--- title: "Hoa Binh Construction Group Q3 2026: Revenue Up, Profit Down" description: Hoa Binh Construction Group (HBC) posted Q3 2026 revenue of VND 1,476.41 billion and profit of VND 12.76 billion, down 93.2% with heavy uncollected receivables. url: https://ginity.vn/en/blog/hoa-binh-construction-hbc-q3-2026-profit-falls-debt-doubles-equity canonical: https://ginity.vn/en/blog/hoa-binh-construction-hbc-q3-2026-profit-falls-debt-doubles-equity markdown: https://ginity.vn/en/blog/hoa-binh-construction-hbc-q3-2026-profit-falls-debt-doubles-equity.md language: en datePublished: 2026-11-01T00:00:00+07:00 dateModified: 2026-11-01T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: equity name: Companies & sectors url: https://ginity.vn/en/topics/equity tickers: - HBC sources: [] publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # Hoa Binh Construction Group Q3 2026: Revenue Up, Profit Down > Hoa Binh Construction Group (HBC) posted Q3 2026 revenue of VND 1,476.41 billion and profit of VND 12.76 billion, down 93.2% with heavy uncollected receivables. Gini · Companies & sectors · 2026-11-01 · https://ginity.vn/en/blog/hoa-binh-construction-hbc-q3-2026-profit-falls-debt-doubles-equity _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Hoa Binh reported Q3 2026 net revenue of VND 1,476.41 billion, up 31.5% compared to the prior-year period. - Consolidated profit after tax in Q3 2026 stood at VND 12.76 billion, down 93.2% compared to the same period in 2025. - Net other loss in Q3 2026 was VND 14.08 billion, reversing from a gain of VND 30.51 billion in Q3 2025. - Short-term receivables as of September 30, 2026 reached VND 10,998.4 billion, accounting for 63.8% of total assets and up 5.5% from early 2026. - Total equity as of September 30, 2026 stood at VND 2,033.6 billion, against cumulative losses of VND 2,011.2 billion, equal to 57.92% of charter capital. Hoa Binh Construction Group Joint Stock Company (stock ticker: HBC - UPCoM) published its consolidated financial statements for the third quarter of 2026 on October 30, 2026. According to data reported by [Tin Nhanh Chung Khoan on October 31, 2026](https://www.tinnhanhchungkhoan.vn/xay-dung-hoa-binh-hbc-lai-rong-giam-932-trong-quy-iii2026-va-phai-thu-ngan-han-toi-109984-ty-dong-post400542.html), the enterprise generated net revenue of VND 1,476.41 billion in Q3 2026, an increase of 31.5% compared to the prior-year period. However, consolidated profit after tax in Q3 2026 reached VND 12.76 billion, declining 93.2% compared to the third quarter of 2025. Mandatory periodic financial information disclosure for public companies is conducted in accordance with [Law on Securities No. 54/2019/QH14](https://vanban.chinhphu.vn/?docid=198541&pageid=27160) and guidance under [Decree No. 155/2020/ND-CP on December 31, 2020](https://vanban.chinhphu.vn/?docid=202222&pageid=27160). The corporate financial profile of Hoa Binh across Q3 2026 shows continued construction site execution alongside margin pressures arising from financial expenses and substantial uncollected receivables on the balance sheet. ## Q3 2026 Business Results: Revenue Gains, Net Profit Falls Contracting and building operations at Hoa Binh during Q3 2026 experienced revenue recovery from VND 1,122.55 billion recorded in Q3 2025. According to data reported by [Tin Nhanh Chung Khoan on October 31, 2026](https://www.tinnhanhchungkhoan.vn/xay-dung-hoa-binh-hbc-lai-rong-giam-932-trong-quy-iii2026-va-phai-thu-ngan-han-toi-109984-ty-dong-post400542.html), net revenue in Q3 2026 reached VND 1,476.41 billion, up 31.5% compared to Q3 2025. Cost of goods sold was managed to yield gross profit of VND 109.08 billion in Q3 2026, up 63.2% (an increase of VND 42.24 billion compared to VND 66.84 billion in Q3 2025). The gross profit margin in Q3 2026 expanded from 6% to 7.4%. Nevertheless, reduced financial receipts contracted net bottom-line performance. Financial revenue in Q3 2026 was VND 62.86 billion, down 72.6% (a decrease of VND 166.65 billion compared to Q3 2025). According to financial data published by [Tin Nhanh Chung Khoan on October 31, 2026](https://www.tinnhanhchungkhoan.vn/xay-dung-hoa-binh-hbc-lai-rong-giam-932-trong-quy-iii2026-va-phai-thu-ngan-han-toi-109984-ty-dong-post400542.html), financial