CNG – Earnings review – [HOLD] – 4Q25: Sacrificing profit for market expansion

4Q25 revenue reached VND1,570bn (+49% yoy, ~95% of KIS’s forecast). Gas volume, as estimated by the company, came in at 130mn Sm³ (+64% yoy). Notably, revenue from trading activities (LPG/LNG), which carry thinner margins, surged 302% yoy to VND738bn (~108% of KIS’s forecast).

Gross profit amounted to VND101bn (+16% yoy, ~89% of KIS’s forecast), translating into a gross margin of 6.4% (-1.8%p yoy, -2.3% qoq).

SG&A expenses increased 44% yoy to VND93bn, equivalent to ~95% of KIS’s forecast. In particular, selling expenses reached VND54bn (+62% yoy), broadly in line with our expectations. We believe this reflects CNG’s aggressive market expansion strategy to get ahead of demand trends.

As a result, NPAT was modest at VND4.6bn (-74% yoy).

To sum up, 2025 revenue surged 33% yoy to VND4.7tn, while volume upped 40% to 370mn Sm³. NPAT downed 24% yoy, to VND69bn.