Viettel Construction (CTR) 9M Revenue Up 23% to VND 12,343B, 79% of Annual Plan

Overview

Viettel Construction (ticker CTR, HOSE) reported nine-month 2026 revenue of nearly VND 12,343 billion, up 23% year-on-year, and pre-tax profit of about VND 617 billion, up 13%, completing roughly 79% of its annual plan. The company, Vietnam’s largest tower operator with 12,000 BTS stations, averaged more than VND 50 billion in daily revenue in September. The results matter for CTR because they show construction and technical services offsetting slower growth in the core operations-and-maintenance segment.

Key Facts

• 9M revenue: nearly VND 12,343 billion, up 23% year-on-year; pre-tax profit about VND 617 billion, up 13%.
• September revenue: VND 1,520 billion (+13% YoY); pre-tax profit above VND 75 billion.
• Q3 revenue: about VND 4,293 billion (+8% YoY), exceeding the quarterly plan by nearly 3%; Q3 pre-tax profit about VND 215 billion.
• 9M performance equals roughly 79% of the full-year target.
• Tower infrastructure: 12,000 BTS stations, 2.45 million sqm of DAS coverage, 2,716 km of transmission, and 17,447 MWp of solar power; 648 BTS sites host multiple carriers.
• Construction revenue: nearly VND 4,670 billion (+37% YoY), lifting its revenue share from 34% to 38%.
• New construction contracts signed in September: VND 1,035 billion; 9M total VND 4,595 billion (+76% YoY).

What Happened

Viettel Construction, formally Tổng CTCP Công trình Viettel, published its September and nine-month business results, according to the company’s disclosure. September revenue reached VND 1,520 billion, up 13% year-on-year, equivalent to more than VND 50 billion per day, while pre-tax profit exceeded VND 75 billion. Revenue from outside the Viettel group accounted for 52% of September turnover at VND 779 billion, with the remainder generated internally; domestic operations contributed 87% of revenue and overseas markets 13%.

For the third quarter, revenue was about VND 4,293 billion, up nearly 8% year-on-year and about 3% above the quarterly plan, with pre-tax profit of roughly VND 215 billion. Across the first nine months, revenue reached nearly VND 12,343 billion and pre-tax profit about VND 617 billion, meeting approximately 79% of the annual plan. Segment detail shows construction growing fastest at 37%, followed by solutions and technical services at 51%, while operations and maintenance revenue rose 6% and its revenue share fell to 39% from 45% a year earlier.

Market Context

CTR closed at VND 68,100 on 15 October 2026 on the HOSE exchange. The stock sits within the construction and materials sector, but its tower-leasing and technical-services mix gives it a recurring-revenue profile closer to telecommunications infrastructure than to pure contractors. The nine-month figures extend a pattern in which construction and solar contract wins, rather than the mature operations segment, drive top-line growth. The company’s tower portfolio, DAS footprint and solar capacity position it as the leading independent TowerCo in Vietnam, a market where shared infrastructure demand continues to build alongside national 5G rollout.

Strategic Significance

The investment case rests on CTR converting its tower and technical-services base into a higher-margin, annuity-like revenue stream while construction and solar act as growth engines. New construction contracts signed in the first nine months rose 76% to VND 4,595 billion, and new solar contracts rose 84% to about VND 1,700 billion, with solar market share reported at 51% and coverage across 1,485 of 3,321 communes, roughly 45%. That backlog supports revenue visibility into 2027. The key tension is margin: revenue grew 23% while pre-tax profit rose 13%, and the operations segment, which carries the recurring-revenue quality investors pay for, grew only 6% and lost revenue share. How quickly tower leasing and multi-carrier co-location, currently 648 shared BTS sites, scale relative to lower-margin construction will determine whether profit growth converges with revenue growth.

What to Watch

• Q4 and full-year 2026 results, including whether CTR meets the remaining 21% of its annual profit plan.
• Growth in the tower-leasing segment and the number of multi-carrier co-location sites, which drives recurring revenue mix.
• Conversion of the VND 4,595 billion construction backlog and VND 1,700 billion solar contract pipeline into recognized revenue.
• Solar coverage progress toward full national reach from the current 45% of communes.
• Any disclosure on margin trends as construction’s revenue share continues to rise.