expenses in Q3 2026 rose 21.4% (an increase of VND 20.97 billion) to reach VND 118.96 billion. Borrowing interest costs remained the predominant component within financing overheads. The company implemented cost containment across commercial and administrative activities. Selling and general administrative overheads in Q3 2026 were contained at VND 11.48 billion according to [Tin Nhanh Chung Khoan on October 31, 2026](https://www.tinnhanhchungkhoan.vn/xay-dung-hoa-binh-hbc-lai-rong-giam-932-trong-quy-iii2026-va-phai-thu-ngan-han-toi-109984-ty-dong-post400542.html). Other net activities in Q3 2026 recorded a loss of VND 14.08 billion, reversing from a net gain of VND 30.51 billion in Q3 2025 (a decline of VND 44.59 billion). As a consequence, consolidated profit after tax in Q3 2026 settled at VND 12.76 billion, falling 93.2% from VND 188.35 billion achieved in Q3 2025. Archived quarterly financial statements and official corporate governance filings are accessible in the investor relations section on the [Hoa Binh Construction Group Portal](https://hbcg.vn/report/financial.html). | Financial Metric | Q3 2025 (VND billion) | Q3 2026 (VND billion) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net revenue | 1,122.55 | 1,476.41 | +31.5% | | Gross profit | 66.84 | 109.08 | +63.2% | | Financial income | 229.51 | 62.86 | -72.6% | | Financial expenses | 97.99 | 118.96 | +21.4% | | Other profit / loss | 30.51 | -14.08 | Down VND 44.59 billion | | Consolidated profit after tax | 188.35 | 12.76 | -93.2% | Source: Consolidated financial statements for Q3 2026 disclosed on [Hoa Binh Construction Group](https://hbcg.vn/storage/pdf/report/20261030043843.pdf) on October 30, 2026 and Tin Nhanh Chung Khoan on October 31, 2026. ## Cumulative 9-Month Results and Annual Target Progress Across the first 9 months of 2026, building volume rebounded relative to prior contracting cycles. According to disclosures compiled by [Tin Nhanh Chung Khoan on October 31, 2026](https://www.tinnhanhchungkhoan.vn/xay-dung-hoa-binh-hbc-lai-rong-giam-932-trong-quy-iii2026-va-phai-thu-ngan-han-toi-109984-ty-dong-post400542.html), cumulative net revenue in the first 9 months of 2026 reached VND 4,736.83 billion, rising 71.7% compared to the first 9 months of 2025. Cumulative consolidated profit after tax in the first 9 months of 2026 reached VND 62.79 billion, dropping 73.8% compared to the same period in 2025. For the full year 2026, the General Meeting of Shareholders of Hoa Binh set operational targets of VND 10,000 billion in revenue and VND 250 billion in profit after tax according to [Tin Nhanh Chung Khoan on October 31, 2026](https://www.tinnhanhchungkhoan.vn/xay-dung-hoa-binh-hbc-lai-rong-giam-932-trong-quy-iii2026-va-phai-thu-ngan-han-toi-109984-ty-dong-post400542.html). Based on 9-month performance in 2026, the company fulfilled 25.1% of its annual profit objective. Achieving full-year operational targets across Q4 2026 will depend on site milestone execution, project delivery, and cash collections from commercial developers. ## Receivables Represent 63.8% of Assets at September 30 The consolidated balance sheet of Hoa Binh as of September 30, 2026 registered total assets of VND 17,231.6 billion, expanding 7% from the start of 2026 (an increase of VND 1,129.9 billion) according to data in [Tin Nhanh Chung Khoan on October 31, 2026](https://www.tinnhanhchungkhoan.vn/xay-dung-hoa-binh-hbc-lai-rong-giam-932-trong-quy-iii2026-va-phai-thu-ngan-han-toi-109984-ty-dong-post400542.html). The asset structure remains concentrated in short-term trade receivables and work-in-progress construction inventories. Specifically, short-term receivables as of September 30, 2026 reached VND 10,998.4 billion, constituting 63.8% of total corporate assets. Compared to early 2026, short-term receivables expanded 5.5% (an addition of VND 573.1 billion). According to documentation reported by [Tin Nhanh Chung Khoan on October 31, 2026](https://www.tinnhanhchungkhoan.vn/xay-dung-hoa-binh-hbc-lai-rong-giam-932-trong-quy-iii2026-va-phai-thu-ngan-han-toi-109984-ty-dong-post400542.html), Hoa Binh recorded cumulative bad debt provisions of VND 