AsemconnectVietnam - Hoa Binh Construction Group (HBC - UPCoM) recorded a profit of VND18.88 billion in the second quarter, bringing the cumulative profit for the first half of 2026 to VND41.56 billion, a decrease of 19.1% compared to the same period last year and only completing 16.6% of the annual plan.

In Q2/2026, Hoa Binh Construction recorded revenue of VND1,946.49 billion, an increase of 108.1% compared to the same period last year; after-tax profit reached VND18.88 billion, a decrease of 55% compared to the same period last year.
During the period, gross profit increased by 271.2% compared to the same period last year, corresponding to an increase of VND162.48 billion, reaching VND222.39 billion. Financial revenue decreased by 64.5%, equivalent to a decrease of VND40.06 billion to VND22.01 billion; financial expenses increased slightly by 3.5%, equivalent to an increase of VND3.33 billion, to VND98.94 billion.
Also during the period, selling and administrative expenses decreased by 6.5%, equivalent to a decrease of VND6.53 billion to VND94.14 billion; and other income recorded a loss of VND0.21 billion compared to a profit of VND121.17 billion in the same period, a decrease of VND121.38 billion.
Thus, although gross profit increased during the period, net profit still decreased by 55%, mainly due to a shortfall in financial revenue and other income.
Cumulatively in the first half of 2026, Hoa Binh Construction recorded revenue of VND3,268.64 billion, an increase of 99.7% compared to the same period; Net profit after tax reached VND41.56 billion, a decrease of 19.1% compared to the same period last year.
In 2026, Hoa Binh Construction aims for total revenue of VND10,000 billion and net profit after tax of VND250 billion.
Thus, ending the first half of 2026 with a net profit after tax of VND41.56 billion, Hoa Binh Construction has only completed 16.6% of its annual plan.
In reality, despite a slight profit, as of June 30, 2026, Hoa Binh Construction still has accumulated losses of VND2,025.9 billion, equivalent to 58.3% of its charter capital.
In terms of asset size, as of June 30, Hoa Binh Construction's total assets increased by 4.9% compared to the beginning of the year, corresponding to an increase of VND784 billion, reaching VND16,885.7 billion. Of the total assets, the main assets are VND11,011.8 billion in short-term receivables, accounting for 65.2% of total assets; and VND3,195.3 billion in inventory, accounting for 18.92% of total assets.
During the period, inventory increased by 40% compared to the beginning of the year, an increase of VND913.4 billion, reaching VND 3,195.3 billion; short-term receivables increased by 5.6% compared to the beginning of the year, an increase of VND584.4 billion, reaching VND11,011.8 billion.
Hoa Binh Construction explained that it is currently making provisions of VND731.8 billion for short-term customer receivables, VND1.83 billion for short-term prepayments to suppliers, and notably, VND414.5 billion for short-term construction contract progress receivables. Notable provisions include VND124.49 billion from Quang Minh Construction and Trading Joint Stock Company and VND14.6 billion from Capitaland – Hien Duc Joint Stock Company…
Hoa Binh Construction also explained that, as of June 30, 2026, the Company has overdue debts and disputes and lawsuits related to the performance of economic contracts in which Hoa Binh Construction is the plaintiff or defendant in courts and arbitration bodies, which may give rise to late payment interest, penalties for breach of contract, and related expenses. These amounts will only be recognized when it is reliably and certainly determined that there will be a reduction in economic benefits for Hoa Binh Construction through negotiation or the final judgment of the court and arbitration body.
Regarding capital sources, as of the end of the second quarter, Hoa Binh Construction's total short-term and long-term debt increased slightly by 0.3% compared to the beginning of the year, equivalent to an increase of VND11.24 billion to VND3,999.37 billion, and equal to 198.2% of total equity.
Source: VITIC/Bao Tai chinh – Dau tu