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Two executives at Hoang Quan Real Estate have resigned ahead of the company’s 2026 annual general meeting (AGM), as the firm continues to face weak operating revenue and a heavy reliance on financial income. Hoang Quan Real Estate Joint Stock Company (ticker HQC) said it received resignations from two senior executives ahead of the AGM scheduled for May 30.
Hoang Quan Real Estate reported that Mr. Tran Anh Tuan (born 1984) resigned as a member of the board of directors for personal reasons. Ms. Nguyen Thi Bich Thuy (born 1968) also submitted her resignation as a member of the Supervisory Board for personal reasons.
In its Q1 2026 financial report, Hoang Quan Real Estate recorded net revenue of about VND 5.2 billion, down 89.3% year-on-year. Despite the revenue contraction, net profit after tax reached about VND 5.4 billion, up 4.6% year-on-year.
The company reported revenue from sales of goods and services of about VND 15 billion, but revenue deductions were nearly VND 9.8 billion, implying a return rate of more than 65% and significantly reducing realized revenue.
Gross profit in the quarter fell 84.9% year-on-year to about VND 3.5 billion. Financial income totaled VND 15.8 billion, down 28.4%. Meanwhile, financial costs decreased sharply by 73.2% to about VND 4.9 billion. Selling and administrative expenses also declined by 52.1% to about VND 10.4 billion.
When isolating core business operations, Hoang Quan Real Estate continued to report a loss of about VND 11.8 billion in Q1 2026, improving from a loss of VND 17.1 billion in the same period a year earlier. The figures indicate that profits were largely supported by financial activities rather than core real estate operations.
In 2025, Hoang Quan Real Estate posted net profit after tax of about VND 73.2 billion, up more than 116% year-on-year and slightly above its target. However, revenue was only about VND 69.5 billion, far below the company’s target of VND 1,000 billion.
Ahead of the AGM, the company said it is preparing for the meeting while continuing restructuring and executing social housing projects across multiple localities. Hoang Quan Real Estate positions itself as a pioneer in the social housing segment. By mid-2025, it stated it had completed about 10,000 social housing units nationwide and was pursuing tens of thousands more across provinces including Ca Mau, Tay Ninh, Dong Nai, and Vinh Long.
The company previously targeted developing 50,000 social housing units during 2022–2030 to support the government’s program to develop 1 million social housing units.
Beyond social housing, Hoang Quan Real Estate has expanded into commercial real estate and industrial zones in several localities. It is also accelerating industrial park projects in Binh Thuan (old) and Vinh Long as part of efforts to diversify future revenue.
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