NTP Reports Record Q2 Profit of VND 478B, Up 49% YoY
This Aveluro analysis covers NTP on HNX in the Construction & Materials sector. The classified event type is earnings beat, with positive sentiment and a deterministic market-impact score of 8.4/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from VnExpress - Kinh doanh, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Nhua Tien Phong (NTP), the leading plastic pipe manufacturer in northern Vietnam, reported a record quarterly net profit of nearly VND 478 billion in Q2 2026, up 49% year-on-year. Revenue rose 9% to VND 2,167 billion, while cost of goods sold declined slightly, boosting gross profit. The strong performance puts NTP close to its full-year profit target after just six months.
Key Facts
- Q2 2026 net profit: nearly VND 478 billion, a record high, up 49% YoY.
- Q2 revenue: VND 2,167 billion, up 9% YoY.
- Gross profit improved 28% to over VND 818 billion as cost of goods sold fell 0.3%.
- Financial income of nearly VND 51 billion, mainly from VND 2,713 billion in bank deposits.
- Full-year 2026 targets: revenue VND 7,330 billion (148,000 tonnes of products) and pre-tax profit VND 900 billion.
- After H1 2026, NTP achieved nearly half of its revenue target and is only 3% away from its full-year profit plan.
- SCIC holds 37.1% and plans to divest fully; Sekisui Chemical (Japan) holds 15% as a strategic shareholder.
What Happened
According to its recently released financial statements, Nhua Tien Phong (NTP) posted Q2 2026 net profit of nearly VND 478 billion, the highest quarterly profit in the company’s history. Revenue reached VND 2,167 billion, up 9% year-on-year, while cost of goods sold edged down 0.3%, resulting in a 28% increase in gross profit to over VND 818 billion. The company also recorded nearly VND 51 billion in financial income, primarily from its large cash holdings of VND 2,713 billion, and nearly VND 18 billion in profit from associates and joint ventures. Management attributed the strong performance to higher sales volumes and the use of low-cost raw materials stockpiled earlier in the year.
Market Context
NTP shares closed at VND 48,400 on July 27, 2026. The stock has been supported by the company’s consistent profit growth and dominant market position. NTP holds about 60% of the northern market and over 30% nationwide for plastic pipes and fittings. The company operates three factories in Hai Phong, Nghe An, and Ho Chi Minh City with total annual capacity exceeding 260,000 tonnes. Listed on HNX since 2006, NTP has a long track record of profitability, with net profit rising nearly every year since 2019.
Strategic Significance
NTP’s record profit underscores its pricing power and cost management in a competitive industry. The company benefits from its dominant market share in northern Vietnam and strong relationships with construction companies. The presence of Sekisui Chemical as a strategic shareholder provides technical and operational expertise. The planned divestment by SCIC could attract new strategic investors or increase free float, potentially improving liquidity. NTP’s ability to maintain margins despite raw material price volatility is a key competitive advantage.
What to Watch
- Q3 2026 earnings release to see if profit momentum continues.
- SCIC divestment timeline and any block trades or strategic investor interest.
- Raw material price trends (PVC resin) and impact on gross margins.
- Progress toward full-year targets: revenue of VND 7,330 billion and pre-tax profit of VND 900 billion.
- Any capacity expansion or new product lines to sustain growth.