QH PLUS CORPORATION: Steel Trader Shows Signs of Recovery After Heavy Losses

QH PLUS CORPORATION (CÔNG TY CỔ PHẦN QH PLUS) is a privately held joint stock company with business ID and tax code 0304300326, operating in the wholesale of metals, metal ores, and construction materials. The company was founded in 2006 and is headquartered in Binh Thanh District, Ho Chi Minh City, Vietnam. It remains active with nearly two decades of operation and support from both Vietnamese and Japanese shareholders.

Financial Position and Recent Performance

In 2023, QH PLUS CORPORATION recorded a 28.89% growth in revenue, reaching USD 335.07 million, while total assets rebounded to USD 140.81 million after a dip the previous year. Despite modest profits of USD 502,407, this was a turnaround from a significant loss of over USD 10.8 million in 2022. Owner’s equity slightly improved to USD 8.86 million, although still far below its 2021 level of over USD 20 million. Working capital remained negative at USD -2.71 million, suggesting continued caution in liquidity and short-term financing.

Leadership and Ownership

Mr. NGUYEN QUANG HUY, who holds a 64.08% stake, serves as both Chairman and General Director. Other notable shareholders include Koizumi Co., Ltd. and Nippon Steel Trading Corporation, both based in Japan. The ownership structure combines local control with international backing, which could provide stability if managed prudently.

Risk Outlook and Business Intelligence Services

Although revenue growth and returned profitability are positive signs, the financial volatility of recent years indicates ongoing risks. Companies engaging with QH PLUS CORPORATION should remain attentive to its working capital shortfall and past losses.

For comprehensive due diligence, VANGUARD BUSINESS INFORMATION LLC (VBI) offers business risk management services, including company credit reports, shareholder and director verification, and legal standing analysis. These tools help businesses minimize exposure and make informed decisions in Vietnam’s metal and construction material sectors.

To access verified company data and risk evaluation tools, visit https://www.vnbis.com, Vietnam’s trusted business information provider.