TV1 Q3 2026 Profit Jumps 150% as Chairman Nguyen Huu Chinh Is Detained

Overview

CTCP Tư vấn Xây dựng Điện 1 (UPCoM: TV1) reported Q3/2026 revenue of VND 168 billion (+13% YoY) and net profit of nearly VND 67 billion (+150% YoY), according to its consolidated quarterly filing. The result lands while Chairman Nguyễn Hữu Chỉnh remains suspended from duty following his arrest, leaving the board under interim leadership.

Key Facts

• Q3/2026 revenue: VND 168 billion, up 13% year on year; gross profit VND 65 billion, up 27%.
• Q3/2026 net profit: nearly VND 67 billion, up 150% YoY, or roughly 2.5 times the prior-year figure.
• Other income surged to VND 33.8 billion from about VND 99 million a year earlier, equal to nearly 44% of quarterly pre-tax profit.
• General and administrative expenses more than doubled, from VND 10.6 billion to VND 21.5 billion; interest expense fell nearly 45% to about VND 1.46 billion.
• 9M/2026 revenue: nearly VND 447 billion (+14%); net profit VND 125 billion (+44%). Q3 alone contributed close to 54% of nine-month net profit.
• Chairman Nguyễn Hữu Chỉnh was prosecuted and detained by the Ministry of Public Security investigation agency; his suspension from duty took effect 2 June 2026, with no removal or replacement decision recorded.
• Board member and General Director Nguyễn Kim Cương has been assigned to oversee board operations from 2 June 2026; EVN holds 54.34% of charter capital.

What Happened

TV1 published its consolidated Q3/2026 financial statements showing revenue of VND 168 billion, up 13% from the same quarter last year, and gross profit of VND 65 billion, up 27%. The most notable line was other income, which jumped to VND 33.8 billion from just under VND 99 million a year earlier and accounted for close to 44% of pre-tax profit for the quarter. On the cost side, general and administrative expenses rose from VND 10.6 billion to VND 21.5 billion, while interest expense fell nearly 45% to about VND 1.46 billion. Net profit came in at nearly VND 67 billion, up 150% YoY.

For the first nine months of 2026, TV1 recorded revenue of nearly VND 447 billion (+14%) and net profit of VND 125 billion (+44%), with Q3 alone contributing close to 54% of the nine-month profit. The filing follows a period of leadership disruption: Chairman Nguyễn Hữu Chỉnh was prosecuted and detained by the Ministry of Public Security investigation agency, and his suspension from duty took effect on 2 June 2026. The company has not recorded a decision to dismiss him or elect a replacement. Board member and General Director Nguyễn Kim Cương was assigned to oversee board activities from that date. The filing does not disclose the nature of the other income or the specific allegations against the chairman.

Market Context

TV1 trades on UPCoM, the exchange for unlisted public companies, and closed at VND 19,800 on 1 November 2026. The company sits in the power-consultancy and infrastructure segment, where EVN’s 54.34% stake anchors ownership and ties the business to the state utility’s project pipeline. The profit jump stands out against a Vietnamese market in which small-cap UPCoM names often trade thinly and react sharply to governance headlines; the combination of a detained chairman and a one-off income boost is the kind of mix that tends to widen the gap between reported earnings and operating quality.

Strategic Significance

For long-term holders, the central question is whether TV1’s earnings power rests on consultancy work for EVN-linked power projects or on non-recurring items. The VND 33.8 billion other-income line supplied nearly 44% of quarterly pre-tax profit, so the headline 150% growth overstates the underlying operating trajectory; stripping it out, profit growth would be far more modest and would sit alongside a doubling of administrative costs. The governance overhang matters because the chairman remains suspended rather than removed, leaving the board in an interim arrangement under General Director Nguyễn Kim Cương and without a settled succession. EVN’s majority stake provides continuity of mandate, but it also means minority shareholders have limited influence over how the leadership question is resolved.

What to Watch

• Disclosure of the nature and recurrence of the VND 33.8 billion other-income item in the Q3 filing notes.
• Any board resolution removing or replacing Chairman Nguyễn Hữu Chỉnh, or confirming Nguyễn Kim Cương’s interim role permanently.
• Q4/2026 and full-year 2026 results, to test whether the 9M profit base of VND 125 billion holds without one-off support.
• Updates from the Ministry of Public Security investigation and any related impact on EVN project awards to TV1.
• Liquidity and foreign-ownership data on UPCoM, given the thin trading typical of the ticker.