An Gia (AGG) Q3/2026 Profit Plunges 85.9% as Revenue Falls Below VND 24 Billion

Overview

An Gia Real Estate (HOSE: AGG) reported Q3/2026 net revenue of approximately VND 23.8 billion, down 86% year-on-year, and net profit after tax of VND 15.4 billion, down 85.9%, according to the company’s quarterly financial statements. The collapse in quarterly revenue reflects the absence of apartment handovers and consulting income, while the nine-month cumulative net profit still rose 47.1% to VND 293.3 billion on a much smaller revenue base.

Key Facts

• Q3/2026 net revenue: ~VND 23.8 billion, down 86% YoY from ~VND 170 billion.
• Q3/2026 net profit after tax: ~VND 15.4 billion, down 85.9% YoY.
• Apartment sales and leasing revenue fell to VND 19.1 billion from VND 129.2 billion; consulting revenue was zero versus VND 36.6 billion a year earlier.
• A cost-of-goods reversal of ~VND 36.7 billion lifted gross profit to VND 60.4 billion, still down 69% YoY.
• 9M/2026 net revenue: VND 160.8 billion, down 70.3%; net profit: VND 293.3 billion, up 47.1%.
• Total assets at 30 September 2026: VND 11,439.5 billion, up from VND 5,477 billion at end-2025; inventory VND 3,567.3 billion, 10.3x the start of the year.
• Total liabilities: VND 7,631 billion, up from VND 1,962 billion; customer prepayments for apartments VND 3,617.7 billion, 47.4% of total debt.

What Happened

CTCP Đầu tư và Phát triển Bất động sản An Gia (AGG), listed on the Ho Chi Minh City Stock Exchange (HOSE), released its Q3/2026 financial statements showing net revenue of nearly VND 23.8 billion, an 86% decline from the same period in 2025. Revenue from apartment sales and leasing dropped to just over VND 19.1 billion from VND 129.2 billion, while other services contributed VND 4.6 billion. The company recorded no consulting service revenue, compared with nearly VND 36.6 billion a year earlier.

Despite the revenue shortfall, a reversal of cost of goods sold of nearly VND 36.7 billion helped gross profit reach more than VND 60.4 billion, though this was still 69% lower YoY. Financial income more than doubled to VND 43.3 billion, but financial expenses rose to nearly VND 47 billion from VND 34.3 billion, and general and administrative expenses jumped 64.9% to nearly VND 25 billion. Selling expenses fell to VND 11.1 billion from VND 25.7 billion. The company did not disclose the reason for the cost reversal in the excerpt provided.

Market Context

AGG closed at VND 9,400 on 27 October 2026. The Q3 result confirms a sharp earnings contraction for the real estate developer, which has been transitioning from a handover-light period to a heavy investment phase. The Vietnamese real estate sector has faced prolonged legal and credit bottlenecks, and AGG’s revenue decline is consistent with a market where apartment completions are delayed and buyers remain cautious. The stock’s low absolute price reflects a small-cap profile with limited liquidity.

Strategic Significance

The Q3 miss is less about the profit line and more about the balance sheet transformation. Total assets more than doubled to VND 11,439.5 billion, driven by a 10.3x increase in inventory to VND 3,567.3 billion, primarily the The Gió Riverside project (VND 3,293 billion). This build-up signals a bet on future handovers, but it also raises execution risk: the company must convert these units into revenue before financing costs and administrative expenses erode margins. The nine-month profit growth of 47.1% was supported by non-recurring items and financial income, not core sales, so the quality of earnings is weak. Investors should focus on the company’s ability to deliver The Gió Riverside and The Lá Village projects on schedule, and on the trajectory of customer prepayments, which now represent 47.4% of total liabilities.

What to Watch

• Q4/2026 financial statements, expected by late January 2027, for signs of revenue recognition from The Gió Riverside handovers.
• Updates on the The Gió Riverside project’s construction progress and sales absorption rate.
• The company’s debt maturity profile and interest expense trend, given total borrowings of nearly VND 2,497.7 billion.
• Any disclosure on the VND 36.7 billion cost reversal and its recurring nature.
• SBV credit policy for real estate and any changes to mortgage lending conditions that could affect buyer demand.