VIGLACERA CERAMIC TILES TRADING JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN KINH DOANH GẠCH ỐP LÁT VIGLACERA): Solid Brand, Fragile Margins

With a name long associated with Vietnam’s leading construction material group, VIGLACERA CERAMIC TILES TRADING JOINT STOCK COMPANY (Tax code: 0105908818) may appear like a stable pillar in the ceramic tile distribution industry. But its latest financials reveal an operation stretched between growth in assets and plummeting profit margins, raising red flags for anyone concerned with Vietnam private financial data, business verification, or credit risk management.

Headquartered on the 2nd Floor of Viglacera Tower, No. 1, Thang Long Avenue, Me Tri Ward, South Tu Liem District, Ha Noi City, VIGLACERA CERAMIC TILES TRADING JOINT STOCK COMPANY has been active since 2012 and is led by General Director Mr. Mai X. D. It is majority-owned by Viglacera Corporation – JSC (51.02%), with another 40% stake held by Viglacera Tien Son Joint Stock Company. Despite strong parentage, the company’s individual performance tells a more complicated story.

In 2023, the company posted USD 148.14 million in sales, a minor drop of 4.6% from the previous year. What’s worrying is that while assets surged by 56.14% to USD 22.5 million, net profit collapsed by a staggering 91.27%, leaving only USD 17,803 in bottom-line earnings. Such a dramatic decline, especially after a prior year of strong profit growth, points to either deep inefficiencies or a one-off shock that severely damaged margins.

Working capital is barely breathing, at just USD 433,259, and owner’s equity shrank nearly 30% to USD 1.29 million, signaling that retained earnings have not kept pace with operational scale. This imbalance is surprising and troubling for a firm moving nearly USD 150 million in tiles.

Operating through regional branches in Ho Chi Minh City, Da Nang, and Dak Lak, the company’s national distribution network supports its wide footprint. Its registered business includes not only ceramic tile wholesale but also real estate construction, civil engineering, architectural consultancy, and road works—a diversified model that may explain the asset growth but also potential cost overruns and dilution of focus.

Despite the prestige attached to the VIGLACERA brand, VIGLACERA CERAMIC TILES TRADING JOINT STOCK COMPANY appears to be under financial strain. From a credit risk perspective, the sudden profit crash amid rising operating scale is a clear warning signal. The company remains active, but stakeholders—suppliers and investors—should closely monitor its liquidity and margin recovery.

In short, VIGLACERA CERAMIC TILES TRADING JOINT STOCK COMPANY is a case of brand weight pulling against financial gravity. Whether it can stabilize and return to profitability will depend on tighter control of costs and a clearer strategic focus.