AsemconnectVietnam - Thuan Duc's Q3/2026 revenue increased by 7% year-on-year, but its after-tax profit only reached VND10.6 billion, approximately one-third of the same period last year. Interest expenses increased sharply amidst continuously growing loan and lease debt, putting pressure on the company's business performance.

Thuan Duc Joint Stock Company (TDP) recently announced its consolidated financial statements for Q3/2026, recording net revenue of VND1,379.2 billion, a 7.1% increase year-on-year. Cost of goods sold increased by 7.3%, to VND1,266.8 billion, resulting in a gross profit of VND112.4 billion, an increase of approximately 8%.
During the period, the company's financial income reached VND27 billion, a 60% increase year-on-year. However, financial expenses increased sharply by 62.3%, to VND77.7 billion; interest expenses alone reached VND75.1 billion, an increase of over 76% compared to Q3/2025.
In addition, the company's selling expenses increased by 46%, to VND20.5 billion, while administrative expenses decreased by approximately 5.6%, to VND16.8 billion. Furthermore, the company recorded a loss from associated companies of nearly VND3.7 billion, while in the same period last year it had a profit of approximately VND2.7 billion.
As a result, Thuan Duc's after-tax profit in Q3 reached VND10.6 billion, a decrease of approximately 70% compared to VND35 billion in the same period last year.
In explaining the business results, Thuan Duc stated that export market revenue in Q3 grew significantly, generating more profit than the domestic market. Orders from previous quarters were delivered on schedule, while the export market recorded growth in both sales and production volume.
In addition, the advantage of using cheaper recycled plastic materials helped the company maintain competitive prices, thereby maintaining sales volume. However, significantly increased production and transportation costs, along with increased financing costs, affected profits.
The company stated that high borrowing interest rates throughout the quarter significantly reduced profitability. Some borrowing costs were also not deductible when calculating corporate income tax, increasing the tax burden.
Despite the decline in Q3 results, for the first nine months of 2026, Thuan Duc still generated 4,293 billion VND in net revenue, an increase of 23.8% compared to the same period last year; after-tax profit reached 89.3 billion VND, an increase of approximately 17.3%.
As of September 30, 2026, Thuan Duc's total assets reached VND5,185.1 billion, a 16% increase compared to the beginning of the year. Of this, cash and cash equivalents amounted to VND1,431.8 billion, an increase of VND369.6 billion; inventory reached VND1,296.6 billion, an increase of VND157.5 billion, mainly consisting of raw materials, semi-finished products, and finished products.
On the liabilities side, the company's total liabilities increased from VND3,355.7 billion at the beginning of the year to VND3,897.4 billion at the end of September. Notably, the total outstanding short-term and long-term loans and leases amounted to VND3,339.4 billion, an increase of VND430.7 billion compared to the beginning of the year and accounting for nearly 86% of total liabilities. Of that amount, short-term loans and leases totaled VND2,940.3 billion, while long-term loans amounted to VND399.1 billion.
Source: VITIC/Bao Tai chinh – Dau tu