Pomina Steel (POM) H1 2026: VND 329B Loss, Vinhomes Backing, Going-Concern Doubt

Overview

Pomina Steel (POM), listed on UPCOM, reported a reviewed H1 2026 net loss of VND 329.1 billion, narrower than the VND 382 billion loss a year earlier, on revenue of VND 1,945.8 billion. The result leaves accumulated losses at VND 3,821.5 billion and shareholders’ equity negative at VND 960 billion, even as the company draws on more than VND 1,115 billion of interest-free working capital support from Vinhomes. The auditor’s qualified opinion and going-concern language keep POM in a restructuring-dependent position.

Key Facts

• H1 2026 net loss: VND 329.1 billion, versus a VND 382 billion loss in H1 2025.
• Net revenue: VND 1,945.8 billion, up 30.5% year on year; gross profit VND 168.9 billion, up 55%.
• Accumulated losses reached VND 3,821.5 billion at 30 June 2026, from VND 3,492 billion at the start of the period.
• Shareholders’ equity is negative VND 960 billion; total liabilities rose to more than VND 10,638 billion from VND 9,490 billion.
• Vinhomes provided over VND 1,115 billion in long-term payable working capital support under a framework agreement signed 31 January, with a maximum limit of VND 1,352 billion, interest-free for two years to 31 December 2027.
• Short-term payables exceed short-term assets by nearly VND 5,978 billion; short-term borrowings fell 17% to just over VND 5,097 billion while long-term debt rose from about VND 10 billion to more than VND 1,762 billion.
• Operating cash flow was positive at roughly VND 506 billion, 4.3 times the H1 2025 level.

What Happened

The reviewed semi-annual financial statements show Pomina’s core steel operations improving at the gross line, with cost of goods sold up 28.5% to VND 1,776.9 billion and gross profit rising to VND 168.9 billion. Financial expenses of VND 349.6 billion, almost entirely VND 344.6 billion of interest expense, still pushed the bottom line into a loss. The company also recorded about VND 172 billion of short-term receivables from Vinhomes at end-June.

The Vinhomes facility sits inside a broader arrangement Pomina signed with Vingroup from late 2025, under which VinMetal extends 0% interest working capital for up to two years and designates Pomina a preferred supplier for the group ecosystem. Recovery of the funds is expected through merchandise purchases or other agreed sources. The auditor issued a qualified opinion on the net loss and accumulated losses, noted the short-term liability gap, and said no feasible, complete plan had been provided at the report date to demonstrate the group can improve its financial position or secure funding to continue normal operations. Pomina responded that its 2026-2027 business plan is built on the Vinhomes cooperation contract and that it is working with domestic and foreign investment partners.

Market Context

POM closed at VND 3,600 on 6 September 2026 on UPCOM, a price level that reflects the distressed balance sheet rather than earnings momentum. Vietnamese steel producers have faced thin domestic construction demand and import competition, and POM’s negative equity excludes it from most institutional mandates and margin eligibility. The Vingroup-linked support is unusual for the sector and ties POM’s liquidity directly to a single counterparty’s construction pipeline.

Strategic Significance

The investment case for POM is no longer about steel spreads; it is about whether Vingroup’s ecosystem absorbs enough Pomina output to convert the interest-free facility into recurring revenue and eventual debt repayment. Being named a preferred supplier gives Pomina a demand channel that smaller peers lack, and the two-year, zero-cost funding defers the interest burden that has been the largest single driver of losses. However, the VND 5,978 billion short-term liability gap means supplier and lender confidence remains the binding constraint, and any dilution from a future capital raise would fall on existing UPCOM holders.

What to Watch

• Any disclosure of the specific restructuring or capital-raising plan Pomina says it is preparing with domestic and foreign investors.
• Vinhomes purchase volumes and the pace at which the VND 1,115 billion payable is recovered through merchandise sales.
• Q3 2026 financial statements for whether operating cash flow stays positive and the short-term liability gap narrows.
• Auditor language in the next review or annual report, particularly any removal or repetition of the going-concern paragraph.
• UPCOM trading status and any regulatory action tied to negative equity or delayed filings.