AsemconnectVietnam - Ha Do Group Joint Stock Company (HDG - HOSE) reported a profit of VND228 billion in the third quarter; cumulative profit for the first nine months of 2026 reached VND614.22 billion, an increase of 7.6% compared to the same period and completing 53.4% of the annual plan.

In the third quarter of 2026, Ha Do recorded revenue of VND597.51 billion, a decrease of 16.1% compared to the same period; after-tax profit reached VND228 billion, a decrease of 32.3% compared to the same period last year. The gross profit margin decreased from 69.5% to 60.3%.
During the period, due to decreased revenue and narrowing gross profit margins, Ha Do recorded a 27.2% decrease in gross profit compared to the same period last year, equivalent to a decrease of VND134.9 billion, to VND360.53 billion.
In addition, financial revenue increased by 21.1% compared to the same period last year, equivalent to an increase of VND3.58 billion, to VND20.53 billion; financial expenses decreased by 6.1%, equivalent to a decrease of VND4.92 billion, to VND75.83 billion; selling and administrative expenses decreased by 28.8%, equivalent to a decrease of VND20.59 billion, to VND50.99 billion.
Cumulatively in the first nine months of 2026, Ha Do recorded revenue of VND1,772.99 billion, a decrease of 6.7% compared to the same period last year. Net profit after tax reached VND614.22 billion, an increase of 7.6% compared to the same period and completing 53.4% of the profit plan for 2026.
In 2026, Ha Do aims for consolidated total revenue of VND3,242 billion and net profit after tax of VND1,151 billion, representing increases of 13% and 16% respectively compared to 2025.
Regarding asset size, as of September 30, 2026, Ha Do's total assets decreased slightly by 1.2% compared to the beginning of the year, equivalent to a decrease of VND183.4 billion, to VND14,502.5 billion. Of which, the main assets recorded are VND7,699.7 billion in fixed assets, accounting for 53.09% of total assets; and VND2,171.6 billion in long-term work-in-progress assets, accounting for 14.97% of total assets. VND1.62 trillion in cash and short-term financial investments, accounting for 11.2% of total assets.
Notably, at the beginning of the year, Ha Do only made a provision for impairment of doubtful receivables of VND587.1 billion, but as of September 30, 2026, the provision value reached VND939.9 billion. Specifically, the provision related to the Electricity Trading Company increased from VND512.66 billion to VND865.8 billion. This provision is for receivables from the electricity purchase and sale contract between Ha Do Binh Thuan Company, Surya Company, and the Electricity Trading Company related to issues concerning the Hong Phong 4 solar power plant and SP Infra 1 solar power plant.
Regarding capital sources, as of the end of the third quarter, total short-term and long-term debt decreased by 10.1% compared to the beginning of the year, equivalent to a decrease of VND472.5 billion, reaching VND472.5 billion and equaling 48.4% of total equity. Of this, short-term debt was VND576.3 billion and long-term debt was VND3,650.6 billion.
Source: VITIC/Bao Tai chinh – Dau tu