AsemconnectVietnam - IDICO Corporation - JSC (IDC - HNX exchange) recorded a 17.2% decrease in revenue in Q1/2026, due to a shortfall in one-time industrial park land lease revenue.

In Q1 2026, IDICO recorded revenue of VND1,485.52 billion, a decrease of 17.2% compared to the same period last year; after-tax profit reached VND337.91 billion, a decrease of 19% compared to the same period last year. Gross profit margin decreased by 30.7%, to 26.2%.
During the period, due to decreased revenue and narrowing gross profit margin, IDICO recorded a 29.5% decrease in gross profit compared to the same period last year, equivalent to a decrease of VND162.65 billion, to VND388.74 billion.
Furthermore, financial revenue increased by 102% year-on-year, equivalent to an increase of VND66.42 billion, reaching VND131.52 billion; financial expenses increased by 51.1%, equivalent to an increase of VND19.95 billion, reaching VND58.97 billion; selling and administrative expenses decreased by 29.2%, equivalent to a decrease of VND29.89 billion, to VND72.38 billion, and other activities showed insignificant fluctuations.
In 2026, IDICO plans for total revenue of VND9,474 billion, a slight increase of 5%. The projected pre-tax profit is VND2,903 billion, a slight decrease of 0.5% compared to the 2025 figure. The company's business plan is based on the assumption of subleasing land totaling 100 hectares and aims to construct 100,429 m2 of new warehouse and factory space for operation.
Thus, by the end of the first quarter of 2026, with a pre-tax profit of VND420.3 billion, IDICO has only completed 14.5% of its annual plan.
Regarding assets, as of March 31, 2026, IDICO's total assets increased slightly by 1.5% compared to the beginning of the year, equivalent to an increase of VND338 billion, reaching VND23,539.5 billion. Of this, the main asset recorded is VND7,642.4 billion in cash and short-term financial investments, accounting for 32.5% of total assets. VND7,214.7 billion in long-term work-in-progress assets, accounting for 30.65% of total assets; VND2,875.7 billion in fixed assets, accounting for 12.2% of total assets; VND2,620.9 billion in investment properties, accounting for 11.13% of total assets; and other items.
Notably, as of March 31, 2026, IDICO recorded a list of non-performing loans totaling VND168.46 billion and had provisioned for VND106.1 billion. Among these, some notable non-performing loans include those from Tran Tien Thinh Co., Ltd.; Top Tile Co., Ltd.; Phu My 2 Logistics Joint Stock Company; Nha Y Ceramic Tile Co., Ltd.; Dakrinh Hydropower Joint Stock Company; Bien Hoa – Vung Tau Expressway Development Joint Stock Company; and ACOTEC Hoang Vu Co., Ltd. Dong Nai Province Land Development Center…
In addition, regarding capital sources, as of the end of the first quarter, IDICO's total short-term and long-term debt decreased slightly by 2.3% compared to the beginning of the year, equivalent to a decrease of VND133.6 billion, to VND5,743.5 billion, which is 64.9% of total equity. Of which, short-term debt is VND2,582.7 billion and long-term debt is VND3,160.8 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan