SONG GIANH CEMENT JOINT STOCK COMPANY

SONG GIANH CEMENT JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN XI MĂNG SÔNG GIANH) is a cement manufacturer based in Quang Binh Province, operating an industrial-scale cement plant serving the central Vietnam market. Established in 2012, the company is privately held and fully owned by Thailand’s SCG Group, one of Southeast Asia’s largest building materials conglomerates. Governance is led by Chairman CHERDSAK N. (Thai nationality), with operations managed locally by Director NGUYEN V. T., reflecting a typical foreign-controlled industrial structure combining regional oversight with domestic execution.

Financially, SONG GIANH CEMENT JOINT STOCK COMPANY presents a paradox of strength and stress. By the end of 2024, the company maintained a large asset base of approximately USD 94.2 million and very high equity of about USD 81.0 million, indicating strong capitalization and low leverage. Working capital remained solid at roughly USD 28.1 million, suggesting adequate short-term liquidity. However, revenue has been trending downward, falling to around USD 80.9 million in 2024, reflecting weaker cement demand and intense price competition in Vietnam’s oversupplied cement market.

The most critical signal lies in profitability. SONG GIANH CEMENT JOINT STOCK COMPANY recorded a net loss of approximately USD 5.35 million in 2024, a sharp deterioration from the prior year and a clear warning sign despite strong equity backing. Repeated losses have eroded net worth and highlight structural pressure from energy costs, logistics, and regional competition. While SCG ownership provides long-term financial resilience, the company’s recent performance underscores the harsh economics of Vietnam’s cement industry, where scale and capital strength do not automatically translate into sustainable profitability.