Khang Dien House (HoSE: KDH) recorded after-tax profit of nearly VND1.27 trillion in the first nine months of 2026, up 50.9% year on year, according to an analysis of its financial statements by The Investor on 5 November 2026. The result came mainly from non-recurring income, while property sales are in a transition between projects.
Low revenue, profit from financial income
- Nine-month net revenue was VND483.4 billion, down 83%; third-quarter revenue alone was VND41.4 billion and Q3 after-tax profit fell 68% year on year.
- Nine-month financial income reached VND916 billion, compared with VND28.7 billion a year earlier. It included a gain of nearly VND896 billion linked to New Binh Trung Real Estate Co., Ltd.
- Other profit was VND382 billion, including a VND285 billion bargain purchase gain from An Lap Real Estate Development JSC and VND129.4 billion in compensation for a contract termination.
On the New Binh Trung gain: on 23 June 2026 Khang Dien completed the transfer of a 2% stake for VND68.3 billion, reducing its ownership from 50.95% to 48.95% and turning New Binh Trung from a subsidiary into an associate. A VND874.7 billion gain from a 2023 stake sale, previously recorded in undistributed earnings, was moved into the 2026 income statement.
Building supply for a new cycle
On the positive side, the company is building a land bank with completed legal status. In March 2026 Khang Dien bought 99% of An Lap for over VND2.55 trillion, gaining an 8.2-hectare residential project in Cat Lai ward, Ho Chi Minh City. Its legally completed land bank in Binh Trung and Cat Lai wards is nearly 40 hectares. Total investment in the urban area (Gladia, Binh Trung Dong and the new project) is nearly VND40 trillion, with an expected profit contribution of around VND10 trillion over 2025–2030.
According to The Investor, Khang Dien resumed sales in early August, partnering with Keppel to launch the Gladia Heights apartments. Short-term customer advances exceeded VND1.864 trillion at end-September, up VND1.216 trillion from the start of the year.
A larger balance sheet
At the end of Q3, total assets were VND43.31 trillion, up 27% from the start of the year. Inventories rose from VND23.26 trillion to more than VND29.91 trillion; cash and equivalents rose from VND2.54 trillion to VND6.2 trillion. Total borrowings rose 75% to VND17.78 trillion. Revenue recognition from new projects will be the key factor for results in coming periods.
Key takeaways
- KDH's 9M 2026 after-tax profit was nearly VND1.27 trillion (up 50.9%), mainly from financial income and other profit; net revenue fell 83%.
- The company has resumed sales, customer advances have risen and it holds a nearly 40 ha legally complete land bank in Binh Trung–Cat Lai.
- Total borrowings rose 75% to VND17.78 trillion, reflecting an investment phase for new projects.