PC1 Profit Surges 150% in H1, Signs VND 2,000B Contracts After Leadership Shakeup

Overview

PC1 Group (PC1) reported a 150% increase in first-half net profit year-on-year, despite a leadership crisis in May that led to the detention of former Chairman Trinh Van Tuan and several board members. The company has signed over VND 2,000 billion in new contracts with major private developers and is negotiating additional deals worth VND 16,000 billion, while also pursuing a USD 200 million offshore wind project in the Philippines.

Key Facts

• H1 2026 net profit rose approximately 150% year-on-year, according to Vice Chairman Phan Ngoc Hieu.
• The company signed contracts worth over VND 2,000 billion with Vingroup, Sun Group, and Masterise.
• PC1 is in final-stage negotiations for new contracts totaling an estimated VND 16,000 billion.
• The company is negotiating a USD 200 million offshore wind contract in the Philippines.
• Former Chairman Trinh Van Tuan and several board members were detained in May 2026 on charges of embezzlement and accounting violations.
• At an extraordinary general meeting on July 24, 2026, Trinh Khanh Linh (27, daughter of Trinh Van Tuan) was elected Chairwoman, and Trinh Tien Dung (brother of Trinh Van Tuan) was elected to the board.
• PC1’s 2025 full-year revenue reached VND 13,085 billion (+30% YoY), with net profit of VND 1,356 billion (+91% YoY).

What Happened

PC1 Group has reported a 150% surge in first-half net profit compared to the same period last year, according to Vice Chairman Phan Ngoc Hieu speaking at the company’s extraordinary general meeting on July 24. The profit growth came despite a leadership crisis in May 2026, when former Chairman Trinh Van Tuan and several board members were detained on charges of embezzlement and accounting violations.

To mitigate the impact, PC1 shifted its business strategy toward private-sector clients, signing contracts worth over VND 2,000 billion with major developers including Vingroup, Sun Group, and Masterise. The company is also in the final stages of negotiating additional contracts totaling an estimated VND 16,000 billion. Internationally, PC1 is negotiating a USD 200 million offshore wind project in the Philippines, which management sees as a stepping stone for deeper participation in Vietnam’s offshore wind market.

Market Context

PC1 shares closed at VND 21,100 on July 26, 2026, on the HOSE exchange. The stock has been under pressure since the leadership crisis in May, but the strong earnings and new contract wins may restore investor confidence. The company’s 2025 results showed robust growth, with revenue up 30% and net profit up 91%, placing it among the top performers in the construction and energy sectors. The shift to private clients and international expansion could help diversify revenue away from state-owned EVN, which was heavily affected by the leadership turmoil.

Strategic Significance

PC1’s ability to secure large contracts with top-tier private developers and pursue international offshore wind projects demonstrates resilience and strategic adaptability. The leadership transition to the founder’s daughter and brother, combined with the entry of institutional investors like VietinBank Capital (7.54% stake) and a group related to CII (over 11% stake), suggests a stabilization of governance. The offshore wind initiative in the Philippines positions PC1 to capitalize on the growing renewable energy demand in Southeast Asia, potentially opening a new growth avenue beyond its traditional EPC and industrial production businesses.

What to Watch

• Finalization of the VND 16,000 billion in new contracts under negotiation.
• Progress on the USD 200 million offshore wind project in the Philippines, including any signed agreements.
• Q3 2026 earnings report to confirm sustained profit growth post-crisis.
• Any further regulatory or legal developments related to the former chairman’s case.
• Changes in foreign ownership limits or investor sentiment as institutional stakes rise.