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On April 21, 2026, the State Securities Commission (SSC) issued Decision No. 199/QĐ-XPHC, fining Dia 11 Real Estate Joint Stock Company for violations related to information disclosure and corporate governance.
Dia 11 was fined VND 55 million for late disclosure of information in its 2024 annual report on the Hanoi Stock Exchange (HNX) system.
In parallel, the company received an additional fine of VND 112.5 million for failing to ensure the required structure and number of independent board members for a public company.
The SSC identified these violations under Decree 156/2020/ND-CP, as amended by Decree 306/2025/ND-CP, in a broader context of tightening requirements for information transparency and corporate governance.
Total penalty: VND 167.5 million.
Dia 11’s core business includes construction and real estate development, with projects in Ho Chi Minh City.
In Q1 2026, Dia 11 reported net profit after tax of VND 1.3 billion, down 51.9% year-on-year.
Revenue: VND 20.5 billion, down 12.9% from VND 23.5 billion in the same period last year.
Cost of goods sold (COGS): VND 16.5 billion, down 18.6% year-on-year.
As COGS declined faster than revenue, gross profit reached VND 4 billion, up 22.1% year-on-year. The gross margin improved from 14% to 19.6%.
Financial income in the period was VND 2.4 billion, up 5.7% year-on-year.
However, financial costs increased to VND 3 billion, up 352.6% from VND 0.7 billion in the prior year, becoming the main factor weighing on profit. The company did not record interest expenses, suggesting the increase may relate to other financial cost items.
Administrative expenses were VND 1.9 billion, up 13.3% year-on-year.
With revenue declining, net profit from operations stood at VND 1.6 billion, down 51.8% year-on-year. With no other material income or expenses, pre-tax profit was also VND 1.6 billion, down accordingly.
After corporate income tax of VND 0.3 billion, net profit after tax remained VND 1.3 billion, down 51.9%.
Net profit margin: fell from 11.2% to 6.2%.
Alongside the SSC’s penalties for information disclosure and board independence compliance, Dia 11’s results show that profitability is being pressured by volatile financial costs despite an improvement in gross margin.
For upcoming quarters in 2026, investors will likely need to monitor financial cost control and revenue development, particularly given the company’s reported cost dynamics and the ongoing real estate market adjustment referenced in the article.
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