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On April 22, PC1 Group Joint Stock Company (PC1) held its 2026 Annual General Meeting of Shareholders, approving a more cautious business plan than the previous year amid multiple challenges expected in 2026.
For 2026, PC1 set consolidated revenue at 15,618 billion VND, up 19%. Consolidated net profit after tax is targeted at 1,056 billion VND, down 22% compared with 2025. The company also proposed maintaining a 15% dividend payout ratio, equivalent to the 2025 level.
At the meeting, PC1 said its 2026 strategy focuses on optimizing its investment portfolio and prioritizing long-term resources for renewable energy projects, green and smart industrial parks, and real estate projects with actual demand. The group also plans to strengthen its overall EPC (engineering, procurement and construction) capabilities, accelerate digital transformation, apply AI, operate lean, and improve financial management, with cash flow and efficiency emphasized to manage risk.
PC1 reported positive results in 2025. Total revenue reached 13,085 billion VND, roughly meeting the plan. Net profit after tax was 1,356 billion VND, up 62% versus the plan.
In the previous year, PC1 increased its charter capital from 3,580 billion VND to over 4,100 billion VND by issuing shares to raise capital.
For 2026, PC1 plans to raise charter capital through three options:
Chairman Trịnh Văn Tuấn said PC1’s investment direction for 2026 will follow a “first pillar” approach, with energy as the first pillar and green real estate as the next. The group will also continue investing in the second phase of the mineral plant, act as an EPC general contractor, and execute projects at a high level.
On storage batteries, PC1 stated it will not invest, saying buying is cheaper than manufacturing on a daily basis. For nuclear power, management said that if PC1 participates, it would only act as a subcontractor.
Trần Minh Việt, Head of PC1 Finance, attributed the lower 2026 plan to three main factors:
On business results, Ms. Việt noted that due to the nature of construction, Q1 typically accounts for a small share, while peak activity usually occurs in Q4. She said Q1 revenue is expected at around 15% of the plan, and profit at around 25% of the plan.
Deputy General Director Trịnh Ngọc Anh said that under PC1’s 2026–2030 strategy, the group focuses on renewable energy projects to build an ecosystem value chain. PC1 prioritizes hydropower and solar and is guiding several international EPC projects.
Under the 2026 plan, revenue from power plants is expected at around 1,700 billion VND, down from last year due to hydrology and maintenance schedules. For the solar plant in Dien Bien with a capacity of 72 MW, operation is expected by early 2027. Management said the project timeline from groundbreaking to generation is about four months.
For minerals, PC1 expects 2026 revenue at around 1,200 billion VND, roughly in line with 2025, but performance will depend heavily on exploitation conditions. On the nickel market, management forecast positive growth in 2026–2028 driven by demand for materials used in storage batteries. PC1 said all its plants apply modern production technologies and environmental protections, and it is working with design consultants to accelerate phase-2 investment, expected in 2028–2029.
Regarding the ESOP plan, CEO Vu Anh Duong said the company considered competition for skilled personnel, adding that employee turnover remains low and high-quality staff are retained long-term.
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