Shark Hung Resigns from Cen Land Board; CRE Reports 79.7% Net Profit Surge in 2025

Overview

Pham Thanh Hung (Shark Hung) has resigned as a member of the Board of Directors of Cen Land (CRE), with the resignation to be submitted for shareholder approval at the 2026 Annual General Meeting. The announcement comes alongside CRE’s 2025 financial results, which show a 79.7% surge in net profit despite a 13.9% decline in revenue.

Key Facts

• Pham Thanh Hung (Shark Hung) submitted his resignation as a Board member of Cen Land (CRE) on April 27, 2026.
• The resignation will be presented to shareholders at the 2026 AGM scheduled for 2:00 PM on May 22, 2026.
• CRE’s 2025 consolidated net revenue was VND 1,323.48 billion, down 13.9% from VND 1,538.00 billion in 2024.
• Net profit after tax in 2025 reached VND 75.1 billion, up 79.7% from VND 41.79 billion in 2024.
• Core brokerage revenue exceeded VND 1,040 billion in 2025, with improved margins.
• Total assets as of December 31, 2025 stood at VND 7,544.86 billion, up 5.07% year-on-year.
• Short-term assets surged 57.97% to VND 6,789.96 billion, while long-term assets fell 73.81% to VND 754.9 billion.

What Happened

Cen Land (CRE) disclosed in a filing to the State Securities Commission and Ho Chi Minh City Stock Exchange (HoSE) that it received a resignation letter from Board member Pham Thanh Hung, commonly known as Shark Hung, on April 27, 2026. In his letter, Hung cited a desire to focus on personal matters and pursue new directions as the reason for stepping down. He was elected to the Board for the 2023-2028 term.

The resignation is expected to be formally presented to shareholders at the 2026 Annual General Meeting, scheduled for May 22, 2026. Shareholders of record as of April 20, 2026 will be eligible to vote.

Separately, CRE reported its 2025 financial results, showing a 13.9% decline in consolidated revenue to VND 1,323.48 billion, but a sharp 79.7% increase in net profit to VND 75.1 billion. The company attributed the profit growth to higher-margin core brokerage activities and the initial recognition of profit-sharing from strategic joint ventures.

Market Context

CRE shares trade on HoSE under the real estate sector. The company’s 2025 results reflect a mixed performance: revenue contraction but significant profit expansion, suggesting a shift toward higher-margin business lines. The resignation of a high-profile board member like Shark Hung may raise governance questions, though the company’s improved profitability could offset sentiment. The broader Vietnamese real estate sector has been recovering gradually, with brokerage firms benefiting from increased transaction volumes.

Strategic Significance

Shark Hung’s departure removes a well-known figure from CRE’s board, potentially impacting investor confidence in the short term. However, the company’s 2025 earnings highlight a successful pivot to core brokerage and joint-venture profit-sharing, which may reduce reliance on individual board members. The sharp increase in short-term assets and long-term debt suggests active working capital management and possible expansion. Investors should assess whether the profit growth is sustainable and whether the board can maintain strategic direction without Hung.

What to Watch

• Shareholder vote on the resignation at the 2026 AGM on May 22, 2026.
• Any subsequent board appointments or changes in management structure.
• Q1 2026 earnings release to see if profit momentum continues.
• Changes in short-term asset composition and debt levels in upcoming quarterly reports.
• Market reaction to the resignation and any commentary from the company on future strategy.