SJS Q3 Profit Jumps 349x as Nam An Khánh Drives Revenue Surge

Overview

SJ Group (HOSE: SJS) reported third-quarter net profit of more than VND 1,012 billion, 349 times the same period last year, on revenue that rose nearly 67 times to VND 1,785 billion. The results, disclosed in the company’s consolidated financial statements, were driven by continued sales at the Nam An Khánh project. Two other listed real estate names also reported early: Sonadezi Long Bình (SZB) doubled profit, while Vinahud (VHD) remained loss-making but narrowed its deficit sharply.

Key Facts

• SJS Q3 net revenue: VND 1,785 billion, up nearly 67x year-on-year; gross profit VND 1,286 billion versus about VND 7 billion a year earlier.
• SJS Q3 net profit after tax: more than VND 1,012 billion, 349x the Q3 2025 figure; management attributed the jump to ongoing business at the Nam An Khánh project.
• SJS nine-month 2026 net revenue: more than VND 2,542 billion, 6.8x the VND 371 billion recorded in the same period of 2025; cumulative net profit VND 1,431 billion, 8.2x higher.
• SJS operating cash flow swung to positive VND 365.5 billion in the first nine months of 2026 from negative VND 35.8 billion a year earlier.
• SZB Q3 net revenue: VND 143 billion, up about 38%; net profit VND 55.6 billion, roughly double year-on-year. Nine-month net profit reached VND 150.8 billion, up 49.5%.
• VHD Q3 net revenue: VND 2.7 billion, down more than 69%; net loss narrowed to VND 946 million from more than VND 9 billion a year earlier.
• VHD nine-month net loss: VND 5.2 billion, narrowed from VND 61 billion in the first nine months of 2025, though operating cash flow was negative VND 714.5 billion.

What Happened

SJ Group’s consolidated statements show gross profit of more than VND 1,286 billion for the quarter, against roughly VND 7 billion a year earlier. Financial revenue edged up more than 19% to nearly VND 928 million, while financial expenses rose 39% to about VND 3.2 billion and general and administrative costs climbed 6.7x to more than VND 10 billion. After tax, the company booked profit of more than VND 1,012 billion. SJ Group said the increase stemmed from continuing to do business at the Nam An Khánh project. For the first nine months of 2026, revenue reached more than VND 2,542 billion and net profit more than VND 1,431 billion, with operating cash flow improving to VND 365.5 billion from negative VND 35.8 billion.

Sonadezi Long Bình reported Q3 net revenue of VND 143 billion, up about 38%, and gross profit of VND 67.6 billion, up 68%. Financial revenue rose 3.5x to nearly VND 8.5 billion, though financial expenses increased from nearly VND 595 million to VND 1.7 billion. Net profit doubled to VND 55.6 billion. Vinahud, meanwhile, posted Q3 net revenue of VND 2.7 billion, down more than 69%, and a net loss of more than VND 946 million, much smaller than the more than VND 9 billion loss a year earlier. Its nine-month net loss narrowed to VND 5.2 billion from nearly VND 61 billion, even as operating cash flow fell to negative VND 714.5 billion.

Market Context

SJS closed at VND 57,100 on 16 October 2026 on HOSE, SZB at VND 43,200 and VHD at VND 2,200. The results land in a Vietnamese real estate sector still working through a slow residential recovery, where earnings at individual developers are increasingly tied to the handover timing of a small number of large projects rather than broad-based demand. SJS’s swing is a project-recognition story: the Nam An Khánh contribution is concentrated, and the 349x comparison reflects a very low base in Q3 2025. SZB’s steadier industrial-park-linked model produced a more modest but broader improvement, while VHD’s narrowed loss reflects cost reduction rather than a return to revenue growth.

Strategic Significance

The key question for SJS is whether Nam An Khánh revenue recognition is a one-off handover cycle or the start of a multi-quarter earnings stream. The positive operating cash flow of VND 365.5 billion is a more durable signal than the headline profit multiple, because it suggests cash is being collected rather than only booked. For SZB, the doubling of profit on 38% revenue growth points to margin expansion in its industrial and residential segments, a profile that tends to be less volatile than pure residential developers. VHD remains a balance-sheet repair story: the nine-month loss narrowed to VND 5.2 billion, but negative operating cash flow of VND 714.5 billion shows the company is still consuming cash, and its VND 2,200 share price reflects that distress.

What to Watch

• SJS’s Q4 and full-year 2026 filings for confirmation that Nam An Khánh revenue continues beyond the current handover cycle.
• SJS operating cash flow trend in the next quarterly report, given the swing to positive VND 365.5 billion in the first nine months.
• SZB’s Q4 revenue and gross margin, to test whether the 68% gross profit growth is repeatable.
• VHD’s operating cash flow, which remained negative VND 714.5 billion over nine months, and any asset-sale or restructuring disclosure.
• Any HOSE disclosure on SJS’s remaining inventory and unbilled sales at Nam An Khánh, which would indicate the size of the forward revenue pipeline.