F88 Reports 2025 Pre-Tax Profit Doubles to VND 907B, Pawns 31,883 Cars

Overview

F88 Investment JSC (F88) released its audited 2025 consolidated financial results, showing a doubling of pre-tax profit to over VND 907 billion and a 36% revenue increase to over VND 3,105 billion. The report highlights a substantial rise in pawned assets, including 31,883 cars, and notable changes in the company’s shareholder composition. These figures underscore the company’s aggressive growth in Vietnam’s consumer finance pawnshop sector.

Key Facts

• 2025 revenue from services reached over VND 3,105 billion, up 36% year-over-year.
• Pre-tax profit exceeded VND 907 billion, doubling compared to 2024.
• Pawned assets at year-end 2025 totaled 356,146 motorbikes and 31,883 cars, with motorbikes doubling and cars increasing over 2.4 times from the start of the year.
• Gross profit margin stood at over 38%, generating about VND 1.19 in gross profit for every VND 2.6 in revenue.
• Employee count reached 4,681, an increase of approximately 650 from the beginning of 2025.
• Major shareholder Skydom Pte. Ltd. held 30.55% of charter capital as of December 31, 2025, down from 31.32% at the start of the year.
• The group of ‘other individuals’ increased their ownership to 23.29%, indicating a trend toward more dispersed shareholding.

What Happened

According to the audited financial report for 2025, F88 Investment JSC achieved significant financial growth, with service revenue rising 36% to over VND 3,105 billion. The company’s cost of goods sold was approximately VND 1,913 billion, accounting for over 61% of revenue, which helped gross profit reach over VND 1,191 billion, a near 90% increase. This resulted in a gross profit margin exceeding 38%. The report also detailed a surge in pawned assets, with 356,146 motorbikes and 31,883 cars held as collateral at year-end, reflecting heightened demand for pawn loans, particularly for cars, amid a volatile consumer finance market.

The financial filing further revealed changes in shareholder structure. As of December 31, 2025, Skydom Pte. Ltd. remained the largest shareholder with 30.55% of charter capital, a slight decrease from 31.32% at the start of the year. Chairman Phùng Anh Tuấn’s stake fell to 12.04% from over 15%, while board member Ngô Quang Hưng’s holding decreased to 10.87%. Notably, the ‘other individuals’ category saw its ownership rise to 23.29%, suggesting increased share dispersion. The company listed over 8.26 million shares on UPCoM in 2025 at a reference price of VND 634,900 per share and later executed a large bonus share issue, adjusting the market price to around VND 130,000 per share.

Market Context

F88 trades on the UPCoM exchange, where it listed shares in 2025 at a reference price of VND 634,900, approximately three times book value, before a bonus share issue reduced the market price to around VND 130,000. The 2025 results, with profit doubling and asset growth surging, come as the Vietnamese consumer finance sector faces volatility, driving demand for pawn services. The company’s expansion in pawned cars and motorbikes aligns with broader trends in asset-based lending, positioning F88 as a key player in this niche.

Strategic Significance

The 2025 performance solidifies F88’s thesis as a scale-driven pawnshop operator, leveraging asset growth to boost profitability. The doubling of pre-tax profit, despite rising financial costs and operating expenses, indicates operational leverage as the company expands its branch network and employee base. The shift toward a more dispersed shareholder structure, with ‘other individuals’ increasing their stake, may reflect broader market participation or strategic divestments by insiders, potentially affecting governance dynamics.

What to Watch

• Q1 2026 earnings release to confirm if growth trends in pawned assets and profitability persist.
• Any further bonus share splits or capital structure changes announced by the board.
• Updates on shareholder filings, particularly changes in stakes of major holders like Skydom Pte. Ltd. or Chairman Phùng Anh Tuấn.
• Regulatory developments in Vietnam’s consumer finance sector that could impact pawnshop operations.
• Expansion metrics, such as new branch openings or employee count growth in subsequent quarters.