Dat Phuong (DPG) 9M 2026: Revenue Up 48%, Profit Up 15%

Overview

Dat Phuong Group (HOSE: DPG) reported 9M 2026 consolidated revenue of VND 4,209 billion, up 48% year on year, with after-tax profit of VND 332 billion, up 15%, according to the Q3/2026 consolidated financial statements. Construction drove the expansion, contributing VND 3,704 billion, or nearly 88% of total revenue, but consolidated gross margin narrowed to 12.16% from 15.75% a year earlier.

Key Facts

• 9M 2026 net revenue: VND 4,209 billion, +48% YoY; after-tax profit: VND 332 billion, +15% YoY.
• Q3 2026 alone: net revenue VND 1,854 billion (+57%), pre-tax profit VND 139 billion (+41%), after-tax profit VND 105 billion (+26%).
• Construction revenue reached VND 3,704 billion (+54%), about 88% of the total; Q3 construction revenue was VND 1,681 billion (+58%).
• Gross profit was VND 512 billion (+14%), and gross margin fell to 12.16% from 15.75%.
• Segment gross margins: construction 8.2%, real estate 6.88%, power 61.9%.
• Power sales revenue fell 20% to VND 327 billion; real estate revenue reached VND 78 billion (52x YoY) and services VND 99 billion (3.6x).
• After-tax profit attributable to the parent was VND 286 billion, +36% YoY; financial income was VND 37 billion, up 3x, mainly deposit interest.

What Happened

The figures come from Dat Phuong’s Q3/2026 consolidated financial statements, a regulatory filing by the HOSE-listed group. Revenue growth accelerated in the quarter, with net revenue up 57% and construction revenue up 58% as the contractor advanced on major infrastructure works. For the nine months, pre-tax profit rose 24% to VND 391 billion, while after-tax profit rose 15% to VND 332 billion. Profit attributable to the parent company grew faster, at 36% to VND 286 billion, indicating a higher share of earnings from subsidiaries.

The filing shows a clear mix effect. Construction carries an 8.2% gross margin and now dominates the revenue base, while power generation, at a 61.9% gross margin, saw revenue fall 20% to VND 327 billion. Real estate and services expanded rapidly from a small base but remain marginal contributors. The result is revenue growth of 48% against gross profit growth of only 14%. The filing also notes lower selling expenses, down 35% to VND 2.2 billion, and a 4.8x increase in profit from joint ventures and associates to VND 26.6 billion. The company does not disclose a full-year profit target in the excerpt provided.

Market Context

DPG closed at VND 30,200 on 29 October 2026 on HOSE. The stock trades as a small-cap contractor within the Vietnamese construction and materials sector, a group that has been supported by public infrastructure spending but pressured by input-cost inflation and tight credit for developers. Dat Phuong’s profile is unusual in combining construction with hydropower and a small property book, which gives it a higher-margin earnings cushion than pure contractors. The narrowing gross margin is consistent with the sector-wide pattern in 2026, where contractors win volume but absorb higher material and subcontractor costs.

Strategic Significance

The investment case for DPG rests on whether infrastructure contract volume can be converted into acceptable returns. Nine-month revenue growth of 48% demonstrates order-book execution and positions the group for the government’s transport and energy infrastructure pipeline. However, with construction at 88% of revenue and an 8.2% gross margin, consolidated profitability is now highly sensitive to project cost control. The hydropower segment, despite a 20% revenue decline, remains the margin anchor at 61.9%, and its performance will determine whether group margins stabilize. The 36% growth in parent-attributable profit also suggests minority interests are absorbing a rising share of subsidiary earnings, a detail worth tracking for per-share returns.

What to Watch

• Full-year 2026 revenue and profit plan, if disclosed in the annual general meeting resolutions or subsequent filings.
• Q4 2026 gross margin trend, particularly whether construction margin recovers above 8.2%.
• Hydropower output and revenue in Q4, given the 20% nine-month decline and the segment’s 61.9% margin.
• Updates on related-party asset pledges by group leaders used to secure bank loans, as reported in local media.
• Any new infrastructure contract awards that extend the construction backlog into 2027.