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Bien Hoa Construction and Materials Production Joint Stock Company (UPCoM: VLB) reported a 27% year-on-year increase in Q1 net profit to VND 74.1 billion, reaching over 33% of its annual profit target in the first three months, supported by strong demand for backfill materials from large infrastructure projects.
In its consolidated earnings report for Q1 2026, VLB posted net revenue of VND 351.5 billion, up 3.7% year-on-year. Despite modest revenue growth, cost of goods sold was controlled, falling 2.9% to VND 239.9 billion. As a result, gross profit rose to VND 111.6 billion, up 21.6%, while gross margin improved to 31.8% from 27.1% in Q1 2025.
The company said the main driver was a surge in its backfill soil segment. Soil sales volume increased to 218,130 m3 from 19,237 m3 a year earlier. VLB also adjusted product selling prices upward to offset higher fuel costs. In addition, cost of goods sold declined 2.9% due to lower aggregate consumption of stones, at about 1.7 million m3.
Financial revenue also rose strongly, attributed to abundant bank deposits.
For 2026, VLB targets production and consumption of 6.8 million m3 of various types of stone. The company set revenue above VND 1,411 billion and pretax profit of VND 280 billion. Although Q1 is typically a low point due to the Tet holiday, VLB reported achieving 24.9% of its revenue target and 33.1% of its annual profit target.
Total assets were over VND 1,095 billion, slightly down from nearly VND 1,170 billion at the start of the year. Short-term financial investments accounted for the largest share at VND 648 billion, or about 60% of total assets.
On the liabilities side, total debt decreased from over VND 465 billion at year-start to nearly VND 317 billion at quarter-end. The reduction was mainly due to fully paying more than VND 140 billion in dividends and payables.
VLB said it is leveraging opportunities from major infrastructure projects, including Long Thanh airport, the expansion of the Ho Chi Minh City–Long Thành–Dầu Giây expressway, and HCM City Beltway 4. The company plans to optimize resources from five strategic stone mines with remaining reserves over 84.4 million m3: Thanh Phu 1, Thien Tan 2, Tan Cang 1, Soklu 2 and Soklu 5.
To secure long-term raw materials, VLB is advancing land lease and compensation for remaining areas under its mining licenses. The company is also pursuing permits to mine an area of 44.3 ha at Tan Cang 1 and extending exploration and exploitation at Soklu 2 and Soklu 5 over 20 ha to ensure supply for Soklu Plant.
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