Pomina Steel Joint Stock Company (stock code: POM) reported a significant increase in liabilities in its mid-year consolidated financial statement. By the end of June, the company's debt exceeded 10,600 billion VND, an increase of over 1,100 billion VND since the start of the year. This rise is primarily attributed to a new 1,115 billion VND payable to Vinhomes Joint Stock Company.
Pomina Steel's leadership confirmed the company received these funds under a framework agreement signed in late January. The capital is designated for bolstering working capital and settling payments with suppliers.
The maximum working capital Vinhomes can provide totals 1,352 billion VND. Vinhomes will not charge interest for a two-year period, with repayment expected through merchandise transactions or other mutually agreed-upon sources.
This disbursement follows a cooperation agreement announced by Vingroup and Pomina in late 11/2025. Under this arrangement, Mr. Pham Nhat Vuong's group pledged to provide capital at 0% interest and to prioritize Pomina as a steel supplier for its ecosystem's member entities. Notably, Vinhomes is the direct capital provider, a shift from the previously announced VinMetal Production and Trading Company.
Established in 1999, Pomina was once the country's largest construction steel enterprise in 2010. Its prospectus for listing on the Ho Chi Minh City stock exchange at the time indicated a market share of approximately 29.37%.
While the support from Vinhomes aims to improve Pomina's cash flow and financial metrics, its auditor remains skeptical about the company's ability to continue operations. AFC Viet Nam stated that as of the reviewed financial report's issuance date, they had not received a comprehensive and viable plan demonstrating Pomina's path to financial recovery or capital restructuring to ensure future normal operations.
This skepticism stems from Pomina's 329 billion VND after-tax loss in the first half of the year, pushing cumulative losses to over 3,820 billion VND by the end of June. Furthermore, total short-term debt surpassed short-term asset value by nearly 6,000 billion VND.
According to Pomina's leadership, the resumption of production and sales at the Pomina 1 and Pomina 2 steel plants from 3/2026 led to a 30% revenue improvement compared to the same period, reaching nearly 1,950 billion VND. Gross profit also saw double-digit growth, nearing 170 billion VND. However, these figures were insufficient to offset the company's financial, sales, and administrative expenses.
Phuong Dong
