BGI Group (VC7) Q3/2026 Profit Jumps 3,195% on Viet Yen Real Estate

Overview

BGI Group (HNX: VC7) reported Q3/2026 consolidated net revenue of VND 608 billion, up 336% year on year, and after-tax profit of VND 138 billion, up 3,195%, according to the company’s consolidated financial statements. The surge was driven almost entirely by real estate revenue at Công ty TNHH Bất động sản Việt Yên, the developer of the Việt Yên Riverside project in Bắc Ninh province. The result matters because a single project now accounts for the large majority of VC7’s consolidated revenue and profit.

Key Facts

• Q3/2026 net revenue: VND 608 billion, versus VND 139 billion in Q3/2025, a 336% increase.
• Q3/2026 after-tax profit: VND 138 billion, up 3,195% year on year, or nearly 33 times the prior-year quarter.
• Cost of goods sold rose 167% to VND 339 billion from VND 127 billion; gross profit reached VND 269 billion, more than 21 times the prior year.
• Gross margin improved to 44% from 9% a year earlier.
• Việt Yên Real Estate recorded approximately VND 457 billion of revenue and VND 155 billion of pre-tax profit in the quarter, equal to about 75% of BGI Group’s consolidated Q3 revenue.
• 9M/2026 net revenue: VND 894 billion (+163%); after-tax profit: VND 150 billion (+804%). Q3 alone contributed about 68% of nine-month revenue and 92% of nine-month after-tax profit.
• The consolidation scope changed because CTCP Xây dựng BGI is no longer a subsidiary.

What Happened

In an explanation filed with the Hà Nội Stock Exchange on 27 October, BGI Group attributed the profit jump mainly to real estate revenue at Việt Yên Real Estate, the investor behind the Việt Yên Riverside project. The project’s legal name is Khu đô thị mới thị trấn Bích Động, located in Việt Yên ward, Bắc Ninh province, on National Highway 37 near the Vân Trung, Quang Châu and Đình Trám industrial parks. It covers 30.1 hectares and comprises 560 products: 39 rough-built shophouses, 472 adjacent land plots and 49 villas.

The project was approved in principle by the Bắc Giang provincial government on 25 June 2021 and broke ground on 12 December 2024, with land handover and construction permits granted that same month. In November 2025, the Bắc Ninh Department of Construction notified that the 39 rough-built houses were eligible for sale as future-form housing. BGI Group traces its history to 1988 as a construction unit under Tổng công ty Vinaconex, became Vinaconex 7 in 2002 and took its current name in 2021; VC7 has traded on the Hà Nội exchange since December 2007. The company has charter capital of nearly VND 961 billion.

Market Context

VC7 closed at VND 7,900 on 28 October 2026 on HNX. The stock sits in the small-cap real estate and construction segment of the Hà Nội exchange, a group that has lagged the large-cap VN-Index complex for much of the year as credit conditions for residential developers remained tight. Earnings of this scale are unusual for a company of VC7’s size, and the market’s reaction will likely hinge on whether investors treat the quarter as a one-off handover event or the start of a broader revenue recognition cycle at Việt Yên Riverside.

Strategic Significance

The investment case now rests on project-level execution rather than the legacy construction business. With gross margin at 44% and 92% of nine-month profit booked in a single quarter, VC7’s earnings quality depends on how much of the 560-unit Việt Yên Riverside inventory remains to be handed over and recognised. The removal of CTCP Xây dựng BGI from the consolidation perimeter also simplifies the group toward a pure property-development model, but it reduces diversification and leaves the balance sheet exposed to a single project’s absorption rate in Bắc Ninh’s industrial-adjacent housing market.

What to Watch

• Q4/2026 financial statements, to confirm whether Việt Yên Riverside revenue continues or the Q3 handover was a one-time recognition.
• Disclosure on the remaining unsold inventory of the 560 Việt Yên Riverside products.
• Any HNX filing on the change in consolidation scope following the deconsolidation of CTCP Xây dựng BGI.
• Updates on licensing and sales eligibility for the 472 adjacent land plots and 49 villas.
• Liquidity and foreign-ownership data for VC7 following the results announcement.