SRC Income Statement - Saovang Rubber JSC

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Price: 35 950 VND -2.31% Market Closed

Market Cap: ₫1.3T

S	Saovang Rubber JSC VN:SRC	VN
	Canfor Corp TSX:CFP	CA
	Mila Resources PLC F:HN0	UK
	Magna Terra Minerals Inc XTSX:MTT	CA
C	Cathay Pacific Airways Ltd OTC:CPCAY	HK
C	Cathay Pacific Airways Ltd OTC:CPCAF	HK
W	West Fraser Timber Co Ltd XHAN:WFC	CA
L	Louisiana-Pacific Corp F:LP3	US
	CTO Realty Growth Inc NYSE:CTO	US
	Franklin BSP Capital Corp OTC:FRBP	US
L	Louisiana-Pacific Corp SWB:LP3	US
	Louisiana-Pacific Corp NYSE:LPX	US
S	Serabi Gold PLC F:B9O2	UK
	CTO Realty Growth Inc F:8QB0	US
M	Magna Terra Minerals Inc OTC:BRIOF	CA
S	Serabi Gold PLC OTC:SRBIF	UK

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
Revenue	909.1B	933.7B	925.2B	926.6B	1.3T	955.7B	915.3B	1.2T	1T	1.5T
Cost of Revenue	(727.4B)	(784.5B)	(779.9B)	(760.8B)	(1.1T)	(780B)	(753B)	(1T)	(881.7B)	(1.3T)
Gross Profit	181.7B	149.3B	145.4B	165.8B	216.8B	175.7B	162.3B	165.3B	146.1B	143.9B
Operating Expenses	(91.3B)	(107.8B)	(121.8B)	(108.9B)	(127.8B)	(123.5B)	(116.2B)	(112.9B)	(104.6B)	(101.7B)
Selling, General & Administrative	(88.9B)	(104.7B)	(115B)	(104.9B)	(119.6B)	(119.4B)	(112.3B)	(102.9B)	(98.3B)	(93.1B)
Depreciation & Amortization	—	(216m)	(217m)	(2.3B)	(1.7B)	(1.7B)	(1.3B)	(1.6B)	(2.2B)	(13.9m)
Other Operating Expenses	(2.4B)	(2.8B)	(6.6B)	(1.7B)	(6.5B)	(2.4B)	(2.6B)	(8.4B)	(4.1B)	(8.6B)
Operating Income	90.4B	41.5B	23.6B	56.9B	89B	52.2B	46.1B	52.4B	41.5B	42.2B
Net Interest Income (Expense)	(8.7B)	(7.3B)	(10.2B)	(5.4B)	1.8B	412m	(11.7B)	(14.7B)	(13.5B)	(17.6B)
Interest Expense	9.3B	7.8B	10B	6.2B	5.5B	10.9B	13.4B	16B	15.4B	20.5B
Non-Recurring Items	—	—	—	—	—	—	—	(37.5k)	—	—
Gain/Loss on Disposition of Assets	1.5B	1.5B	1.7B	—	—	—	—	0	160.1B	—
Total Other Income	943m	7.5B	769m	138m	5.6B	(167m)	3.8B	1.4B	2.5B	7.7B
Pre-Tax Income	84.2B	43.2B	15.8B	51.7B	96.5B	52.4B	38.2B	39.1B	190.7B	32.3B
Tax Provision	(16.8B)	(9B)	(3.2B)	(10.3B)	(23B)	(12.4B)	(10.5B)	(9.7B)	(39B)	(7.7B)
Income from Continuing Operations	67.3B	34.2B	12.7B	41.4B	73.5B	40B	27.7B	29.4B	151.6B	24.6B
Net Income	61.8B	34.2B	12.7B	37.2B	73.5B	40B	24.8B	26.3B	136.2B	24.6B
EPS (Diluted)	2 205.85	1 222.96	452.78	1 327.35	2 625.57	1 430.17	884.00	721.00	3 732.62	674.83