DIC Corp (DIG) Transfers Dai Phuoc Project Components, H1 Profit Up 9x

Overview

DIC Corp (DIG) has approved the transfer of parts of the Dai Phuoc eco-tourism urban area project to DCP Chau A and Viet Net International. The company also reported strong H1 2026 results, with pre-tax profit up 9x year-on-year. The moves are part of DIG’s strategy to restructure its project portfolio and boost liquidity.

Key Facts

• DIG approved the transfer of 134,303 m² in Sub-zone 8 of the Dai Phuoc project to DCP Chau A.
• DIG approved the transfer of 19,110 m² in Sub-zones 1, 2, 3 to Viet Net International.
• The Dai Phuoc project spans 464.5 hectares with a total investment of VND 7,506 billion.
• DCP Chau A was established in April 2014, with a current charter capital of VND 450 billion as of April 2024.
• Viet Net International was founded in June 2011, with a charter capital of VND 22 billion as of April 2017.
• H1 2026 revenue reached VND 758 billion, up 78% year-on-year.
• H1 2026 pre-tax profit reached VND 146 billion, up 9x year-on-year.
• Q2 2026 revenue was VND 613 billion, 2.2x higher than the same period last year, but gross profit fell 60% to VND 42 billion.

What Happened

DIC Corp (DIG) announced via a board resolution that it will transfer parts of the Dai Phuoc eco-tourism urban area project in Dai Phuoc commune, Dong Nai province. Specifically, 134,303 m² of Sub-zone 8 will go to DCP Chau A, and 19,110 m² of Sub-zones 1, 2, and 3 will go to Viet Net International. The resolution approves the necessary documents and procedures to complete the transfers.

The company also released its consolidated financial statements for Q2 2026, showing revenue of VND 613 billion, up 2.2x year-on-year, but gross profit fell over 60% to VND 42 billion due to a 3.4x increase in cost of goods sold. However, a spike in financial income (VND 116 billion) and a near 6x rise in profit from associates (over VND 40 billion) helped pre-tax profit reach VND 156 billion, up nearly 3x. For the first half of 2026, revenue was VND 758 billion (+78%) and pre-tax profit was VND 146 billion (9x higher). The company’s 2026 targets are VND 3,000 billion in revenue and VND 600 billion in pre-tax profit, implying it has achieved 25% and 24% of those targets, respectively.

Market Context

DIG shares closed at VND 10,600 on August 3, 2026, on the HOSE. The stock has been under pressure amid a sluggish real estate market, but the H1 earnings surge and project divestments may signal a turnaround. The Dai Phuoc project is a key asset, and the transfers could provide much-needed cash flow. The broader Vietnamese real estate sector is recovering slowly, with developers focusing on debt reduction and project restructuring.

Strategic Significance

The transfers of Dai Phuoc sub-zones to DCP Chau A and Viet Net International appear to be part of DIG’s strategy to monetize non-core or underperforming assets, reduce debt, and focus on core developments. The buyers are private companies, suggesting a potential partnership or joint development arrangement. For long-term investors, this could improve DIG’s liquidity and balance sheet, but the lack of disclosed transaction values makes it difficult to assess the financial impact. The strong H1 profit growth, driven by financial income and associates, may not be sustainable, so investors should watch for operational improvements.

What to Watch

• Disclosure of transaction values and payment terms for the Dai Phuoc transfers.
• Q3 2026 earnings report to see if revenue and profit growth continue.
• Progress on the Dai Phuoc project’s remaining sub-zones and any new development partners.
• DIG’s debt levels and cash flow from operations in the coming quarters.
• Any regulatory approvals or legal challenges related to the transfers.