BLACK CAT JSC IN 2024: RESILIENT AMID MARKET TURBULENCE, POISED FOR A BREAKTHROUGH IN THE NEW BUSINESS CYCLE

Black Cat JSC: Sustaining Growth Momentum Amidst Economic Uncertainty

As the global economy continues to face persistent challenges — from the lingering impacts of the COVID-19 pandemic to escalating geopolitical tensions that have disrupted global supply chains and driven up commodity prices — Black Cat Insulation Technical Joint Stock Company (Stock Code: BMK) has not been immune to these unfavorable macroeconomic forces.

In addition, the conclusion of a major project — the Long Son Petrochemical Complex, which had previously served as a core revenue stream, has contributed to a decline in business performance in 2024 compared to 2023. Despite this setback, the company still reported a net profit after tax (NPAT) of VND 8.4 billion, a commendable figure given the highly volatile market conditions.

This article highlights the key developments in Black Cat JSC’s business activities in 2024, thereby offering a comprehensive overview of its financial and operational outlook for 2025 — ahead of the Annual General Meeting (AGM) scheduled for June 28, 2025.

Revenue and Profitability: Sustaining Growth Amid Economic Volatility

According to its 2024 financial statements, Black Cat JSC reported net revenue of VND 209 billion. This is a notable figure given the signs of stagnation in the broader economy. Maintaining such a revenue level reflects the company’s ability to preserve market share while ensuring consistent product off-take, despite a more competitive business landscape.

Net profit after tax reached VND 8.4 billion, resulting in a net profit margin of approximately 4.02%. While this margin is not considered exceptionally high, it holds positive significance amid rising input material costs.

These results indicate that the company has exercised effective cost control over raw materials and operating expenses, while also making timely adjustments in product mix, pricing strategy, and sales policy to adapt to changing market conditions.

Sustainable Growth Strategy for 2025: Expanding Exports and Improving Profit Margins.

In 2025, Black Cat JSC targets a year-over-year revenue growth of over 20%, with net profit after tax reaching at least 6% of total revenue.

In the context of intensifying competition, where many industry peers are resorting to price-cutting tactics to sustain operations, the company has adopted export market expansion as a core strategic direction.

With a diversified client portfolio and an expanding international partner network, the company expects export revenue to account for 40% of total revenue in 2025. This strategic shift is not only aimed at accelerating top-line growth, but also at mitigating risks associated with over-reliance on the domestic market.

Based on its business plan and profit guidance, earnings per share (EPS) for 2025 are projected to reach VND 1,944. With a current price-to-earnings (P/E) ratio of 7.72, notably lower than the industry average, Stock code BMK  is considered to be trading at an attractive valuation, presenting a long-term investment opportunity for shareholders and forward-looking investors.

Despite facing multiple challenges in 2024, Black Cat JSC demonstrated strong adaptability and effective cost control, thereby maintaining a stable level of profitability.

With a strategic pivot toward international markets, a focus on operational efficiency, and initiatives to enhance profit margins, 2025 is poised to mark a notable phase of renewed growth for the company.