THANG LONG CEMENT JOINT STOCK COMPANY

THANG LONG CEMENT JOINT STOCK COMPANY – Heavy Assets, Heavy Losses

THANG LONG CEMENT JOINT STOCK COMPANY (Business ID: 5700360871) is an FDI joint stock enterprise established on 28 May 2001 and registered in Quang Ninh Province. With a charter capital of USD 172.96 million and 600 employees, the company operates in cement and clinker manufacturing—one of the most capital-intensive sectors in Vietnam.

Headquartered at De E Hamlet, Hoanh Bo Ward, Quang Ninh Province, the company is controlled by PT Semen Indonesia (Persero) Tbk (70%), alongside Geleximco Group (28.6%) and minority shareholders, as shown on page 4 of the report

The leadership team includes:

• Gatot K. Soeradji – General Director

• Mat S. A. Munadji – General Director

• Mat S. – Production Director

The Critical Financial Signal: Deepening Losses

The numbers are stark.

In 2024, total sales fell to USD 51 million, down 11.86% YoY. But the real pressure lies in profitability: the company recorded a USD -18.68 million loss, significantly higher than in previous years.

Even more concerning, working capital turned negative USD -20.34 million, signaling short-term liquidity stress. Owner’s equity declined sharply to USD 49.72 million, down over 27% YoY.

Assets remain substantial at USD 103.78 million, yet declining revenue combined with mounting losses suggests underutilized capacity in a highly leveraged industrial model.

Strategic Question

Can Thang Long Cement stabilize margins in a slowing construction market? Or is this prolonged erosion of equity a structural issue within Vietnam’s oversupplied cement industry?

The company remains legally active, but its financial trajectory demands close monitoring—especially from lenders, suppliers, and construction partners.