With 20.7 trillion dong in funding, Ben Thanh Quadrant project developer Saigon Glory swings to a trillion-dong profit, but still records 18 trillion dong in accumulated losses

Saigon Glory Co., Ltd. reported net profit after tax of 1,510 billion dong in its 2025 financial report filed with the Hanoi Stock Exchange (HNX), marking a significant turnaround from a loss of nearly 15,935 billion dong in the prior financial year.

Turnaround in profitability and equity

The improvement also lifted the company’s equity to a positive 5,065 billion dong by the end of 2025, compared with negative 12,445 billion dong as of 2024.

According to the filing, the rebound in financial indicators was primarily driven by a substantial capital contribution by the owner during the period. Specifically, the owner’s investment increased from 7,000 billion dong to 23,000 billion dong.

Balance-sheet restructuring and lower leverage

Alongside the owner’s additional capital infusion of 16,000 billion dong, Saigon Glory’s total liabilities fell from 25,347 billion dong to about 16,994 billion dong. As a result, leverage eased, with the debt-to-asset ratio declining from 1.96x to 0.77x.

Shareholder change and restructuring steps

The shift in Saigon Glory’s financial structure followed a major change in its shareholder base. At the end of September 2024, Bitexco Group completed transferring 100% of its stake in Saigon Glory to Phuong Dong Hanoi Real Estate Co., Ltd., a legal entity within the Masterise ecosystem.

After the new owner took control, the company implemented capital restructuring measures and strengthened cooperation with strategic partners.

Strategic cooperation and project restart

A key milestone cited in the report is a cooperation investment agreement signed in November 2025, under which the partner is expected to contribute about 20.7 trillion dong to develop and manage the project in the Ben Thanh Quadrant area.

The additional funding supported liquidity and helped the One Central HCM project officially restart in March 2026, with Newtecons serving as the general contractor.

Remaining losses and debt position

While profits and equity have returned to positive territory, Saigon Glory still has undistributed after-tax profits of more than 17.934 trillion dong as of the end of 2025.

The company’s bond debt stands at 4.506 trillion dong, equivalent to a bond debt-to-equity ratio of 0.89x.

Outlook: progress over the next 30 months

The company indicated that project progress over the next 30 months will be a decisive factor in its ability to fully resolve accumulated losses from earlier periods.