Khai Hoan Land aims to double revenue and triple profit in 2026 as it shifts to investor–developer role

Khai Hoan Land’s 2026 annual general meeting (AGM) was held successfully, with an attendance rate equivalent to 98% of voting rights represented. The Chair and the Board reviewed the company’s 2025 performance and presented 11 major agenda items covering governance, business plans, and the company’s development direction.

2025 results: revenue nearly doubled, profit grew

In 2025, Khai Hoan Land reported net revenue of 601.30 billion VND, nearly double the previous year. Net profit exceeded 68.71 billion VND, up about 25.78% year-on-year.

By the end of 2025, total assets reached 6,994.48 billion VND, up 6.10% compared with the start of the year.

AGM agenda and shareholder questions

Shareholders’ questions focused on how the 2025 results compared with the company’s plan, the recovery of receivables from ongoing projects, and the company’s assessment of intrinsic value versus the market price.

Management said 2025 revenue was at about 170% of plan and profit was above 100% of plan. On capital management and liquidity, the company stated it would continue optimizing costs and capital use to maintain liquidity.

Financial position and cash flow management

The company described its financial position as safe, with debt below 20% of total assets, predominantly medium- to long-term debt. It also said cash flow in 2025 was tightly controlled and capital efficiency improved.

For the future, Khai Hoan Land indicated it will preserve liquidity and financial safety to capture opportunities as the property market recovers.

2026 targets and strategic direction

For 2026, Khai Hoan Land set higher growth targets, including net revenue from sales and services of 1,250 billion VND and pretax profit of 155 billion VND. The company said the plan is based on the macroeconomic outlook, real estate market dynamics, and the progress and timing of existing projects.

Leadership characterized the approach as cautious yet growth-oriented, including expanding the land bank and pursuing investment partnerships to support mid- and long-term growth.

Shift to investor–developer model

A major strategic shift was highlighted for 2025, when Khai Hoan Land formally repositioned from a brokerage-focused model to a professional investor–developer. Management linked this change to nearly double the 2025 revenue and about 25% profit growth, alongside an expanded project portfolio.

Planned private placement and dividends

For 2026, the company plans a private placement to qualified institutional investors to strengthen financial capacity for land acquisition and project development. Dividend distribution will be considered as projects advance and cash flow improves.

Project progress and revenue recognition

The company noted that revenue recognition for real estate projects generally follows handover progress. For Khai Hoan Prime, it said essential legal procedures have been completed and the project is moving into commercial operations.

Management added that revenue is expected to rise as products are launched in 2026, with Khai Hoan Prime expected to contribute meaningfully to earnings.

Near-term priorities on legal procedures

In the near term, Khai Hoan Land plans to complete legal procedures for two Thuận Giao apartment projects and continue legal steps for Gò Găng, Vĩnh Long, and Phú Quốc. The company also plans to pursue additional large-scale opportunities within its investment portfolio.

Land bank expansion

In 2025, the group acquired two projects in Ho Chi Minh City to expand its land bank.

Longer-term goals and governance

Over a 5–10 year horizon, Khai Hoan Land aims to become a leading investor–developer with a strong project portfolio, an expanded land bank, improved legal status for urban projects, and stronger cooperation with strategic partners domestically and internationally. The company also cited applying technology and governance to improve efficiency.

The AGM also confirmed new board members for the 2026–2031 term, reflecting governance readiness to support the growth strategy.

The chairman stated that 2026 will focus more strongly on the investor–developer role, with shareholder support positioned as a key driver of sustainable growth.