DICERA Holdings (DC4) Reports Record 2025 Profit, Targets 182B VND in 2026

Overview

DICERA Holdings (DC4) announced record 2025 financial results with consolidated net profit of 181.7 billion VND, up 51% year-on-year, and revenue of 1,658 billion VND, up 50%. The company also approved a 10% cash dividend for 2025 and set a 2026 profit target of 182 billion VND. The results were disclosed at the Annual General Meeting held on April 25, 2026.

Key Facts

• Consolidated revenue for 2025 reached 1,658 billion VND, a 50% increase year-on-year.
• Consolidated net profit after tax was 181.7 billion VND, up 51% year-on-year.
• The company approved a 10% cash dividend for 2025.
• 2026 profit target is set at 182 billion VND.
• DICERA was selected as the investor for a social housing project in Phong Thai Ward, Hue City, with total investment over 2,000 billion VND.
• The company completed transfer of over 95% of apartments at the Vung Tau Centre Point project.
• DICERA acquired and is developing the Hoa Lan Thuan Giao apartment project in Ho Chi Minh City (39 floors + 2 basements).

What Happened

At the Annual General Meeting on April 25, 2026, DICERA Holdings reported its best-ever financial performance for 2025. Chairman Le Dinh Thang highlighted that 2025 marked the company’s 30th anniversary and its official renaming to DICERA Holdings, with charter capital approaching 1,000 billion VND. The company attributed the strong results to a favorable macroeconomic environment, with GDP growth of 8.02%, and government focus on public investment and social housing.

DICERA has been diversifying from construction contracting into real estate investment and development. Key projects include the Vung Tau Centre Point (over 95% sold), a social housing project in Hue (over 2,000 billion VND investment), and the acquisition of the Hoa Lan Thuan Giao apartment project in Ho Chi Minh City. The company also continues construction work on projects such as the A2-1 apartment, Double Tree by Hilton Vung Tau, and pedestrian tunnels on Thuy Van Street.

Market Context

DC4 trades on the HOSE exchange. The record results come amid a recovery in Vietnam’s real estate and construction sectors, supported by strong GDP growth and government infrastructure spending. The stock’s performance will likely reflect the company’s successful pivot to real estate development and its ability to secure large projects like the Hue social housing scheme.

Strategic Significance

DICERA’s shift from pure construction contracting to real estate investment and development is proving successful, as evidenced by the 2025 results. The company’s ability to win social housing projects aligns with government policy priorities, potentially providing a stable pipeline of revenue. The acquisition and development of high-end apartment projects in Ho Chi Minh City also positions DICERA to capture demand in Vietnam’s largest urban market.

What to Watch

• Progress on the Hue social housing project and any additional social housing contracts.
• Sales velocity and pricing at the Hoa Lan Thuan Giao project in Ho Chi Minh City.
• Q1 2026 earnings release to gauge momentum toward the 182 billion VND profit target.
• Any further M&A activity or land bank acquisitions in key provinces.
• Updates on the merger of Ba Ria-Vung Tau with Ho Chi Minh City and Binh Duong, which could create new opportunities.