First HOSE-listed company to report Q3 2026 financial statements: net profit above VND 1.2 trillion, up about threefold from the same period; total assets near VND 77 trillion.

Kinh Bac Urban Development Joint Stock Company (KBC) posted consolidated financial statements for Q3 2026, with net revenue of VND 3,187 billion, up 137% year on year, and pre-tax profit of VND 1,221 billion, up 185%. Net profit after tax reached VND 937 billion, up about threefold against the same period, with the company attributing the growth primarily to higher revenue from its industrial park business.

Cause

The company attributed the quarterly net profit growth mainly to increased revenue from the industrial park business during the period.

Development

Key figures for Q3 2026 include:

• Net revenue: VND 3,187 billion, up 137% YoY
• Gross profit (after deducting cost of goods sold): VND 1,723 billion, up 108%
• Revenue from financial activities: VND 80 billion, down 11%
• Financial costs: VND 358 billion, up 51% (interest expense: VND 357 billion)
• Selling expenses: VND 145 billion, up 115%
• Administrative expenses: VND 86 billion, down 39%
• Pre-tax profit: VND 1,221 billion, up 185%
• Net profit after tax: VND 937 billion, up about 3x

Data / Stats

• For the first nine months of 2026, net revenue was nearly VND 5,112 billion, up 4% YoY
• Nine-month pre-tax profit: VND 1,768 billion, down 15%
• Nine-month net profit after tax: VND 1,197 billion, down 23%
• As of September 30, 2026, total assets stood at VND 76,674 billion, up 10% from the start of the year
• Inventory exceeded VND 35,415 billion, representing 46% of total assets
• Total liabilities as of September 30, 2026: VND 48,751 billion, up 14% from the start of the year
• Total borrowings (short-term and long-term): VND 33,824 billion, of which short-term borrowings were VND 3,145 billion and long-term borrowings were VND 30,678 billion
• Owner’s equity was VND 27,922.98 billion, up 4.5%

Impact

Q3 2026 net profit growth was driven by higher revenue from the industrial park business, while costs in certain areas rose—financial costs and selling expenses increased, though administrative expenses declined. The nine-month period showed mixed results: revenue rose modestly, but pre-tax and net profit after tax declined year on year, reflecting higher costs and a larger accumulation of borrowings.

Analysis / Expert Opinion

No external analysts’ commentary is included in the provided information. The quarterly improvement in net profit contrasts with the nine-month decline in net profit after tax, suggesting that cost pressures and higher borrowings may have weighed on profitability over the first three quarters of 2026, despite stronger quarterly revenue from industrial park operations.