Everland Group (EVG) Reports 193% Net Profit Surge, Proposes 5% Stock Dividend

Overview

Everland Group Joint Stock Company (EVG) reported audited 2025 financial results showing a 193% year-on-year increase in net profit to VND 98.9 billion. The Board of Directors will propose a 5% stock dividend at the Annual General Meeting of Shareholders (AGM) scheduled for April 24, 2026, in Hà Nội. This performance underscores the company’s resilience in a challenging real estate market and its transition toward operational projects.

Key Facts

• 2025 net profit reached VND 98.9 billion, a 193% increase compared to 2024.
• Total consolidated assets grew 31.4% year-on-year to VND 6,385 billion.
• Total credit debt stood at VND 1,097 billion as of end-2025, a decrease from end-2024.
• The company plans to propose a 5% stock dividend at its AGM on April 24, 2026.
• Headcount expanded by 157% in 2025 to support business and resort operations.
• Phase 1 of the Crystal Holidays Harbour Vân Đồn resort complex, with nearly 1,000 hotel rooms and 5-star resort apartments, was inaugurated and is preparing for operation.
• The Vân Đồn resort is expected to commence operations in summer 2026, generating sustainable cash flow.

What Happened

According to its audited financial statements for 2025, Everland Group (EVG) achieved significant growth across key financial metrics, with most indicators meeting or exceeding targets. The company reported a net profit of VND 98.9 billion, a 193% surge from the previous year, alongside a 31.4% increase in total consolidated assets to VND 6,385 billion. The Board of Directors stated it will present a proposal for a 5% stock dividend for shareholder approval at the upcoming AGM.

The results highlight improved financial discipline, with total credit debt reduced to VND 1,097 billion and no bad debt or bond liabilities reported. Concurrently, the company has aggressively scaled its workforce, increasing headcount by 157% in 2025 to prepare for operational phases of its projects. A key milestone was the inauguration of Phase 1 of the Crystal Holidays Harbour Vân Đồn integrated tourism resort, which is slated to begin operations in summer 2026.

Market Context

EVG trades on the HOSE exchange. The strong 2025 results come amid persistent headwinds in Vietnam’s real estate sector, characterized by liquidity constraints and slow project approvals. The company’s focus on deleveraging and transitioning key assets like the Vân Đồn resort into revenue-generating operations may differentiate it from peers still grappling with development-stage risks. The proposed stock dividend could be viewed as a capital-preservation measure, reflecting confidence in future cash flows rather than immediate liquidity distribution.

Strategic Significance

The 2025 performance validates Everland Group’s pivot from a pure developer to an operator-developer hybrid model. The reduction in credit debt and absence of bond liabilities lower financial risk, while the asset growth is concentrated in near-term revenue-generating projects like Crystal Holidays Harbour. This shift is critical for sustaining profitability as the Vietnamese real estate market evolves, with operational cash flow from resorts providing a buffer against cyclical development margins and supporting long-term investment capacity.

What to Watch

• Shareholder vote on the 5% stock dividend proposal at the AGM on April 24, 2026.
• Operational launch and initial occupancy rates at the Crystal Holidays Harbour Vân Đồn resort in summer 2026.
• Quarterly financial reports in 2026 to track revenue contribution from operational assets.
• Updates on leverage metrics and credit debt levels following new project investments.
• Broader market recovery signals in Vietnam’s real estate and tourism sectors impacting demand.