AsemconnectVietnam - Infrastructure Development Joint Stock Company (Becamex IJC, ticker IJC - HOSE) recorded a profit of VND86.12 billion in the second quarter, bringing the cumulative profit for the first half of 2026 to VND190.41 billion, a 33.2% increase compared to the same period last year, and only 35.2% of the annual plan has been completed.

In the second quarter of 2026, Becamex IJC recorded revenue of VND235.25 billion, a 35.1% increase compared to the same period last year; after-tax profit reached VND86.12 billion, a 32.2% decrease compared to the same period last year. The gross profit margin decreased sharply from 86.5% to 45.9%.
During the period, despite increased revenue, Becamex IJC recorded a 28.3% decrease in gross profit compared to the same period last year, equivalent to a decrease of VND42.56 billion, to VND108.03 billion.
Also during the period, financial revenue increased 12.25 times, equivalent to an increase of VND20.95 billion to VND22.66 billion; financial expenses decreased by 25.6%, equivalent to a decrease of VND5.8 billion to VND16.85 billion; profit from joint ventures and associated companies decreased by 88.2%, equivalent to a decrease of VND38.63 billion, to VND5.19 billion; selling and administrative expenses decreased by 64.4%, equivalent to a decrease of VND17.48 billion, to VND9.68 billion; and other activities showed insignificant changes.
Becamex IJC explained that the cost of goods sold increased, mainly due to the cost of real estate business recording VND62.64 billion compared to a loss of VND 41.34 billion in the same period last year, an increase of VND103.98 billion.
Cumulatively in the first half of 2026, Becamex IJC recorded revenue of VND488.78 billion, an increase of 50.4% compared to the same period last year; after-tax profit reached VND190.41 billion, an increase of 33.2% compared to the same period last year.
In 2026, Becamex IJC plans to achieve total revenue of VND2,454 billion, a 36.4% increase year-on-year, and after-tax profit of VND541 billion, a 9.4% decrease compared to 2025.
Thus, ending the first half of 2026 with after-tax profit of VND190.41 billion, Becamex IJC has only completed 35.2% of its annual plan.
Regarding cash flow, in the first half of 2026, Becamex IJC recorded a negative operating cash flow of VND493.4 billion compared to a positive VND137.38 billion in the same period. In addition, investment cash flow was negative VND274.1 billion and financing cash flow was positive VND410.7 billion, mainly due to increased borrowing to offset the operating cash flow deficit.
According to data on SSI Securities' iBoard, Becamex IJC experienced two years of negative cash flow, recording a loss of VND796.9 billion in 2024 and a further loss of VND232.26 billion in 2025.
As of June 30, 2026, Becamex IJC's total assets increased by 12.9% compared to the beginning of the year, equivalent to an increase of VND1,327.8 billion, reaching VND11,660.6 billion. Of this, the main assets were VND4,903.2 billion in inventory, accounting for 42% of total assets; VND2,336.3 billion in long-term financial investments, accounting for 20.04% of total assets; VND1,292.1 billion in cash and short-term financial investments, accounting for 11.1% of total assets; and VND951.3 billion in short-term receivables, accounting for 8.16% of total assets.
During the period, inventory increased by 33% compared to the beginning of the year, equivalent to an increase of VND1,216.7 billion, reaching VND4,903.2 billion; cash and short-term financial investments decreased by 23.7% compared to the beginning of the year, equivalent to a decrease of VND401.1 billion, to VND1,292.1 billion…
Becamex IJC further explained that the company's overdue debt as of June 30th was VND412.5 billion.
Regarding capital sources, as of the end of the second quarter, Becamex IJC's total short-term and long-term borrowings increased by 32.2% compared to the beginning of the year, equivalent to an increase of VND410.6 billion, reaching VND1,686.9 billion and equaling 21.3% of total equity (at the beginning of the year, outstanding debt was VND1,276.3 billion and equaling 15.8% of total equity).
Source: VITIC/Bao Tai chinh – Dau tu