Viglacera (VGC) Posts Record Q2 Profit Over 1 Trillion VND, Stock Near 1-Year Low

Overview

Viglacera (VGC), a subsidiary of GELEX Infrastructure, reported a record quarterly pre-tax profit exceeding 1,000 billion VND in Q2/2026, with revenue up 38% YoY. The strong performance was driven by industrial park leasing, but the stock remains near a one-year low, trading around 35,900 VND. The company plans to break ground on three new industrial parks totaling nearly 867 hectares.

Key Facts

• Q2/2026 pre-tax profit reached 1,036 billion VND, up 42% YoY, a record quarterly high.
• Q2/2026 revenue was 4,462 billion VND, up 38% YoY.
• Net profit after tax was 831 billion VND, up 54% YoY; parent company shareholders’ profit was 563 billion VND.
• Real estate and construction segment contributed 42% of revenue and 65% of gross profit.
• VGC plans to break ground on three industrial parks: Tay Pho Yen (500 ha), Phu Ninh phase 1 (150 ha), and So 1 Hung Yen (217 ha), totaling 867 ha.
• As of June 30, 2026, total assets were 27,670 billion VND, up 4.7% from end-2025.
• GELEX Infrastructure holds 50.21% of VGC; the Ministry of Construction holds 38.58%.

What Happened

Viglacera (VGC) released its Q2/2026 consolidated financial statements on July 29, 2026, showing a record quarterly pre-tax profit of 1,036 billion VND, the first time the company has surpassed the 1,000 billion VND mark in a single quarter. Revenue rose 38% to 4,462 billion VND, while gross profit increased 21% to 1,387 billion VND. The company attributed the growth primarily to industrial park leasing at subsidiaries, with the construction materials segment also performing better year-on-year.

Despite the strong earnings, VGC’s stock price has not reflected the improvement, trading around 35,900-36,200 VND per share, near its one-year low. The company is a subsidiary of GELEX Infrastructure, which holds 50.21% of shares, while the Ministry of Construction holds 38.58%.

Market Context

VGC shares closed at 35,750 VND on July 28, 2026, near the bottom of its one-year range. The stock’s lackluster performance contrasts with the company’s record earnings, possibly due to broader market sentiment or sector-specific concerns. VGC is listed on HOSE and operates in the construction materials and industrial real estate sectors. The industrial park leasing segment has been a key growth driver, contributing nearly 65% of gross profit in the first half of 2026.

Strategic Significance

VGC’s record profit underscores the strong demand for industrial park infrastructure in Vietnam, driven by foreign direct investment inflows and supply chain shifts. The company’s plan to break ground on three new industrial parks totaling 867 hectares positions it to capture further growth. As a state-linked entity with a major shareholder in the Ministry of Construction, VGC benefits from policy support. However, the stock’s valuation near a one-year low may reflect market skepticism about the sustainability of earnings or concerns about the broader real estate cycle. Long-term investors should monitor the execution of new projects and the company’s ability to maintain leasing momentum.

What to Watch

• Q3/2026 earnings release in October 2026 for confirmation of sustained profit growth.
• Progress on groundbreaking and construction of the three new industrial parks.
• Updates on foreign ownership limits and potential inclusion in ETFs.
• Changes in industrial park leasing rates and occupancy levels at existing sites.
• Any regulatory changes affecting industrial real estate or construction materials.