SJS Q3/2026 Pre-Tax Profit Jumps 32,099% as Vietnamese Earnings Season Opens

Overview

SJ Group (ticker SJS, HOSE) reported third-quarter 2026 pre-tax profit of approximately VND 1,265 billion, up 32,099% from about VND 4 billion in the same period of 2025, according to the company’s Q3/2026 financial statement as compiled in local press coverage dated 21 October. The result leads an early earnings season in which a broad set of listed Vietnamese companies across real estate, securities, energy, oil and gas, and construction materials reported triple-digit or higher pre-tax profit growth.

Key Facts

• SJ Group (SJS) Q3/2026 pre-tax profit: ~VND 1,265 billion, versus ~VND 4 billion in Q3/2025, a 32,099% increase (more than 320 times).
• SJS nine-month 2026 pre-tax profit: VND 1,792 billion, up 713% year-on-year.
• Kinh Bắc Urban Development (KBC) Q3/2026 pre-tax profit: VND 1,221 billion, up 185% from VND 428 billion; nine-month profit VND 1,768 billion, down 14%.
• An Bình Securities (ABW) Q3/2026 pre-tax profit: VND 376 billion versus VND 58 billion, up 552%; nine-month VND 602 billion, up 361%.
• Nhơn Trạch 2 Power (NT2) Q3/2026 pre-tax profit: VND 524 billion, up 119%; nine-month VND 1,132 billion, up 75%.
• PV Gas D (PGD) Q3/2026 pre-tax profit: VND 331 billion, up 257%; nine-month VND 361 billion, up 110%.
• Other reporters: ICN VND 12 billion (+245%), UDJ VND 32 billion (+1,262%), TNS VND 12 billion (+825%), SRC VND 26 billion (+209%), TMG VND 84 billion (+300%), BSL VND 38 billion (+176%).

What Happened

The figures were compiled from company financial statements published through the morning of 21 October 2026, ahead of the statutory deadline for Q3 disclosures. SJ Group’s swing from a near-breakeven base of roughly VND 4 billion in Q3/2025 to VND 1,265 billion this quarter is the largest percentage gain in the sample; the article attributes the comparison to the low year-earlier base rather than detailing the revenue drivers, which the filing summary does not break out. The nine-month cumulative figure of VND 1,792 billion implies the third quarter alone accounted for roughly 70% of year-to-date profit.

Kinh Bắc (KBC) illustrates the uneven nature of the season: its Q3 pre-tax profit of VND 1,221 billion was up 185% year-on-year, yet nine-month profit of VND 1,768 billion was 14% below the prior year, indicating that earlier quarters were weak. Securities firms were a second cluster of strength, with ABW up 552% and HD Securities reporting VND 769 billion (+208%). In energy, NT2 and PGD both benefited from a higher quarter-on-quarter comparison base, while steel and materials names such as TNS, SRC and TMG posted gains of 200% to 800%.

Market Context

SJS closed at VND 53,000 on 20 October 2026 on HOSE, the session before the earnings compilation circulated. KBC closed at VND 26,800, ICN at VND 24,800 and UDJ at VND 7,400. The breadth of the beat — spanning real estate, securities, power, gas and materials — points to a low-base effect from a weak Q3/2025 rather than a single sector driver, a pattern that has historically made percentage-growth headlines a poor guide to absolute earnings quality on the Vietnamese market.

Strategic Significance

For long-term holders, the key question is whether SJS’s VND 1,265 billion quarter reflects recurring real-estate handover revenue or a one-off recognition event. A single quarter contributing about 70% of nine-month profit suggests lumpy project delivery, typical of Vietnamese residential developers, and the article does not disclose the underlying project or revenue line. The same caution applies across the sample: KBC’s full-year decline despite a strong quarter shows how concentrated recognition schedules can distort headline growth rates. Investors should treat the 32,099% figure as a base-effect artefact and focus on absolute profit, cash collection and backlog disclosure in the full financial statements.

What to Watch

• Full Q3/2026 financial statements for SJS, including revenue breakdown and the project or segment driving the VND 1,265 billion pre-tax profit.
• Whether SJS sustains earnings into Q4/2026 or reverts toward the low base seen in prior quarters.
• KBC’s Q4 delivery schedule, given nine-month profit remains 14% below the prior year.
• Further Q3 disclosures before the 21 October reporting deadline, particularly from HD Securities and other large-cap reporters not yet in the sample.
• Any HOSE or regulatory filing clarifying one-off items behind the largest percentage gains.