Phat Dat reports VND 662.7 billion in nine-month pre-tax profit and expands strategic investment portfolio

In the first nine months of 2026, Phat Dat Real Estate Development Corporation (PDR: HOSE) recorded consolidated pre-tax profit of VND 662.7 billion, up 134.6% year-on-year. After-tax profit reached VND 231.7 billion, up 15.1%. These results reflect the impact of the Company's investment portfolio restructuring as it focuses its resources on strategic projects. 

Nine-month profit rises as the company reallocates resources 

In the first nine months of 2026, Phat Dat recorded net revenue from sales and services of VND 181.8 billion, lower than that of the same period last year. In the real estate sector, revenue is recognized at different stages of a project, depending on legal progress, construction, handover, and the completion of transfer transactions. As a result, revenue and profit can vary from one reporting period to another, depending on when projects qualify for revenue recognition and when transactions are completed.

Although revenue from property sales has yet to reach a major recognition phase, the Company's consolidated pre-tax profit for the nine-month period reached VND 662.7 billion, compared with VND 282.5 billion in the same period of 2025. After-tax profit was VND 231.7 billion, up 15.1% year-on-year. This means Phat Dat continued to generate a profit during the period while restructuring its assets and reallocating resources to key investments.

In Quarter III.2026, consolidated pre-tax profit reached nearly VND 158 billion, up 34.7% y-o-y. After provisions, financial expenses, other expenses, and CIT were recognized, the Company reported after-tax profit of VND 13.7 billion for the quarter. 

Total assets grow alongside strategic investments 
As of September 30, 2026, Phat Dat's consolidated total assets reached VND 38,225.5 billion, up 40.2% from the end of 2025. Investments in joint ventures and associates rose significantly to more than VND 12,702 billion, compared with VND 710.7 billion at the beginning of the year.

This increase mainly came from Phat Dat's new long-term investments, including a 35% stake in Lotte Properties HCMC and a 50% stake in AKYN Investment Trading Services Joint Stock Company. These investments expand the Company's presence in key urban areas of HCMC.

At the same time, these investments require substantial funding and have increased financial expenses. Their contribution to the Company's performance will become clearer as the projects progress, generate cash flow, and begin contributing to business results in the coming periods. 

Third-Quarter Results Reflect Changes in the Investment Portfolio 

In the third quarter, consolidated financial income reached VND 709.7 billion. This mainly consisted of VND 662.6 billion in gains from the transfer of a 49.95% stake in Hoa Phu Investment and Development Real Estate Joint Stock Company and VND 46.5 billion in gains from the disposal of an investment.

These gains came from the Company's investment restructuring activities, rather than its regular property sales. The transactions allowed Phat Dat to realize value from its investments and generate additional funds for its next phase of investment.

On the expense side, the Company recorded VND 174.17 billion in provisions, following the prudence principle. Other expenses for the quarter amounted to VND 112.8 billion, mainly related to funding for the construction of Binh Chuan 3 Primary School, a project that contributes to the city's community facilities.

Interest expenses in the third quarter totaled VND 180.1 billion. According to the Company, the increase was related to higher borrowings to fund investment activities, including the acquisition of a 35% stake in Lotte Properties HCMC Co., Ltd., which was completed on August 11, 2026.

The Company also recorded VND 141.4 billion in current corporate income tax expense and approximately VND 2.8 billion in deferred corporate income tax expense during the quarter. These expenses contributed to lower after-tax profit in the third quarter, although cumulative after-tax profit for the first nine months remained higher than in the same period last year.

Operating cash flow turns positive in the third quarter 

Net cash flow from operating activities exceeded VND 2,425 billion in the third quarter, a significant improvement compared with the same period last year. This provided additional financial resources for investment and project development. Part of the improvement came from changes in payables and working capital during the quarter. This figure should therefore be considered alongside the Company's progress in meeting its payment obligations in the coming quarters.

As of September 30, 2026, cash and cash equivalents stood at VND 711.7 billion, up 89.3% from the end of 2025. Consolidated owners' equity reached VND 12,619.6 billion.

Phat Dat's third-quarter 2026 financial statements show that the Company is making significant changes to its asset structure and investment portfolio. In the coming period, its priorities will be to maintain business momentum, control expenses, manage cash flow, and gradually turn its strategic investments into sources of long-term value. 

Phat Dat will continue to provide updates on key financial indicators, project progress, and investment performance, giving shareholders and investors a clearer picture of the results of its investment strategy in the periods ahead.