In the second quarter of 2026, the real estate market recorded a contrast between supply and liquidity. Although housing supply continued to improve, real estate transactions still decreased sharply due to high borrowing costs, causing both real homebuyers and investors to hesitantly spend money. This is also clearly shown in the financial statements of many real estate businesses.
According to the Q2/2026 financial report, Quoc Cuong Gia Lai Joint Stock Company recorded net revenue of less than 11.5 billion VND, down more than 90% compared to the same period last year. Notably, all of this revenue mainly comes from electricity sales, while the real estate segment, which is the core activity, falls into a "white" revenue situation.
However, the company's financial picture has a surprising turnaround in profit flow. Quoc Cuong Gia Lai reported a net profit of 165.3 billion VND, 25 times higher than the same period last year. The main reason helping the enterprise escape spectacular losses and report large profits lies in other incomes up to more than 917 billion VND.
Of these, nearly 903 billion VND arises from the transfer of hydropower plants. Other profits earned after deducting expenses reached more than 242 billion VND, becoming a "lifesaver" for the company's business results in the context that operating costs are still maintained at a high level.
Despite reporting large profits, the cash flow situation of businesses still faces many challenges. Cash flow from business activities continued to be negative VND 16.8 billion in the first half of the year, showing that sales are not enough to compensate for the demand for working capital.
Similarly, the consolidated financial statements for the second quarter of 2026 of Phat Dat Real Estate Development JSC also showed that real estate transfer revenue in the quarter was recorded at 0. Service provision activities only brought in about 51 billion VND, while revenue from real estate business contributed only 2 billion VND. Phat Dat's revenue mainly comes from the transfer of shares in many companies.
Financial reports show that Phat Dat still reported a profit of more than 80 billion VND, but the real pressure still lies in the inventory of more than 13,500 billion VND that is being "frozen" at old projects such as The EverRich 2 and 3.
Khang Dien Housing Investment and Trading Joint Stock Company (stock code HoSE: KDH) has just reported a net profit in Q2/2026 of nearly 750 billion VND, 4 times higher than the same period last year and the highest level ever.However, the Q2 financial report shows that net revenue from sales decreased by 85%, to the lowest level in the past 4 years.
The driving force for profit growth does not come from core real estate business activities but is mainly contributed by financial revenue and other income generated from M&A transactions.
Khang Dien's financial operating revenue reached more than 913 billion VND, more than 38 times higher than nearly 24 billion VND in the same period. This sudden revenue mainly related to capital contribution transfer transactions at Binh Trung Moi Real Estate Co., Ltd. In addition, other income of Khang Dien in the first half of the year reached nearly 303 billion VND, more than 11 times higher than the same period.
Thus, most of Khang Dien's profit in the first half of 2026 comes from disposable income, instead of real estate sales and handover activities.
Although accounting profit increased sharply, cash flow from Khang Dien's business activities continued to be negative. Net cash flow from business activities was negative more than 1,480 billion VND. This negative level has improved by 43% compared to the negative amount of nearly 2,582 billion VND in the same period of 2025. Negative business cash flow is mainly due to the enterprise continuing to pour capital into inventory, pay loan interest and fulfill tax obligations.
Also according to the Q2/2026 Financial Statements, inventory continues to be the largest item, reaching more than 29,488 billion VND, an increase of 27%, equivalent to an increase of more than 6,228 billion VND compared to the beginning of the year. This item accounts for nearly 75% of the enterprise's total assets. As of June 30, 2026, the total liabilities of the enterprise reached more than 19,497 billion VND, an increase of 51% compared to nearly 12,910 billion VND at the beginning of the year.
