NKG – Transition from export to domestic market
• In 1Q2025, NKG reported revenue of VND 4,090 billion (-23% YoY, +5% QoQ), with coated steel consumption volume estimated at 205,000 tons (-10% YoY, +4% QoQ). The company saw a slight recovery in production volume by focusing on the domestic market, achieving a domestic sales volume of 109,000 tons (+38% QoQ). The export market’s share decreased to approximately 47% of total consumption. The gross profit margin remained stable at 6.4% (compared to 6.7% in Q4/2024), with gross profit reaching VND 263 billion (-13% QoQ), supported by stable raw material and finished product prices (HRC prices steady at USD 500-510/ton in Q1).• NKG recorded the 1Q25 net profit after tax (NPAT) for the parent company of VND 65 billion (+253% QoQ), reflecting a recovery from the underwhelming business performance in Q4/2024.
• At the 2025 Annual General Meeting, NKG outlined a cautious business plan, targeting revenue of VND 23,000 billion (+12% YoY) and profit before tax of VND 440 billion (-21% YoY). On the investment front, the company is prioritizing the completion of the Phu My steel plant in 2025, with operations expected to commence in Q1/2026.
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