FECON H1 2026 Profit Quadruples, Adds VND 3.6 Trillion New Contracts

Overview

FECON Corporation (FCN) announced strong first-half 2026 results, with net profit after tax reaching nearly VND 79 billion, more than four times the year-ago figure, and revenue up 50% to VND 3,213 billion. The company also secured over VND 3.6 trillion in new contracts during Q2, including major packages at Gia Binh airport, underscoring its expansion beyond foundation works into broader infrastructure construction.

Key Facts

• H1 2026 net profit after tax: nearly VND 79 billion, up more than 4x year-on-year.
• H1 2026 revenue: VND 3,213 billion, up 50% from the same period in 2025.
• Q2 2026 revenue: VND 1,910 billion, up 44% year-on-year; Q2 net profit: VND 35 billion, up 118%.
• New contracts and work orders in Q2 2026: over VND 3,600 billion.
• Gia Binh airport project packages: nearly VND 1,600 billion, the largest contributor.
• Sun Group projects: approximately VND 440 billion in new packages.
• Tam Anh Hospital HCMC basement works: VND 326 billion from two packages.
• Hancinco Nguyễn Xiển project: over VND 300 billion; Thủ Thiêm Administrative Center: about VND 290 billion.
• Real estate sales and transfer segment contributed VND 117 billion in H1 revenue, a notable improvement from 2025.

What Happened

FECON announced its H1 2026 business results and new contract wins in a company release. The company reported that in Q2 2026, FECON and its subsidiaries secured over VND 3.6 trillion in new contracts and work orders across multiple large-scale infrastructure, underground, and foundation projects. The most significant was a series of packages at the Gia Binh airport project, totaling nearly VND 1.6 trillion, indicating a broadening scope from specialized foundation and ground treatment to integrated airport infrastructure construction.

Other notable new work included approximately VND 440 billion from Sun Group projects, VND 326 billion from two basement construction packages at Tam Anh Hospital in Hồ Chí Minh City, over VND 300 billion at the Hancinco Nguyễn Xiển project, and about VND 290 billion at the Thủ Thiêm Administrative Center. The company emphasized that the new contract portfolio is not only larger but also more diversified by project type and geography, supporting its core foundation and underground works while expanding into high-requirement infrastructure and urban projects.

Market Context

FCN shares closed at VND 10,900 on August 3, 2026, on the HOSE. The construction sector in Vietnam has faced headwinds from high capital costs, material price volatility, and slow payment collection, but FECON’s profit growth outpacing revenue suggests improving operational efficiency. The company’s move into airport and large-scale infrastructure projects aligns with Vietnam’s ongoing public investment push, which has been a key driver for construction firms.

Strategic Significance

FECON’s results signal a successful strategic shift from a niche foundation contractor to a broader infrastructure player. The VND 1.6 billion in Gia Binh airport packages, along with diversified wins across healthcare, residential, and administrative projects, reduce reliance on any single segment. The growing real estate segment, contributing VND 117 billion in H1 revenue, also adds a new revenue stream. For long-term investors, this diversification could improve earnings stability and position FECON to capture more value from Vietnam’s infrastructure spending cycle.

What to Watch

• Q3 2026 earnings release for continued revenue and profit momentum.
• Progress and payment milestones on Gia Binh airport and other major contracts.
• Further real estate project contributions to revenue and cash flow.
• Order book updates in subsequent quarters to confirm sustained contract flow.
• Any changes in construction material costs or interest rates affecting margins.