AsemconnectVietnam - Saigon VRG Investment Joint Stock Company (SIP) has just announced its Q2/2026 financial report, recording positive growth results.

In Q2/2026, SIP recorded net revenue of VND2,401.7 billion, a 13% increase compared to the same period last year. Cost of goods sold increased by 11%, lower than the revenue growth rate, helping gross profit reach VND363.6 billion, a 25% increase.
During the period, financial revenue decreased slightly to VND208.6 billion. However, financial expenses increased by 28% to VND81.1 billion, mainly due to a sharp 78% increase in interest expenses, reaching nearly VND69.7 billion as outstanding loans increased.
In addition, selling expenses and administrative expenses increased by 44% and 25% respectively. Notably, SIP recorded VND70 billion in other income, while in the same period last year it incurred a loss of nearly VND6 billion from this activity.
As a result, SIP's after-tax profit in the second quarter reached VND447.2 billion, an increase of 41%. The after-tax profit attributable to shareholders of the parent company reached VND413.3 billion, an increase of 45% compared to the same period.
For the first six months of the year, SIP recorded net revenue of VND4,566.5 billion and after-tax profit of VND803.7 billion, both increasing by 12%; of which the after-tax profit attributable to shareholders of the parent company reached VND747.4 billion, an increase of 18%.
The largest contribution, accounting for over 80% of revenue, still came from providing utility services (electricity and water) in industrial parks, exceeding VND3,678 billion. Revenue from other industrial park utility services reached VND337 billion, an increase of VND 46 billion.
Overall, the electricity, water, and industrial park utility services group brought in VND4,015 billion, equivalent to nearly 88% of SIP's sales and service revenue. Meanwhile, revenue from leasing land with developed infrastructure reached VND226 billion, accounting for approximately 5% of total revenue. This means that the scale of utility revenue is nearly 18 times higher than land lease revenue.
As of June 30, 2026, SIP's total assets reached over VND30,072 billion, an increase of nearly 5% compared to the beginning of the year. Of which, cash and cash equivalents reached nearly VND1,468 billion, an increase of over 73% compared to the beginning of the year. In addition, SIP had VND10,895 billion in short-term financial investments, mainly time deposits and loans.
Conversely, SIP's total liabilities increased to VND24,700 billion by the end of the quarter, accounting for over 82% of total capital. Of this, financial borrowings reached over VND5,500 billion, an increase of approximately 14% compared to the beginning of the year.
By April 2026, the total area of the four industrial parks managed by SIP reached over 3,200 hectares, of which approximately 2,440 hectares were commercial land. The company has leased over 1,500 hectares and still has over 930 hectares of commercial land ready to accommodate new investment projects.
Among these, Phuoc Dong Industrial Park is the largest industrial, urban, and commercial complex in Tay Ninh province with a total area of over 2,436 hectares, of which over 2,189 hectares are industrial production land, with an initial investment of approximately USD350 million.
Besides Phuoc Dong, SIP also owns Le Minh Xuan 3 Industrial Park (311 ha) and Dong Nam Industrial Park (342 ha) in Ho Chi Minh City, along with Loc An - Binh Son Industrial Park with a total area of nearly 498 ha in Dong Nai.
Through its subsidiary VRG Long Thanh Investment and Development Joint Stock Company, in which SIP owns 69% of the capital, the company is also developing phase 2 of Long Duc Industrial Park with a scale of nearly 294 ha in Dong Nai.
In 2026, SIP plans to lease 60 ha of industrial land, of which approximately 40 ha is in Phuoc Dong Industrial Park, 10 ha in Loc An - Binh Son Industrial Park, and the remainder is allocated to Dong Nam Industrial Park and Le Minh Xuan 3 Industrial Park, each with about 5 ha.
Regarding factory space, the company expects to lease nearly 30,000 m², mainly in Le Minh Xuan 3 Industrial Park and Phuoc Dong Industrial Park, thereby continuing to generate stable revenue in the coming years.
Source: VITIC/Bao Tai chinh – Dau tu