SJ Group (SJS) Reports 2025 Net Profit of VND 363B with 48.2% Margin

Overview

SJ Group (SJS) reported audited 2025 net profit of VND 363 billion with a net profit margin of 48.2%, according to financial statements verified by Ernst & Young. The company announced a proposed 10% stock dividend and plans to increase its charter capital from nearly VND 2,975 billion to over VND 5,272 billion to fund key real estate projects. This reflects strong operational performance and strategic expansion in Vietnam’s competitive property sector.

Key Facts

• Audited 2025 net profit: VND 363 billion, with a net profit margin of 48.2%.
• Accumulated undistributed net profit (consolidated) as of end-2025: over VND 365.3 billion.
• Proposed 10% stock dividend to be presented at the Annual General Meeting on April 23.
• Planned charter capital increase: from nearly VND 2,975 billion to over VND 5,272 billion.
• Key project progress: Completed 41 units at Vista Palma and constructed over 200 villas/townhouses at Vista Serena and Vista Garden in the Vista Nam An Khánh urban area.
• Infrastructure: Completed internal road, sidewalk, and lighting systems on routes I, A1B, and Vista Garden (phase 1); expanded A2 (An Thịnh) road to 36m.
• Land bank: Strategic holdings include Vista Nam An Khánh in western Hanoi, Văn La (Hà Đông), Thịnh Lang (Phú Thọ), and Tiến Xuân (Yên Xuân) totaling 1,200 hectares.

What Happened

According to audited financial statements by Ernst & Young, SJ Group achieved a net profit of VND 363 billion in 2025, with a net profit margin of 48.2%. The company focused on consolidating asset quality, resulting in accumulated undistributed net profit exceeding VND 365.3 billion by year-end. Based on this, SJ Group plans to propose a 10% stock dividend at its Annual General Meeting scheduled for April 23. Additionally, the company intends to raise its charter capital from nearly VND 2,975 billion to over VND 5,272 billion to finance key development projects.

In 2025, SJ Group accelerated progress on major projects, particularly at the Vista Nam An Khánh urban area. The company completed 41 units in the Vista Palma subdivision and constructed over 200 villas and townhouses in the Vista Serena and Vista Garden subdivisions. Infrastructure work included finishing internal road, sidewalk, and lighting systems on routes I, A1B, and Vista Garden (phase 1), as well as expanding the A2 (An Thịnh) road to 36 meters and planning the LK8 route as a 50-meter green boulevard. The company also planted over 9,200 trees and installed walking paths and signage. For future planning, SJ Group signed contracts with SOM to review and adjust the 1/500 planning and propose architectural designs for high-rise buildings HH5, CT3, and CT4 at the project center, and partnered with Perkins Eastman on urban planning for the Tiến Xuân project.

Market Context

SJ Group is listed on the Ho Chi Minh City Stock Exchange (HOSE) under the ticker SJS, having listed in 2006. The company operates in Vietnam’s real estate sector, which has seen mixed performance amid economic headwinds and policy adjustments. The strong 2025 results, with high profitability and concrete project milestones, may position SJS favorably compared to peers facing liquidity or execution challenges. The capital increase plan signals aggressive growth ambitions, potentially impacting share dilution and investor sentiment in the near term.

Strategic Significance

The 48.2% net profit margin underscores SJ Group’s operational efficiency and premium positioning in its core urban development projects, particularly Vista Nam An Khánh. The capital increase to over VND 5,272 billion is aimed at funding expansion, including new subdivisions like La Vista and infrastructure enhancements, which could drive future revenue streams. Partnerships with international firms like SOM and Perkins Eastman indicate a focus on high-quality, sustainable urban planning, aligning with broader trends in Vietnam’s real estate market toward integrated, green developments.

What to Watch

• Approval of the 10% stock dividend and capital increase plan at the Annual General Meeting on April 23.
• Progress on key 2026 targets, including completion of Vista Serena and Vista Garden subdivisions and launch of La Vista at Vista Nam An Khánh.
• Implementation of the capital increase and its deployment into specific projects like Tiến Xuân and Văn La.
• Updates on legal procedures for projects in Ngọc Vừng, Hòa Hải (Đà Nẵng), and Thịnh Lang (Phú Thọ).
• Quarterly earnings reports to track margin sustainability and revenue growth from new developments.