B
Long-Term Investments	32B	135.7B	135.5B	134.3B	134.8B	509.8B	510.4B	510.5B	508.5B	509.6B
Other Long-Term Assets	180B	174.6B	174.8B	163.7B	157.9B	153.7B	149.1B	144.4B	3.1B	2.7B
Total Assets	725.1B	857.5B	847.6B	806.8B	1.4T	1.2T	1.2T	1.3T	1.2T	1.3T
Accounts Payable	43.5B	57B	61.8B	50.7B	223.2B	69.9B	98.6B	93.5B	148.3B	92B
Accrued Liabilities	33.9B	25.6B	17.5B	21.8B	25.4B	25.2B	34.2B	29.5B	28.8B	38.5B
Short-Term Debt	0	0	112.2B	54.4B	141.6B	274.1B	218.3B	335.8B	252.9B	469.9B
Current Portion of Long-Term Debt	91.3B	130.6B	15.9B	3.1B	1.6B	3.9B	3.5B	2.6B	2.8B	1.1B
Other Current Liabilities	12.5B	8.7B	12.4B	11.5B	302.2B	141.6B	166.1B	159.7B	49.3B	19.3B
Deferred Revenue	2.8B	4B	8.8B	4.2B	11.2B	116.6B	100.4B	73.4B	42.5B	10.1B
Total Current Liabilities	181.1B	221.9B	219.8B	141.6B	694.1B	514.7B	520.7B	621.1B	482B	620.8B
Long-Term Debt	42.2B	142.8B	136.9B	134.4B	132.5B	138.2B	135.3B	132.7B	2.1B	2.7B
Other Liabilities	156.5B	149.5B	149.5B	149.5B	150.5B	149.9B	149.7B	149.7B	149.7B	150.5B
Total Liabilities	379.9B	514.3B	506.2B	425.5B	977.1B	802.8B	805.7B	903.5B	633.9B	774B
Common Stock	280.7B	280.7B	280.7B	280.7B	280.7B	280.7B	280.7B	280.7B	280.7B	280.7B
Retained Earnings	25.1B	12.3B	11.1B	47.4B	81.9B	64.3B	59B	54.7B	177.6B	124.4B
Additional Paid In Capital	0	0	0	0	0	0	3.6k	3.6k	3.6k	3.6k
Treasury Stock	(24m)	(24m)	(24m)	(24m)	(24m)	(24m)	(24m)	(24m)	(24m)	(24m)
Other Equity	39.5B	50.3B	49.5B	53.3B	65.6B	87.7B	99.7B	108B	116.8B	162.3B
Total Equity	345.2B	343.2B	341.3B	381.3B	428.2B	432.6B	439.3B	443.3B	575.1B	567.4B
Total Liabilities & Equity	725.1B	857.5B	847.6B	806.8B	1.4T	1.2T	1.2T	1.3T	1.2T	1.3T
Common Shares Outstanding	28m	28m	28m	28m	28m	28m	28.1m	36.5m	36.5m	36.5m