Khang Dien Group (KDH) Reports 2025 Revenue Up 42%, Profit Up 29% at AGM

Overview

Khang Dien Group (KDH) held its 2026 Annual General Meeting on April 22, 2026, at the Lotte Saigon Hotel in Ho Chi Minh City, reporting strong 2025 financial results and approving a 10% dividend for the year. The company’s performance was largely driven by its Gladia by the Waters project, a joint venture with Keppel, and it has set ambitious revenue and profit targets for 2026, reflecting confidence in its ongoing developments in Ho Chi Minh City’s real estate market.

Key Facts

• KDH reported 2025 revenue of VND 4,651 billion, a 42% year-over-year increase.
• 2025 net profit reached VND 1,045 billion, up 29% compared to the previous year.
• Total assets stood at VND 34,074 billion, with equity at VND 21,164 billion, representing 62% of total capital.
• The company approved a 10% dividend payout for 2025 at the AGM.
• For 2026, KDH targets revenue of VND 4,200 billion and net profit of VND 1,500 billion.
• The Gladia by the Waters project, covering 11.8 hectares in Ho Chi Minh City, includes 226 villas and townhouses, 616 apartments, and 23 commercial units.
• KDH is also developing the Le Minh Xuan Industrial Park expansion and the 11A residential area in Ho Chi Minh City.

What Happened

Khang Dien Group (KDH) convened its 2026 Annual General Meeting on April 22, 2026, in Ho Chi Minh City, where shareholders approved all key business activities for 2025 and the business plan for 2026. According to the company’s presentation, KDH achieved significant growth in 2025, with revenue surging 42% to VND 4,651 billion and net profit rising 29% to VND 1,045 billion year-over-year. This performance was primarily attributed to the Gladia by the Waters project, a joint venture with Singapore’s Keppel Group, located in Binh Trung, Ho Chi Minh City. The project’s low-rise section, including villas and townhouses, was completed and launched for sale in Q4 2025, with legal documentation and land-use certificates being processed for residents.

In addition to the 2025 results, KDH outlined its 2026 strategy, focusing on continuing sales in the low-rise section of Gladia by the Waters and commencing construction on the high-rise section, which broke ground in January 2026 and is slated for launch in Q3 2026. The company also highlighted ongoing developments in the Le Minh Xuan Industrial Park expansion and the 11A residential area, both in Ho Chi Minh City, to be commercialized when regulatory conditions are met. Based on these plans, KDH set a 2026 revenue target of VND 4,200 billion and a net profit target of VND 1,500 billion, alongside approving a 10% dividend for 2025.

Market Context

KDH is listed on the Ho Chi Minh City Stock Exchange (HOSE) under the ticker KDH, operating in the real estate sector. Prior to the AGM, the stock closed at VND 27 on April 15, 2026, up 1.34% with a trading volume of 7.7 million shares. This positive price movement may reflect investor anticipation of the strong 2025 results and future growth targets announced at the meeting, aligning with broader trends in Vietnam’s real estate market, where demand for high-quality residential projects in urban centers like Ho Chi Minh City remains robust.

Strategic Significance

The AGM results underscore KDH’s strategic focus on developing integrated, high-end residential communities in Ho Chi Minh City, leveraging joint ventures like the one with Keppel to enhance project quality and market appeal. The company’s healthy financial structure, with equity comprising 62% of total capital and a debt-to-equity ratio below 1, provides a stable foundation for funding ongoing and future projects. This approach positions KDH to capitalize on sustained demand for legally transparent and well-located housing, supporting long-term revenue stability and competitive advantage in Vietnam’s competitive real estate landscape.

What to Watch

• Quarterly earnings releases in 2026 to track progress toward the VND 4,200 billion revenue and VND 1,500 billion net profit targets.
• Sales updates for the high-rise section of Gladia by the Waters, expected to launch in Q3 2026.
• Regulatory approvals and commercialization timelines for the Le Minh Xuan Industrial Park expansion and the 11A residential area.
• Dividend payment execution for the approved 10% payout for 2025.
• Any further joint venture announcements or land bank acquisitions to support future project pipeline.