AsemconnectVietnam - Hoang Quan Real Estate Consulting, Trading and Service Joint Stock Company (HQC - HOSE) recorded a profit of VND55.08 billion in the fourth quarter, bringing the cumulative profit for the whole year 2025 to VND73.21 billion, a growth of 116.8% and achieving 104.6% of the annual plan.

In the fourth quarter of 2025, Hoang Quan Real Estate recorded revenue of VND18.48 billion, a decrease of 66.4% compared to the same period; after-tax profit reached VND55.08 billion, an increase of 10.33 times compared to the same period. However, the gross profit margin decreased sharply from 59.4% to 13.7%.
During a period of declining revenue and narrowing gross profit margins, Hoang Quan Real Estate recorded a 92.2% decrease in gross profit compared to the same period last year, equivalent to a decrease of VND30.11 billion, to VND2.53 billion.
In addition, financial revenue increased dramatically by 384.7% compared to the same period last year, equivalent to an increase of VND44.47 billion, to VND56.03 billion; financial expenses increased by 65.9%, equivalent to an increase of VND12.74 billion, to VND32.06 billion.
Notably, selling and administrative expenses recorded a negative VND17.06 billion compared to a positive VND23.36 billion in the same period last year, a decrease of VND40.42 billion; other income increased by 431.6%, equivalent to an increase of VND20.37 billion, to VND25.09 billion.
Thus, during the period, the gross profit of VND2.53 billion was insufficient to cover financial expenses of VND32.06 billion. The company experienced a surge in profit related to a sharp increase in financial revenue, a significant increase in other profits, and negative recorded business management expenses.
Explaining the increase in profit, Hoang Quan Real Estate stated that this was due to an increase in financial operating revenue during this period. Simultaneously, the company recovered bad debts and reversed provisions from recovered debts, thus reducing expenses.
Cumulatively in 2025, Hoang Quan Real Estate recorded revenue of VND69.47 billion (compared to a loss of VND66.58 billion in the same period); after-tax profit reached VND73.21 billion, an increase of 116.8% compared to the same period last year.
In 2025, Hoang Quan Real Estate plans to achieve revenue of VND1,000 billion, an increase of 189.3% compared to 2024, and after-tax profit of VND70 billion, an increase of 107.1% compared to 2024.
Thus, ending 2025 with after-tax profit reaching VND73.21 billion, Hoang Quan Real Estate has completed 104.6% of its annual plan.
Regarding asset size, as of December 31, 2025, Hoang Quan Real Estate's total assets decreased by 11.2% compared to the beginning of the year, equivalent to a decrease of VND1,126.67 billion, to VND8,975.3 billion. Of this, the main asset recorded is VND3,869.7 billion in short-term receivables, accounting for 43.1% of total assets; VND2,350.2 billion in long-term financial investments, accounting for 26.2% of total assets; VND1,472.4 billion in inventory, accounting for 16.4% of total assets; and VND1,198.4 billion in long-term receivables, accounting for 13.4% of total assets.
Furthermore, as of the end of 2025, Hoang Quan Real Estate only possessed VND35.67 billion in cash, but its total debt amounted to VND1,231.7 billion, equivalent to 22.5% of total equity. Of this, short-term debt was VND720.8 billion and long-term debt was VND510.9 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan