PECC2 (TV2) H1 2026 Net Profit Surges 210% Amid Leadership Change

Overview

PECC2 (TV2), a leading power engineering and construction consultancy on HOSE, reported a 210% year-on-year increase in H1 2026 net profit to VND 102 billion. The earnings beat was driven by strong revenue growth and a sharp rise in financial income. The company also announced a leadership change following the former chairman’s criminal prosecution.

Key Facts

• H1 2026 net profit reached VND 102 billion, up 210% YoY.
• Q2 2026 net profit was VND 49 billion, 8.5 times higher than Q2 2025.
• Q2 2026 revenue hit VND 438 billion, double the prior-year quarter.
• Financial income in Q2 2026 surged to VND 44 billion from VND 3 billion, a 16x increase, mainly from interest on deposits and loans (VND 36 billion).
• Total assets as of end-Q2 2026 stood at VND 4,630 billion, up 55% from the start of the year.
• Liabilities rose 97% to VND 3,356 billion, with short-term customer advances accounting for 72% (VND 2,414 billion).
• Former chairman Nguyen Chon Hung and chief accountant Bui Thi Ngoc Ly were prosecuted by the Ministry of Public Security on May 21, 2026.
• Pham Lien Hai was elected as the new chairwoman for the 2026-2031 term, effective June 30, 2026.

What Happened

PECC2 (Power Engineering Consulting Joint Stock Company 2) released its Q2 2026 financial statements showing a dramatic improvement in profitability. Net profit for the quarter reached nearly VND 49 billion, an 8.5-fold increase from the same period last year. The company attributed the growth to a doubling of revenue and a 16-fold surge in financial income, primarily from interest on deposits and loans.

Cumulatively for the first half of 2026, net profit rose 210% to VND 102 billion on revenue of VND 682 billion, up 32% YoY. The balance sheet expanded significantly, with total assets increasing 55% to VND 4,630 billion, mainly due to a rise in short-term customer advances, which reached VND 2,414 billion.

Separately, the company announced a leadership change following the criminal prosecution of former chairman Nguyen Chon Hung and chief accountant Bui Thi Ngoc Ly by the Ministry of Public Security on May 21. At the annual general meeting in June 2026, Pham Lien Hai, previously a board member and deputy general director, was elected as the new chairwoman for the 2026-2031 term, effective June 30.

Market Context

TV2 shares closed at VND 23,700 on July 28, 2026. The stock has been under pressure due to the legal issues surrounding its former chairman, but the strong earnings beat may provide support. The company operates in the industrial goods and services sector on HOSE and is a key player in Vietnam’s power engineering and construction consultancy market.

Strategic Significance

The earnings beat demonstrates PECC2’s operational resilience despite governance turmoil. The surge in customer advances suggests strong order backlog, likely tied to national energy and infrastructure projects. The leadership change could restore investor confidence if the new management maintains operational momentum. However, the prosecution of former top executives raises governance risks that may affect future contract wins and financing.

What to Watch

• Q3 2026 earnings release for sustained revenue and profit growth.
• Updates on the legal proceedings against former chairman and chief accountant.
• Changes in the order book, particularly new contracts for power and infrastructure projects.
• Any further management changes or board restructuring.
• Foreign ownership trends and trading volume on HOSE.