The net revenue of Quoc Cuong Gia Lai Joint Stock Company in the second quarter of 2025 reached nearly VND243 billion, 3.7 times higher than the same period. Profit after tax was nearly VND11 billion, while loss in the same period was VND17 billion.
In 2025, Quoc Cuong Gia Lai set a target of net revenue of VND 2,000 billion and pre-tax profit of VND 300 billion, up 274% and 306% respectively compared to 2024. However, after half a year, the company has only completed 12% of its revenue target and 7% of its profit target.
A notable point in this company's financial report is that the payment to Sunny Island Investment Joint Stock Company (under Van Thinh Phat Group) is currently down to VND 2,782 billion compared to the original figure of VND 2,882 billion.
Thus, it is likely that Quoc Cuong Gia Lai has begun to fulfill its debt payment obligations to Sunny Island Investment Joint Stock Company to take back the Phuoc Kien project. This is a super project that was once hoped by Ms. Nguyen Thi Nhu Loan, head of Quoc Cuong Gia Lai in the period of 2011-2016, to bring in revenue of over VND 12,000 billion and profit of VND 7,000 billion for the enterprise, but is still unfinished.
The Phuoc Kien project has been the source of debt for the company for more than a decade, and is still stalled due to its involvement in the Truong My Lan case. According to the verdict in the Van Thinh Phat case, Quoc Cuong Gia Lai will have to return this amount.
Meanwhile, in the long-term unfinished assets category, the cost for Phuoc Kien project increased from VND 5,360.8 billion to VND 5,426.5 billion after the first 6 months of the year.
Another problem is that according to financial reports, the amount payable to the third party of this company is only 176.8 billion VND, down more than 290 billion VND compared to the beginning of the year.
In contrast, the amount payable to related parties skyrocketed from VND 180 billion to VND 422 billion, mainly due to loans arising in the second quarter of 2025.
According to the explanation, the loan of 130.5 billion VND from Mr. Lau Duc Duy was arising in this quarter. At the same time, the loan from Ms. Lai Thi Hoang Yen increased from 6.5 billion VND at the end of March to 106.9 billion VND at the end of June 2025.
In total, these two individuals have lent Quoc Cuong Gia Lai an additional VND240 billion. It is known that Mr. Lau Duc Duy is the husband of Ms. Nguyen Ngoc Huyen My - daughter of former General Director Nguyen Thi Nhu Loan. Ms. My is also the legal representative of LYN Property Joint Stock Company. As for Ms. Lai Thi Hoang Yen, she is the daughter of Mr. Lai The Ha - Chairman of the Board of Directors of Quoc Cuong Gia Lai.
In addition, Quoc Cuong Gia Lai also recorded many other loans from the leaders and relatives of the company's leaders. As of June 30, 2025, Quoc Cuong Gia Lai's total assets reached VND 9,485 billion, up 6.7% over the beginning of the year. Of which, money and money equivalent were reduced to VND55 billion; inventory was slightly reduced to more than VND1,200 billion.
