SJ Group (SJS) Reports 2025 Net Profit of VND 363B, Announces 10% Stock Dividend

Overview

SJ Group Joint Stock Company (SJS) reported strong 2025 financial results, with a net profit margin of 48.2% and a proposed 10% stock dividend. The real estate developer is accelerating construction at its key Vista Nam An Khánh project, signaling operational momentum despite a challenging market environment shaped by Vietnam’s new property laws.

Key Facts

• 2025 consolidated revenue: VND 753 billion.
• 2025 pre-tax profit: VND 453 billion; net profit: VND 363 billion.
• Net profit margin on revenue: 48.2%, among the highest in the sector.
• Debt-to-total-assets ratio decreased to 56.28%.
• Accumulated undistributed net profit (consolidated) exceeded VND 365.3 billion as of end-2025.
• Board proposed a 10% stock dividend to shareholders.
• Ranked 167th on the PROFIT500 2025 list of Vietnam’s top private enterprises by profit.

What Happened

According to its 2025 audited financial statements, SJ Group (SJS) achieved consolidated revenue of VND 753 billion and a pre-tax profit of VND 453 billion, with net profit reaching VND 363 billion. The company highlighted a net profit margin of 48.2%, which it noted is high for the industry, alongside a reduced debt-to-total-assets ratio of 56.28%. The financials were audited by Ernst & Young with an unqualified opinion.

Based on accumulated undistributed net profit exceeding VND 365.3 billion, the Board of Directors has submitted a plan for a 10% stock dividend to shareholders. Concurrently, the company is accelerating construction at its flagship Vista Nam An Khánh project, where it completed 41 units in the Vista Palma subdivision in 2025 and is building over 200 villas and townhouses in the Vista Serena and Vista Garden sections. Infrastructure upgrades include road networks, lighting, and the planting of over 9,200 new trees.

Market Context

SJS is listed on the Ho Chi Minh City Stock Exchange (HOSE). The report comes as Vietnam’s real estate sector faces differentiation under the impact of new legal frameworks, including the Land Law, Real Estate Business Law, and Housing Law. SJ Group’s focus on profitability and debt reduction contrasts with a broader industry shift away from financial leverage-driven growth.

Strategic Significance

The results underscore SJ Group’s strategic pivot toward quality assets and financial stability rather than revenue expansion. The high net profit margin and reduced leverage demonstrate operational efficiency in a tightening regulatory environment. Accelerating construction at Vista Nam An Khánh, including partnerships with global consultant SOM for high-rise planning, positions the company to capitalize on market recovery with ready inventory.

What to Watch

• Shareholder approval of the 10% stock dividend proposal.
• Progress on completing the Vista Serena and Vista Garden subdivisions in 2026.
• Updates on the planning for high-rise clusters HH5, CT3, and CT4 at Vista Nam An Khánh.
• Quarterly earnings releases to monitor margin sustainability and debt levels.
• Further details on capital increase plans referenced in the article title.