PDR, NVL, VHM Q1 2026 Earnings: Vinhomes Net Profit Surges 866%

Overview

Three major Vietnamese real estate developers — Phat Dat (PDR), Novaland (NVL), and Vinhomes (VHM) — reported sharp profit increases for the first quarter of 2026. Vinhomes led with a 866% surge in net profit to VND 25,625 billion, while PDR and NVL also posted strong gains. The results reflect a broad recovery in property handovers and land transfer activities across the sector.

Key Facts

• Vinhomes (VHM) reported Q1 2026 net profit of VND 25,625 billion, up 866% year-on-year.
• Phat Dat (PDR) recorded Q1 2026 net profit of VND 137 billion, 2.7 times higher than the same period last year.
• Novaland (NVL) posted consolidated net profit of VND 860 billion in Q1 2026.
• NVL’s net revenue from property transfers reached VND 3,452 billion, up 111% YoY.
• PDR’s total assets as of March 31, 2026 stood at over VND 24,100 billion, with inventory of approximately VND 14,000 billion.
• NVL’s total assets were about VND 253,000 billion, with inventory of VND 155,000 billion.
• VHM’s profit was driven by handovers at Vinhomes Ocean City and Vinhomes Royal Island.

What Happened

According to their Q1 2026 financial statements, all three companies reported significant profit growth. Phat Dat (HoSE: PDR) achieved total revenue and income of over VND 1,011 billion, with pre-tax profit exceeding VND 390 billion and after-tax profit of VND 137 billion. The company attributed the results to property transfers and financial income. Its inventory remained concentrated in key projects such as Quy Nhon Iconic, Thuan An 1-2, and projects in Binh Duong and Ba Ria-Vung Tau.

Novaland (HoSE: NVL) reported consolidated net revenue of VND 3,587 billion, with VND 3,452 billion from property transfers (up 111% YoY). Net profit reached VND 860 billion. The company cited handovers at Sunrise Riverside, Aqua City, NovaWorld Phan Thiet, and NovaWorld Ho Tram, along with land use rights transfers. Vinhomes (HoSE: VHM) posted net profit of VND 25,625 billion, primarily from handovers at Vinhomes Ocean City and Vinhomes Royal Island.

Market Context

On April 15, 2026, VHM closed at VND 138, up 6.83% on volume of 6.25 million shares. PDR closed flat at VND 16 on volume of 12.78 million shares, while NVL rose 2.63% to VND 18 on volume of 35.92 million shares. The strong earnings reports come amid a broader recovery in Vietnam’s real estate sector, with increased handover activity and improving investor sentiment. All three stocks trade on the Ho Chi Minh Stock Exchange (HOSE).

Strategic Significance

The Q1 results underscore a cyclical recovery in Vietnam’s real estate market, particularly for large-scale developers with substantial inventory. Vinhomes’ dominant performance highlights its ability to monetize mega-projects, while Novaland’s revenue growth signals progress in resolving project delays. Phat Dat’s profit increase, though smaller in absolute terms, indicates improved cash flow from asset turnover. The sector’s rebound is supported by easing regulatory constraints and renewed demand for residential and resort properties.

What to Watch

• Q2 2026 handover volumes and revenue recognition for VHM’s Ocean City and Royal Island projects.
• NVL’s progress on key projects Aqua City and NovaWorld Phan Thiet, and any updates on debt restructuring.
• PDR’s ability to convert its VND 14,000 billion inventory into cash, particularly at Quy Nhon Iconic.
• Broader real estate market data, including transaction volumes and new project launches in H2 2026.
• Any changes in SBV credit policies affecting real estate lending.