GDA – Signs of gradual recovery are becoming evident.
• In Q2 2025, GDA recorded revenue of VND 4,257 billion (-29% YoY, +7% QoQ), with galvanized steel sales volume reaching 202,000 tons (-14% YoY, +2% QoQ), reflecting a decline compared to Q2 2024, which saw elevated output driven by strong export market performance. Amid trade defense risks from importing countries, the company continued to shift its order composition toward the domestic market, achieving a domestic sales volume of 142,000 tons (+44% YoY, +21% QoQ), securing the second-largest market share and accounting for 16% of total domestic galvanized steel production.• Gross profit margin (GPM) continued its recovery, reaching 7.9% (a slight increase from 7.1% in Q1 2025), corresponding to a gross profit of VND 337 billion (-38% YoY, +19% QoQ). This improvement was driven by stable raw material and finished product prices in Q2 (HRC prices remained at USD 500–510/ton), coupled with the company’s reversal of inventory devaluation provisions (~VND 65 billion). By the end of Q2, the inventory devaluation provision balance stood at VND 107 billion, providing room for further provision reversals in subsequent quarters, especially as finished product prices have seen increases during August–September.
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