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Hoa Binh Construction Group (UPCoM: HBC) reported VND336 billion in gross profit on VND3.26 trillion in net revenue for the first half of 2026, according to The Investor’s September 7, 2026 report. The “triples” headline refers to gross profit—not net profit. The same report and a separate H1 report both put net profit below the year-earlier period, though they give different totals.
What HBC reported for H1 2026
The Investor described Hoa Binh Construction Group as a major Vietnamese contractor and reported the following first-half figures:
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- Net revenue: VND3.26 trillion ($125 million).
- Gross profit: VND336 billion ($12.89 million), described as three times the year-earlier amount. The accessible report passage does not show the comparison amount, so it cannot be independently calculated here.
- Project and real-estate transfer revenue: VND526 billion ($20.18 million), compared with none from either activity in H1 2025. Construction contracts remained the group’s largest revenue source.
These figures come from The Investor. Gross profit is revenue less direct costs; it is not the same measure as net profit, which reflects additional expenses and income.
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Net profit did not triple
The Investor reported H1 net profit of VND50 billion ($1.92 million), slightly below the year-earlier period. Separately, Asemconnect Vietnam’s Q2/H1 report gave cumulative H1 net profit of VND41.56 billion, down 19.1% year over year, and Q2 profit of VND18.88 billion. It attributed the lower net profit mainly to shortfalls in financial revenue and other income despite higher gross profit.
The two sources therefore agree on the direction of the net-profit comparison—down year over year—but not on the H1 total. The available report passages do not explain the difference, so the figures should remain attributed to their respective sources rather than combined or treated as interchangeable.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read the figures
HBC’s gross-profit growth does not by itself establish that its overall earnings improved. For a like-for-like assessment, compare the same reporting period and accounting basis, and keep these measures separate:
- Gross profit: the measure behind the “triples” headline.
- Net revenue: the reported VND3.26 trillion in H1 2026.
- Net profit: reported as lower year over year by both sources, with conflicting H1 totals.
- Project and property-transfer revenue: VND526 billion in H1 2026, a distinct contribution alongside construction contracts.
HBC’s official financial-report index lists a reviewed consolidated H1 2026 report updated August 31, 2026, and consolidated Q2 statements updated July 30, 2026. The index confirms those filings are listed, but the available passages do not include the statement tables needed to reconcile the net-profit totals.
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