Quoc Cuong Gia Lai Joint Stock Company has just released a consolidated financial report for the third quarter of 2025, in which it recorded net revenue of VND111 billion in the third quarter of 2025, down 37% over the same period. Of which, the real estate segment brought in about 45 billion VND, down nearly 60% compared to the third quarter of 2024. Thanks to the sharp decrease in capital prices, gross profit still increased by 64%.
After deducting taxes and fees, after-tax profit is at VND24 billion, down more than VND1 billion over the same period. Accumulated in the first 9 months of the year, Quoc Cuong Gia Lai recorded revenue of 354 billion VND. Pre-tax profit was VND46 billion, after-tax profit was VND34 billion, about 4 times higher than the same period. However, this figure is still far from the annual plan of VND 2,000 billion in revenue and VND 300 billion in pre-tax profit.
The financial report also shows that Quoc Cuong Gia Lai's inventory is 1,178 billion VND, down about 100 billion VND compared to the beginning of the year, including 568 billion VND in unfinished real estate and 558 billion VND in goods real estate.
Long-term unfinished assets of more than VND 5,400 billion in production and business costs are "standing still" in the Bac Phuoc Kien residential area project. This shows that this is Quoc Cuong Gia Lai's biggest burden. As of September 30, 2025, the balance payable to Sunny Island Investment Joint Stock Company related to the Bac Phuoc Kien project has decreased to VND 1,983 billion.
Thus, in the first 3 quarters of the year, Quoc Cuong Gia Lai paid 900 billion VND to Sunny Island. Previously, according to the verdict in the Van Thinh Phat case, Quoc Cuong Gia Lai will have to return VND 2,883 billion to Sunny Island to get the Bac Phuoc Kien project back.
It is known that this project was transferred by Quoc Cuong Gia Lai to Sunny Island in the 2016-2017 period. According to the agreement, Sunny Island will pay a total of VND4,800 billion according to the schedule to receive land use rights. However, after disbursing VND 2,883 billion, the partner stopped transferring the money, causing the transaction to stagnate. The incident was later determined to be related to the case of Ms. Truong My Lan and Van Thinh Phat Group.
The company's leaders have said that they are planning to divest from the hydropower sector to supplement funding to carry out enforcement obligations, but so far there has been no progress recorded. Meanwhile, phase 1 of the Marina Da Nang project was expected to bring in about 700 billion VND in revenue this year, but after the first 3 quarters of 2025, the real estate segment has only earned nearly 222 billion VND.
In parallel with spending thousands of billions of VND to handle project obligations, Quoc Cuong Gia Lai also increased borrowing from related parties. According to the company's financial report, at the end of the third quarter of 2025, Quoc Cuong Gia Lai recorded a personal loan of more than VND 1,100 billion, mainly from relatives of the leaders.
