In trouble, a garment company has moved to pickleball and is selling land worth hundreds of billions in Ba Ria

Garmex - Ảnh 1. — Garmex Saigon during normal operation period, the number of workers is up to thousands of people - Photo: QUANG DINH

Garmex Saigon Joint Stock Company (GMC) has just announced unusual information related to the plan to transfer the right to use the leased land (leased land) and all assets attached to the land in Ba Ria - Vung Tau (old).

It is known that land plot number 68 on map number 23, located in Hac Dich commune, Tan Thanh district, Ba Ria - Vung Tau province (now Tan Thanh ward, Ho Chi Minh City), has an area of 50,173 m².

This land is under the ownership and use rights of the company according to the Certificate issued by the Department of Natural Resources and Environment of Ba Ria - Vung Tau province on December 25, 2014.

Garmex Saigon said the deal was carried out under an appointment, with a transfer value of VND313 billion (excluding VAT). The brokerage fee is determined at 1% of the total transaction value.

Previously, Garmex Saigon announced its audited semi-annual financial report for 2025, recording net revenue of VND898 million, an increase of 2.5 times over the same period last year (VND358 million).

However, the business shifted from a profit of VND755 million in the first half of 2024 to a loss of more than VND14 billion.

According to the company's explanation, revenue increased mainly due to revenue from pharmaceutical business activities bringing in 177 million VND.

In addition, the company recorded more than VND 508 million in service and business cooperation revenue - while in the same period in 2024 there was no such revenue.

Revenue during the period mainly came from the contract to lease up to 3,000 m² of land to Vinaprint Joint Stock Company from February 2025 to develop pickleball courts and other sports , with a rental price of nearly VND 1.8 billion per year.

However, financial revenue decreased due to lower interest on deposits, while cost of goods sold increased and losses arose from joint ventures and associates.

These factors caused Garmex Saigon to record a loss of more than VND14 billion in the period, raising the accumulated loss by the end of June to more than VND118 billion.

Up to now, Garmex Saigon has not had any new orders in the garment sector. The company said it is focusing on researching and finding investment directions in new areas that are in line with the trend, aiming for medium and long-term development.

On the stock market, GMC shares are being traded on UPCoM, but many sessions have no liquidity, the market price is at 4,500 VND/share, equivalent to a capitalization of 148 billion VND.

LINH NGUYEN

Source: https://tuoitre.vn/kho-khan-mot-cong-ty-may-het-lan-sang-pickleball-lai-rao-ban-dat-vai-tram-ti-o-ba-ria-vung-tau-20251007160431813.htm