F88 financial reports show profit reliance on specific revenue streams

F88 Investment JSC (F88) utilizes a business model where a significant portion of its reported profits stems from ‘financial revenue’ and ‘other income’ rather than core business operations typically seen in manufacturing or trading firms.

In its Q3 2026 financial report, F88 recorded a pre-tax profit of nearly 1,087 billion VND for the first nine months of 2026, an 80% increase year-on-year. However, if the 748 billion VND in financial revenue and 422 billion VND in other income are excluded while maintaining current expenses, the pre-tax result would turn into a loss of approximately 83 billion VND. Similar trends were observed in 2024 and 2025, where results would have been losses of approximately 603 billion VND and 373 billion VND, respectively.

Analysis shows that of the 748 billion VND in financial revenue, over 720 billion VND (approximately 96%) consists of interest from pawn loans. While presented under financial revenue due to the company's reporting template for enterprises, this income is directly generated from customer lending activities.