•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Licogi 14 (L14) reported a sharp decline in profit in its consolidated first-quarter 2026 financial statements, citing pressure from both its core business and its financial investment portfolio. The company’s Q1 2026 net profit fell more than 82% year on year.
In Q1 2026, Licogi 14 recorded net revenue of over 28.2 billion VND, down about 11% compared with the same period last year. Cost of goods sold increased by more than 41% to 20.8 billion VND, pulling the gross profit margin down from above 53% to around 26%.
Financial costs also rose to over 4.4 billion VND, more than 3.2 times the year-ago period. The company further recognized impairment provisions for trading securities of more than 2 billion VND, double the amount recorded in Q1 2025.
Licogi 14 recorded a loss from disposing of securities of 2.19 billion VND in Q1 2026, compared with just over 15.7 million VND in the prior year period. The negative result was mainly attributed to a 15–16% price decline in real estate stocks such as DIG and PDR, which together account for more than 50% of the company’s trading securities portfolio.
After excluding costs, Licogi 14’s net profit after tax in Q1 2026 was only 1.51 billion VND, down more than 82% from 8.49 billion VND in Q1 2025. With this performance, the company completed just 8.4% of its full-year net profit target of 18 billion VND approved at the AGM.
As of March 31, 2026, Licogi 14’s total assets were over 600 billion VND, little changed from the beginning of the year. The majority of assets were cash deposits and short-term financial investments, at about 220 billion VND. Trading securities stood at just over 85 billion VND, with impairment allowances of more than 17 billion VND.
Inventory value reached 192 billion VND, largely consisting of ongoing production costs at projects under construction.
Total liabilities were 160 billion VND, down 32 billion VND from the start of the year. In Q1 2026, interest expenses payable were 182 million VND. The largest liability item was other current liabilities at 56.94 billion VND (mainly 56.89 billion VND related to equity transfers), followed by short-term customer advances of 45.95 billion VND.
Owner’s equity at the end of March was 448.71 billion VND, including owner contributions of 308.60 billion VND and retained earnings of 93.75 billion VND.
Under the 2026 plan, Licogi 14 intends to pay a 5% dividend.
On the market, L14 shares previously reached a historical peak of about 383,000 VND per share in early 2022 before adjusting down. The close on April 28 was 25,000 VND per share, down nearly 12% from the short-term peak at the end of January 2026.
Licogi 14 is a multi-sector company focused on construction, infrastructure, and real estate investment. Its projects include Nam Minh Phuong Urban Area (54.43 ha) in Viet Tri City with total investment of about 3,000 billion VND, which has entered operation. Other projects include Phuong Mao Ecological Lake and Phu Ninh Ecological Urban Area.
The company remains highly dependent on a recovery in real estate and stability in the stock market. Tightening credit for real estate in 2026 is also highlighted as a major hurdle for Licogi 14.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
