Khang Dien Group (KDH) Reports 2025 Profit Up 29%, Sets 2026 Targets at AGM

Overview

Khang Dien Group (KDH) held its 2026 Annual General Meeting on April 22, 2026, reporting strong 2025 financial results with revenue up 42% and net profit up 29% year-on-year. The company set ambitious 2026 targets and approved a 10% dividend for 2025, reflecting confidence in its project pipeline and financial health.

Key Facts

• 2025 net revenue reached VND 4,651 billion, up 42% YoY.
• 2025 net profit after tax was VND 1,045 billion, up 29% YoY.
• Total assets as of end-2025 stood at VND 34,074 billion, up 11%.
• Equity was VND 21,164 billion, representing 62% of total capital; debt-to-equity ratio remained below 1.
• The AGM approved a 10% cash dividend for 2025.
• 2026 revenue target is VND 4,200 billion; net profit target is VND 1,500 billion (+43% vs 2025).
• Key 2025 contribution came from the Gladia by the Waters project (JV with Keppel), covering 11.8 ha with 226 low-rise units and 616 apartments.

What Happened

At the AGM held in Ho Chi Minh City, KDH shareholders approved all key resolutions, including the 2025 business results and 2026 plan. The company attributed its 2025 performance largely to the Gladia by the Waters project, a joint venture with Keppel, where low-rise units were fully built and launched for sale in Q4/2025. KDH also completed land title handovers for most buyers at The Privia project.

For 2026, KDH plans to continue selling low-rise units at Gladia by the Waters and begin construction of the high-rise phase (groundbreaking in January 2026), with sales expected in Q3/2026. The company is also advancing the Le Minh Xuan Expanded Industrial Park and the 11A housing project in Binh Chanh district.

Market Context

KDH shares closed at VND 27,000 on April 15, 2026, up 1.34% with volume of 7.7 million shares, indicating active trading. The real estate sector on HOSE has been supported by improving market sentiment and policy clarity. KDH’s consistent growth and low leverage position it favorably among mid-cap developers focused on Ho Chi Minh City.

Strategic Significance

KDH’s strategy centers on developing integrated residential communities with clear legal status, a key differentiator in Vietnam’s real estate market. The company’s focus on Ho Chi Minh City and its joint venture with Keppel provide access to capital and expertise. The 2026 profit target implies a 43% increase, driven by the high-rise phase of Gladia by the Waters and new projects. Maintaining a debt-to-equity ratio below 1 ensures financial flexibility for land acquisition and development.

What to Watch

• Q3/2026 launch of Gladia by the Waters high-rise phase and its absorption rate.
• Progress on legal approvals for the Le Minh Xuan Expanded Industrial Park and 11A housing project.
• Q2 2026 earnings release to gauge early 2026 revenue and profit trajectory.
• Any new land bank acquisitions or joint venture announcements.
• Dividend payment schedule for the 10% cash dividend approved for 2025.