HHV H1 Net Profit Up 20% to VND 389B, Revenue Grows 11.6%

Overview

Deo Ca Traffic Infrastructure (HHV) announced its unaudited H1 2026 financial results, posting consolidated net profit of over VND 389 billion, up 20% year-on-year. Revenue reached VND 1,877 billion, an 11.6% increase, driven primarily by toll collection from its BOT projects. The results underscore the company’s continued growth momentum across its core segments of investment, construction, and operation of transport infrastructure.

Key Facts

• H1 2026 consolidated revenue: VND 1,877 billion, up 11.6% year-on-year.
• H1 2026 net profit after tax: VND 389 billion, up 20% year-on-year.
• Q2 2026 revenue: VND 970 billion, up 2.5% year-on-year; net profit: VND 172 billion, up 13.5%.
• Toll collection revenue in H1: VND 1,246 billion, up 16.8%, accounting for over 66% of total revenue.
• Construction revenue in H1: VND 517 billion, from projects including Đồng Đăng - Trà Lĩnh, Quảng Ngãi - Hoài Nhơn, and Cam Lộ - La Sơn phase 2.
• HHV holds a 40% equity stake in the Đồng Đăng - Trà Lĩnh expressway phase 1; project output reached VND 8,800 billion (76.5% of contract value).
• Over 60 km from Đồng Đăng to Đông Khê has been paved on one side, with completion expected by end of 2026.

What Happened

According to the company’s unaudited Q2 2026 financial statements, HHV maintained its growth trajectory through its “focused growth” strategy, which centers on three core areas: investment, construction, and operation of transport infrastructure. The investment segment, particularly toll collection from BOT projects, remained the largest revenue contributor, benefiting from increased vehicle traffic on key highways.

HHV continues to invest in the Đồng Đăng - Trà Lĩnh expressway phase 1, where it holds a 40% equity stake. The project has reached 76.5% of contract value, with over 60 km of one-side asphalt paving completed. The company expects to finish and open this section by the end of 2026. Additionally, HHV is exploring new inter-regional infrastructure projects, prioritizing those with transparent mechanisms and viable financial plans.

Market Context

HHV shares closed at VND 10,050 on July 30, 2026, on the HOSE. The company operates in the infrastructure sector, which has been supported by Vietnam’s ongoing public investment push. The H1 results reflect stable cash flows from existing BOT projects, providing a foundation for future growth. The stock’s valuation will likely be influenced by the progress of the Đồng Đăng - Trà Lĩnh project and the company’s ability to secure new contracts.

Strategic Significance

HHV’s strategy of participating in the full project lifecycle through the PPP++ model differentiates it from pure construction firms. By combining investment, construction, and operation, HHV can capture value across multiple stages, enhancing long-term earnings stability. The successful execution of the Đồng Đăng - Trà Lĩnh project is critical, as it demonstrates the company’s capacity to handle large-scale expressway projects and could pave the way for future concessions. Investors should monitor the project’s completion timeline and the company’s pipeline of new infrastructure opportunities.

What to Watch

• Completion and opening of the Đồng Đăng - Trà Lĩnh expressway section by end of 2026.
• Q3 2026 earnings release, expected in October, to assess continued toll revenue growth.
• Announcements of new BOT or PPP project awards, particularly inter-regional expressways.
• Changes in traffic volumes on existing BOT routes, which directly impact toll revenue.
• Any updates on the company’s financial health, including debt levels and cash flow from operations.