PC1 9M2026: Revenue Falls VND 1,200B but Net Profit Rises 27% to VND 894B

Overview

PC1 Group (HOSE: PC1) reported consolidated 9M2026 net profit of nearly VND 894 billion, up 27% year on year, even as net revenue fell more than VND 1,200 billion. The divergence reflects a shift in profit mix toward the high-margin energy and mining segments, plus a VND 211 billion increase in financial income. The company also disclosed roughly VND 5,000 billion in cash and short-term investments as of 30 September 2026.

Key Facts

• 9M2026 net revenue: VND 6,825 billion, down more than VND 1,200 billion year on year.
• 9M2026 net profit after tax: nearly VND 894 billion, up 27%, meeting about 85% of the full-year plan.
• Q3 2026 alone: net revenue of nearly VND 2,620 billion (-20% YoY) and net profit of over VND 416 billion (+5% YoY).
• Gross margin improved to 24.3% from 20.4%; cost of goods sold fell from VND 6,423 billion to VND 5,166 billion.
• Energy segment: VND 1,325 billion revenue, nearly VND 748 billion gross profit, 56.5% margin. Mining: VND 938 billion revenue, over VND 450 billion gross profit, 48% margin.
• Construction and installation: VND 2,806 billion revenue but only VND 159 billion gross profit, a 5.7% margin.
• Financial income rose nearly VND 211 billion to VND 364 billion, including about VND 120 billion from divestment gains and over VND 177 billion in deposit and lending interest.
• Cash and cash equivalents of VND 2,490 billion plus VND 2,510 billion in short-term investments, about VND 5,000 billion or over 20% of total assets of nearly VND 24,000 billion.

What Happened

The figures come from PC1’s consolidated Q3 2026 financial statements. Revenue contracted sharply, but cost of goods sold fell by nearly VND 1,260 billion, allowing gross profit to reach VND 1,659 billion, slightly above the prior-year period. The profit mix has shifted decisively: energy and mining together contributed close to VND 1,200 billion of gross profit, more than 72% of the group total, despite accounting for only about one third of revenue. Construction remains the largest revenue line but earns a thin 5.7% gross margin.

Financial income added a further lift. PC1 booked nearly VND 120 billion in gains from divesting investments in subsidiaries and associates, versus about VND 200 million a year earlier. ACBS research attributes this to the sale of its stake in CTCP Đầu tư Bất động sản CT2, recorded in Q1 2026; PC1 had previously invested VND 300 billion for a 49% holding. Deposit and lending interest reached over VND 177 billion (+52%), and unrealised foreign-exchange gains added more than VND 53 billion. Financial expenses fell VND 33 billion to about VND 604 billion, lifting pre-tax profit to over VND 1,037 billion, up VND 226 billion.

Market Context

PC1 closed at VND 18,500 on 30 October 2026 on HOSE. The stock sits in the construction and materials sector but derives most of its profit from power generation and mining, a structure that has insulated earnings from the weak construction cycle. Total liabilities fell more than VND 1,200 billion from the start of the year to VND 14,422 billion, of which borrowings and bonds account for about VND 10,880 billion, against equity of roughly VND 9,540 billion. The article notes that Trịnh Khánh Linh, born in 1999, has chaired the board since July 2026; the source text is truncated at that point and does not detail the succession.

Strategic Significance

The result supports a thesis that PC1 is increasingly an energy and mining margin story rather than a construction volume story. A 56.5% gross margin in energy and 48% in mining means incremental profit is driven by plant availability, power pricing and mineral output, not by backlog growth. The VND 5,000 billion liquidity position, equal to more than 20% of assets, gives management room to fund hydropower or renewable projects and service VND 10,880 billion of debt without fresh equity. The caveat is quality of earnings: divestment gains and interest income are non-recurring or rate-sensitive, so the 27% profit growth overstates operating momentum.

What to Watch

• Q4 2026 and full-year 2026 results, to confirm whether the 24.3% gross margin holds without one-off divestment gains.
• Hydropower output and reservoir levels through the dry season, which drive the energy segment’s 56.5% margin.
• Mining volume and mineral price disclosures, given the segment’s 48% margin and VND 450 billion gross profit.
• Any deployment of the VND 5,000 billion cash balance, or further divestments of associate stakes.
• Debt maturity profile on the VND 10,880 billion borrowings and bonds, and the strategic direction under the new chair.