Thủ Đức House (TDH) Q2 2026 Net Profit Surges 246% on Core Business Recovery

Overview

Thủ Đức House (TDH) reported Q2 2026 net revenue of nearly VND 70 billion, quadrupling year-on-year, with core operations turning profitable from a loss of VND 3.7 billion to a profit of VND 5.4 billion. Net profit for the quarter was over VND 6 billion, driven by core business rather than one-off gains. The results mark the highest quarterly revenue since Q4 2022 and signal a sustainable recovery for the HOSE-listed real estate firm.

Key Facts

• Q2 2026 net revenue reached VND 69.5 billion, nearly 4x higher than Q2 2025.
• Core business profit swung from a loss of VND 3.7 billion in Q2 2025 to a profit of VND 5.4 billion in Q2 2026.
• Net profit attributable to parent company shareholders was over VND 6 billion in Q2 2026.
• In Q2 2025, net profit was largely dependent on an extraordinary gain of over VND 18 billion from compensation in the Trần Hoàn Tiên case; in Q2 2026, such gains fell to VND 2.5 billion.
• Gross profit in Q2 2026 was VND 5.7 billion, with selling expenses of VND 3.3 billion and a reversal of VND 1.3 billion in administrative expenses.
• For the first half of 2026, net revenue reached VND 117 billion (up 4.5x YoY) and net profit was nearly VND 13 billion.
• Total assets as of June 30, 2026 stood at VND 677.3 billion, with cash and equivalents of nearly VND 12.8 billion. Total liabilities decreased 4% to VND 484 billion.

What Happened

According to its consolidated financial statements for Q2 2026, Thủ Đức House (TDH) reported net revenue of VND 69.5 billion, nearly quadruple the same period last year and the highest quarterly revenue since Q4 2022. The company’s core business operations reversed a loss of VND 3.7 billion in Q2 2025 to a profit of VND 5.4 billion in Q2 2026, driven by improved revenue and cost management.

Net profit for the quarter was over VND 6 billion, down from the prior year’s VND 18.6 billion, but the composition shifted significantly. In Q2 2025, profit relied heavily on an extraordinary compensation gain of over VND 18 billion from the Trần Hoàn Tiên case. In Q2 2026, such gains dropped to VND 2.5 billion, making the current profit primarily from core operations. This indicates a more sustainable earnings base.

Market Context

TDH shares closed at VND 3,150 on July 29, 2026, reflecting a low valuation for the HOSE-listed real estate firm. The company has been under pressure from weak earnings and legal overhangs in prior years. The Q2 2026 results, showing a return to core profitability and revenue growth, may signal a turning point. The broader real estate sector on HOSE has seen mixed performance, with small-cap names like TDH often trading on news of project progress and financial restructuring.

Strategic Significance

The shift from reliance on one-off gains to core business profitability is a key milestone for TDH. The company’s ability to generate operating profit from its real estate activities suggests that its project pipeline and sales execution are improving. The reduction in total liabilities by 4% and the maintenance of inventory provisions (VND 166 billion) indicate prudent financial management. For long-term investors, the focus should be on whether TDH can sustain this operational momentum and gradually reduce its debt burden.

What to Watch

• Q3 2026 earnings release to confirm sustained core profitability.
• Updates on the Trần Hoàn Tiên case and any further compensation payments.
• Progress on inventory monetization, particularly the VND 438 billion in inventory.
• Any new project launches or land acquisitions that could drive future revenue.
• Changes in short-term debt and cash position in upcoming quarters.