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Two executives at Hoang Quan Real Estate Consulting and Trading Services Joint Stock Company (HQC) have resigned, as sales returns continue to weigh on results. In the first quarter of 2026, HQC reported net profit after tax of more than VND 5 billion, up 4% year on year.
HQC said it received resignations from Board member Tran Anh Tuan and Supervisory Board member Nguyen Thi Bich Thuy, citing a lack of conditions and time to continue in their roles.
Neither Tran Anh Tuan nor Nguyen Thi Bich Thuy currently holds any HQC shares.
In operations, HQC started 2026 with revenue from goods and services down 79% year on year to just over VND 15 billion. The decline was driven by an 82% drop in real estate revenue to nearly VND 13 billion.
Despite the fall in sales, returned goods amounted to nearly VND 10 billion, leaving net revenue at just over VND 5 billion, down 89%. Financial revenue also declined 29% to nearly VND 16 billion, largely from profit-sharing.
The company’s main improvement came from a sharp reduction in total financial, selling, and administrative expenses to just over VND 15 billion, down 62%. As a result, HQC posted net profit after tax of more than VND 5 billion, up 4% from the same period last year.
HQC has not yet held its 2026 annual general meeting. The business plan targets revenue of VND 1,200 billion (more than eight times the prior year) and net profit after tax of VND 90 billion, up 28%.
After Q1, HQC reported limited progress, achieving only 1% of the revenue target and 6% of the net profit target.
For context, HQC ended 2025 with after-tax profit of over VND 70 billion, the highest in 10 years and the first time it met the following year’s target after nine years of missing. Revenue in 2025 was just over VND 147 billion, reaching 15% of the target; deduction-driven impacts reduced net revenue to just over VND 69 billion.
HQC said it will continue to focus on residential and industrial real estate. In social housing (NOXH), the company is progressing with projects including Golden City (Tay Ninh), HQC Tan Huong (Dong Thap), and the Tra Vinh new urban area (Vinh Long). It will also push commercial housing developments, focusing on mixed-use residential complexes in Ho Chi Minh City, Binh Thuan, and Dong Nai.
In the industrial park segment (KCN), besides Ham Kiem I in Lam Dong and Binh Minh in Vinh Long, HQC plans to seek opportunities in new industrial parks, integrating a satellite city model to support housing and infrastructure needs for enterprises and workers.
The company also aims to enhance cooperation and M&A to expand its land bank and develop more high-quality projects.
By end-March 2026, HQC’s total assets remained above VND 9 trillion. Inventory stood at around VND 1,506 billion, up 2% from year-end, mainly construction costs in progress. Notable inventory included Golden City at over VND 1,080 billion, HQC Plaza at over VND 145 billion, and HQC Tan Huong at VND 64 billion.
Total liabilities rose slightly to over VND 3,540 billion. Financial debt was over VND 1,100 billion, down 7% and representing 32% of total liabilities. Meanwhile, customer deposits and unrealized revenue increased 12% to nearly VND 1,100 billion.
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