AsemconnectVietnam - Becamex Infrastructure Development Joint Stock Company (Becamex IJC, ticker IJC - HOSE) recorded a profit of VND134.33 billion in the third quarter, bringing the cumulative profit for the first nine months of 2026 to VND321.18 billion, a decrease of 19.2% compared to the same period last year and achieving 59.4% of the annual plan.

In the third quarter of 2026, Becamex IJC recorded net revenue of VND156.09 billion, a decrease of 76.8% compared to the same period last year (total revenue of VND174.78 billion and revenue deductions of VND18.69 billion); after-tax profit reached VND134.33 billion, a decrease of 47.2% compared to the same period last year. Specifically, the gross profit margin decreased from 47.9% to 37.5%.
During the period, with declining revenue and narrowing gross profit margins, Becamex IJC recorded a gross profit decrease of 81.8% compared to the same period last year, equivalent to a decrease of VND262.96 billion, to VND58.49 billion.
In addition, during the same period, financial revenue increased 10.4 times compared to the same period last year, equivalent to an increase of VND22.34 billion, to VND24.48 billion; financial expenses increased by 55.4%, equivalent to an increase of VND8.52 billion, to VND23.89 billion; selling and administrative expenses decreased by 61.4%, equivalent to a decrease of VND47.64 billion, to VND29.93 billion; profit from joint ventures and associated companies increased by 50.3%, equivalent to an increase of VND36.7 billion, to VND109.61 billion. In the first nine months of 2026, Becamex IJC recorded revenue of VND644.55 billion, a decrease of 35.3% compared to the same period last year; after-tax profit reached VND321.18 billion, a decrease of 19.2% compared to the same period last year.
In 2026, Becamex IJC plans to achieve total projected revenue of VND2,454 billion, an increase of 36.4% compared to the same period last year, and projected after-tax profit of VND541 billion, a decrease of 9.4% compared to the actual performance in 2025.
Thus, with after-tax profit of VND321.18 billion at the end of the first nine months of 2026, Becamex IJC has only completed 59.4% of its annual plan.
Besides declining business performance, in the first nine months of 2026, Becamex IJC recorded a negative operating cash flow of VND1,029.4 billion compared to a positive VND270.9 billion in the same period. Furthermore, during the same period, investment cash flow was negative VND510.23 billion and financing cash flow was positive VND706.5 billion, mainly due to increased borrowing to offset the operating cash flow deficit.
According to data on SSI Securities' iBoard, Becamex IJC has experienced two years of negative cash flow, with a negative VND796.9 billion in 2024 and a further negative VND232.26 billion in 2025.
In terms of asset size, as of September 30, 2026, Becamex IJC's total assets increased by 23.8% compared to the beginning of the year, equivalent to an increase of VND2,457.6 billion, reaching VND12,790.4 billion. Specifically, the main assets recorded were VND6,144.9 billion in inventory, accounting for 48% of total assets; VND2,356.6 billion in long-term financial investments, accounting for 18.4% of total assets; VND1,198 billion in cash and short-term financial investments, accounting for 9.37% of total assets; and VND 815.8 billion in short-term receivables, accounting for 6.4% of total assets.
Notably, during the period, inventory increased by 66.7% compared to the beginning of the year, equivalent to an increase of VND2,458.4 billion, reaching VND6,144.9 billion.
In addition, regarding capital sources, as of the end of the third quarter, total short-term and long-term borrowings had increased by 55.4% compared to the beginning of the year, equivalent to an increase of VND706.5 billion, reaching VND1,982.8 billion and equaling 24.7% of total equity. Of that amount, short-term debt was VND727.8 billion and long-term debt was VND1,255 billion.
Source: VITIC/Bao Tai chinh – Dau tu