AsemconnectVietnam - Quoc Cuong Gia Lai Joint Stock Company (QCG - HOSE) recorded a profit of VND137.22 billion in the fourth quarter, bringing the cumulative profit for 2025 to VND171.28 billion, a 109% increase compared to 2024, but failing to meet the annual plan.

In the fourth quarter of 2025, Quoc Cuong Gia Lai recorded revenue of VND119.28 billion, a decrease of 75.4% compared to the same period; after-tax profit reached VND137.22 billion, an increase of 117.2% compared to the same period. The gross profit margin improved from 32.3% to 42%.
During the period, gross profit decreased by 68.1% compared to the same period, equivalent to a decrease of VND107 billion, to VND50.12 billion; Financial revenue reached VND195.08 billion, up from VND0.02 billion in the same period last year, an increase of VND195.06 billion; financial expenses increased by 171.4%, equivalent to an increase of VND19.04 billion, to VND30.15 billion; selling and administrative expenses decreased by 83.4%, equivalent to a decrease of VND35.11 billion, to VND6.97 billion; and other activities showed insignificant fluctuations.
Thus, although gross profit decreased, net profit still increased sharply, mainly due to Quoc Cuong Gia Lai recording a significant increase in financial revenue.
Cumulatively in 2025, Quoc Cuong Gia Lai recorded revenue of VND473.25 billion, a decrease of 35.1% compared to the same period last year; after-tax profit reached VND171.28 billion, an increase of 109% compared to the same period last year.
In 2025, Quoc Cuong Gia Lai set a business plan with revenue of VND2,000 billion and pre-tax profit of VND300 billion.
Thus, ending 2025 with pre-tax profit of VND210.55 billion, Quoc Cuong Gia Lai did not meet its plan, achieving only 70.2% of the annual target.
As of December 31, 2025, Quoc Cuong Gia Lai's total assets decreased by 1.6% compared to the beginning of the year, equivalent to a decrease of VND140.8 billion, to VND 8,743.8 billion. Of this, the main assets recorded were VND5,403.3 billion in long-term work-in-progress assets, accounting for 61.8% of total assets; VND1,270.7 billion in inventory, accounting for 14.5% of total assets; and VND943.8 billion in fixed assets, accounting for 10.8% of total assets. VND814.1 billion in short-term receivables, accounting for 9.3% of total assets…
Quoc Cuong Gia Lai explained that the entire VND5,403.3 billion in unfinished construction costs is for the Phuoc Kien project. Currently, the Enforcement Agency is holding some compensation and land clearance documents for the Phuoc Kien project until the Group fully repays the VND2,882.8 billion received under the Promise to Buy, Promise to Sell contract for the Bac Phuoc Kien Residential Area Project, Ho Chi Minh City, to ensure the enforcement of the judgment for defendant Truong My Lan according to appellate judgment No. 1125/2024/HS-PT dated December 3, 2024, of the High People's Court of Ho Chi Minh City. Only then will the documents be returned. As of December 31, 2025, the Group had repaid VND1,200 billion. Therefore, the Group temporarily classified this value as long-term on the Balance Sheet when preparing this report.
Conversely, on the liabilities side, Quoc Cuong Gia Lai explained that it received VND1,682.8 billion from Sunny for the Phuoc Kien project (VND2,882.8 billion at the beginning of the year).
It is noteworthy that as of December 31, 2025, Quoc Cuong Gia Lai recorded short-term liabilities of VND3,924.1 billion and short-term assets of VND2,240.7 billion.
Thus, Quoc Cuong Gia Lai is using VND1,683.4 billion of short-term capital (terms under 1 year) to finance long-term assets (terms over 1 year).
Previously, in the 2025 Semi-Annual Audit Report, the auditing firm emphasized, as stated in Note No. 41.2 "Information on Going Concern", that as of June 30, 2025, Quoc Cuong Gia Lai's total current assets were VND1,844.1 billion while its current liabilities were VND3,814.9 billion (of which the majority was VND2,782.8 billion, which Quoc Cuong Gia Lai must repay in full under the Promise to Buy, Promise to Sell the Bac Phuoc Kien Residential Area project, Phuoc Kien commune, Nha Be district, Ho Chi Minh City, to ensure the fulfillment of the judgment for defendant Truong My Lan according to Appellate Judgment No. 1125/2024/HS-PT of the High People's Court of Ho Chi Minh City).
“This indicates the existence of material uncertainties that could lead to significant doubts about Quoc Cuong Gia Lai’s ability to continue as a going concern,” emphasized WHY Audit and Consulting Company Limited.
N.Nga
Source: VITIC/Tinnhanhchungkhoan