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Khang Điền Investment and Real Estate Business Joint Stock Company (KDH) reported a sharp rise in first-quarter 2026 net profit, even as revenue declined. In the consolidated results for Q1 2026, net revenue reached over VND 281 billion, down 60% year-on-year, while revenue from property transfers—its main business line—fell 62% to nearly VND 265 billion.
Operating costs, including finance costs, selling expenses, and general and administrative expenses, were reduced by 31%, totaling just over VND 113 billion. Despite the revenue contraction, net profit exceeded VND 281 billion, up 131% year-on-year.
The improvement was primarily driven by other income of over VND 279 billion, compared with a loss of about VND 5 billion in the same period last year. The company attributed the jump to a bargain purchase gain recorded from the acquisition of An Lập Real Estate Development Joint Stock Company.
On March 2, 2026, Khang Điền completed the acquisition of 99% of An Lập Real Estate, with an estimated deal value of nearly VND 2,553 billion. This transaction generated a bargain purchase gain of VND 285 billion. On March 3, the company contributed an additional VND 99 billion, bringing total contributed capital to VND 891 billion while maintaining 99% ownership.
For 2026, KDH set revenue of VND 4,200 billion and after-tax net profit of VND 1,500 billion, representing declines of 10% and 8%, respectively, versus 2025. Based on Q1 2026 performance, the company achieved 14% of its revenue guidance and 22% of its profit target.
While net profit growth was strong, operating cash flow stayed negative. In Q1 2026, cash flow from operating activities remained negative at nearly VND 634 billion.
Looking at prior years, cash flow from operating activities in 2025 was negative VND 3,174.7 billion, improving from negative VND 3,647.5 billion in 2024. This continued a fifth consecutive year of negative operating cash flow. The company previously recorded negative operating cash flow of VND 2,010 billion in 2021, followed by improvements to negative VND 1,047 billion in 2022, negative VND 1,543 billion in 2023, and negative VND 3,647.5 billion in 2024.
As of March 31, 2026, total assets were nearly VND 39,900 billion, up 17% from the start of the year. Bank deposits were nearly VND 3,800 billion, up 38%. Inventory remained the largest asset category at over VND 29,100 billion, up 25% year-to-date, supported by additions of over VND 5,400 billion at the An Lập – Bình Trưng Đông project.
The Khang Phúc – Khu dân cư Tân Tạo project remained the largest inventory item, with a book value of over VND 8,900 billion.
On liabilities, the company’s total liabilities increased 42% to over VND 18,300 billion. Financial debt rose from VND 10,100 billion to over VND 15,300 billion, accounting for 84% of total liabilities.
On the market, KDH shares traded near their six-month low, around VND 25,000–26,000 per share. Market capitalization was above VND 28,500 billion.
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