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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallThe headline “profit triples” at Hoa Binh Construction Group (UPCoM: HBC) refers to gross profit in the first half of 2026. It does not mean net profit tripled. Two reports published in 2026 put H1 net profit at different levels, and both show a year-over-year decline.
What “triples” actually measures
The Investor, in a report dated September 7, 2026, said HBC’s gross profit in the first half of 2026 rose threefold to VND336 billion (about $12.89 million), on net revenue of VND3.26 trillion (about $125 million). Gross profit is revenue minus the direct cost of the work performed, so it captures how much a contractor earns on its projects before overheads, financial costs, financial income, other income and taxes. A threefold rise at that level is a statement about project margins, not about the bottom line.
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The figures reported for H1 2026
The table below separates the numbers reported in the two sources. Dollar conversions are as published by The Investor.
| Measure | Reported figure | Source and date | Comparison stated |
|---|---|---|---|
| Gross profit, H1 2026 | VND336 billion (about $12.89 million) | The Investor, September 7, 2026 | Rose threefold; the year-earlier base is not stated in the reporting reviewed |
| Net revenue, H1 2026 | VND3.26 trillion (about $125 million) | The Investor, September 7, 2026 | Not stated |
| Project and real-estate transfer revenue, H1 2026 | VND526 billion (about $20.18 million) | The Investor, September 7, 2026 | None recorded from either activity in H1 2025 |
| Net profit, H1 2026 | VND50 billion (about $1.92 million) | The Investor, September 7, 2026 | Slightly below H1 2025; exact prior-year figure not stated |
| Cumulative net profit, H1 2026 | VND41.56 billion | Asemconnect Vietnam, Q2/H1 2026 report | Down 19.1% year over year |
| Net profit, Q2 2026 | VND18.88 billion | Asemconnect Vietnam, Q2/H1 2026 report | Not stated |
Why the two net-profit figures differ
The Investor reports H1 net profit of VND50 billion. Asemconnect Vietnam reports VND41.56 billion for the same half, down 19.1% year over year. The reporting reviewed does not explain the gap. Differences of this kind usually come from one of three places: the basis used (consolidated or parent-company), whether a figure is stated before or after non-controlling interests, or which period and restatement a writer used. Until the underlying statements are checked, cite the source and figure together and do not treat either number as the single correct H1 result.
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Both sources agree on the direction of the change. Asemconnect Vietnam attributes the lower net profit mainly to weaker financial revenue and other income, which offset the higher gross profit. That explanation is consistent with a margin improvement at the project level being overtaken by lower income below the gross-profit line.
Where the project-transfer income fits
The VND526 billion from project and real-estate transfers is the single largest change in revenue mix the reporting describes, and it was absent in H1 2025. Construction contracts remained the group’s largest revenue source. Readers should therefore keep the two income streams separate. Transfer revenue is one-off in nature and can make one half-year look very different from the next; it should not be read as evidence that contracting activity alone tripled.
How to verify the numbers yourself
HBC publishes its financial statements through its official financial-report index. The index lists a reviewed consolidated H1 2026 report updated August 31, 2026, and consolidated Q2 2026 financial statements updated July 30, 2026. The index confirms that the filings exist; the figures above come from the press reports, and the statement tables themselves are needed to settle the net-profit question.
- Open HBC’s official financial-report index and download the consolidated H1 2026 report (updated August 31, 2026).
- Find the income statement and locate gross profit, net revenue, financial income, other income and profit after tax.
- Check whether the net-profit line is consolidated or parent-company, and whether it is stated before or after non-controlling interests.
- Compare H1 2026 with H1 2025 using the same basis and the same period in both years; if the prior-year column has been restated, use the restated figure and note it.
- Confirm the VND526 billion of transfer revenue in the notes or revenue breakdown, and separate it from construction-contract revenue.
- Only then decide which net-profit figure to quote, and state the basis and date alongside it.
What readers can safely conclude
- Gross profit for H1 2026 was reported at VND336 billion and rose threefold. This is the figure the headline refers to.
- Net profit did not triple. Reported H1 net profit is VND50 billion in one source and VND41.56 billion in another, and both show a decline or near-flat result against H1 2025.
- A large share of the top line in H1 2026 came from project and real-estate transfers, which were not present in the prior-year half.
- The official filings exist and can settle the discrepancy, but the reporting reviewed here does not reconcile it.
The practical takeaway is simple: a gross-profit headline is a margin story, and a net-profit question needs the full income statement. Investors and readers comparing HBC across periods should keep gross profit, net revenue, net profit and transfer income as separate lines, and should not let the headline stand in for the bottom line.
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