Novaland, Phu My Hung, Khang Dien post record H1 2026 profits

Overview

Vietnamese real estate developers reported robust half-year 2026 earnings, with Novaland (NVL) earning nearly VND 10 billion per day and Phu My Hung close to VND 7.5 billion daily. Khang Dien (KDH) saw Q2 profit surge 277% year-on-year, the highest since listing. These results highlight a sector rebound amid ongoing debt restructuring and asset sales.

Key Facts

• Novaland (NVL) posted H1 2026 consolidated after-tax profit of VND 1,772 billion, achieving 96% of its annual plan.
• Novaland’s H1 revenue reached VND 5,096 billion, only 22% of its yearly target.
• Novaland sold four assets worth VND 11,266 billion in H1 and plans to liquidate five more, totaling VND 15,617 billion.
• Novaland secured credit approvals of VND 20,265 billion, with VND 7,120 billion disbursed; VND 13,145 billion remains available.
• Phu My Hung reported H1 pre-tax profit of nearly VND 1,669 billion, up 35% year-on-year; after-tax profit rose 40% to over VND 1,355 billion.
• Khang Dien (KDH) Q2 2026 after-tax profit reached nearly VND 750 billion, up 277% year-on-year, the highest since listing.
• Phu My Hung’s bank debt increased 46% to over VND 8,279 billion, while bond debt fell 35% to nearly VND 4,895 billion.

What Happened

According to financial statements released in early September 2026, Phu My Hung Development Co., Ltd. reported H1 2026 pre-tax profit of nearly VND 1,669 billion, up 35% from the same period in 2025. After-tax profit reached over VND 1,355 billion, a 40% increase, translating to roughly VND 7.5 billion per day. The company’s retained earnings rose 47% to VND 13,556 billion, and equity grew 63% to VND 17,053 billion. Total liabilities decreased about 4% to over VND 22,521 billion, with bank debt up 46% and bond debt down 35%.

Novaland Group reported consolidated H1 2026 revenue of VND 5,096 billion, meeting only 22% of its annual target, but after-tax profit reached VND 1,772 billion, achieving 96% of its plan. This implies average daily profit of nearly VND 10 billion. The company sold four assets worth VND 11,266 billion to repay debt and is advancing the liquidation of five more, part of a broader plan to divest assets totaling VND 15,617 billion. Novaland also renegotiated with lenders and bondholders, securing new credit facilities of VND 20,265 billion, of which VND 7,120 billion has been disbursed.

Khang Dien Investment and Trading Joint Stock Company (KDH) reported Q2 2026 after-tax profit of nearly VND 750 billion, up 277% year-on-year, the highest since its listing. However, this growth was not driven by core real estate operations but by a spike in financial income, as noted in the company’s financial report.

Market Context

Novaland (NVL) closed at VND 13,000 on September 7, 2026, on the HOSE. Khang Dien (KDH) closed at VND 17,350 the same day. The strong earnings come amid a broader recovery in Vietnam’s real estate sector, with developers focusing on debt restructuring and asset sales to improve liquidity. NVL’s profit surge, despite low revenue, suggests gains from asset disposals and financial activities rather than core sales. KDH’s profit jump, driven by financial income, may raise questions about sustainability. The sector’s performance is closely watched as a gauge of recovery from the 2022-2023 downturn.

Strategic Significance

For long-term investors, these results indicate that major developers are stabilizing financially. Novaland’s ability to secure new credit and restructure debt is critical for its ongoing projects and future revenue recognition. The high profit relative to revenue suggests one-off gains, so investors should focus on core operational recovery. Khang Dien’s profit spike, while impressive, relies on non-operating income, underscoring the need to monitor recurring earnings. Phu My Hung’s consistent growth, though not listed, signals strength in the high-end residential segment. The sector’s trajectory will depend on sustained demand and successful project deliveries.

What to Watch

• Novaland’s Q3 2026 earnings to see if profit growth continues and revenue picks up.
• Progress on the remaining five asset sales, with a target value of VND 15,617 billion.
• Khang Dien’s full-year 2026 results to assess whether core real estate revenue improves.
• Phu My Hung’s debt profile, particularly bank debt increase and bond repayments.
• Regulatory updates on Vietnam’s real estate market and interest rates affecting sector liquidity.