1,480.97 billion and specific customer receivable provisions of VND 648.3 billion as of September 30, 2026. Inventories as of September 30, 2026 stood at VND 3,438.8 billion, representing 19.96% of total assets and increasing 50.7% from early 2026 (an increase of VND 1,156.9 billion) according to disclosures in [Tin Nhanh Chung Khoan on October 31, 2026](https://www.tinnhanhchungkhoan.vn/xay-dung-hoa-binh-hbc-lai-rong-giam-932-trong-quy-iii2026-va-phai-thu-ngan-han-toi-109984-ty-dong-post400542.html). Construction inventories consist predominantly of work in progress across active civil and industrial project sites. Tangible fixed assets as of September 30, 2026 carried a residual book value of VND 997.7 billion, accounting for 5.79% of total resources. The high proportion of trade receivables tied to long construction schedules underscores the critical role of working capital management in civil engineering and commercial contracting. Contractors face multi-stage billing schedules, retention money provisions, and project certification milestones before actual cash inflows materialize. Market participants analyzing corporate liquidity dynamics can explore detailed operational metrics in our guide to the [cash conversion cycle](/en/blog/cash-conversion-cycle-working-capital-efficiency). Because interim filings summarize asset groups without individual debtor disclosures, thorough verification of note schedules remains essential through our framework on [financial notes and audit opinions](/en/blog/financial-notes-audit-opinions). ## Equity Base and Accumulated Losses as of September 30, 2026 Regarding funding structure, total equity stood at VND 2,033.6 billion as of September 30, 2026 according to the [consolidated financial statements on October 30, 2026](https://hbcg.vn/storage/pdf/report/20261030043843.pdf). Charter capital stands at VND 3,472.1 billion, but cumulative losses reached VND 2,011.2 billion as of September 30, 2026 according to reporting from [Tin Nhanh Chung Khoan on October 31, 2026](https://www.tinnhanhchungkhoan.vn/xay-dung-hoa-binh-hbc-lai-rong-giam-932-trong-quy-iii2026-va-phai-thu-ngan-han-toi-109984-ty-dong-post400542.html). Cumulative losses equal 57.92% of total charter capital. Such significant cumulative losses place structural pressure on equity capital, dampening internal financing headroom for long-term project bids. The company remains dependent on working capital cycles and cash flow generation from receivable collections across contracting projects to support site operations. Rebuilding net equity requires consecutive profitable quarters alongside sustained resolution of legacy customer accounts across market cycles. Archived quarterly filings and disclosures can be accessed directly through the investor relations site of [Hoa Binh Construction Group](https://hbcg.vn/report/financial.html). > Chart: Financial Structure of Hoa Binh Construction as of September 30 2026. VND billion. Receivables: 10,998.4; Inventories: 3,438.8; Equity: 2,033.6; Losses: 2,011.2. *Disclaimer: The information in this article is for research and data aggregation purposes only and does not constitute financial advice or investment recommendations. Readers can view details in our [Disclaimer](/en/legal/disclaimer). Cover image: Illustrative (AI).* ## Sources - Tin Nhanh Chung Khoan: [Hoa Binh Construction (HBC) net profit drops 93.2% in Q3 2026 with short-term receivables of VND 10,998.4 billion](https://www.tinnhanhchungkhoan.vn/xay-dung-hoa-binh-hbc-lai-rong-giam-932-trong-quy-iii2026-va-phai-thu-ngan-han-toi-109984-ty-dong-post400542.html) (31/10/2026) - Hoa Binh Construction Group JSC: [Consolidated Financial Statements for Q3 2026](https://hbcg.vn/storage/pdf/report/20261030043843.pdf) (30/10/2026) - Hoa Binh Construction Group JSC: [Financial Statements 2026](https://hbcg.vn/report/financial.html) (30/10/2026) - National Assembly of Vietnam: [Law on Securities No. 54/2019/QH14](https://vanban.chinhphu.vn/?docid=198541&pageid=27160) (26/11/2019) - Government of Vietnam: [Decree No. 155/2020/ND-CP detailing the Law on Securities](https://vanban.chinhphu.vn/?docid=202222&pageid=27160) (31/12/2020) ## Frequently asked questions ### What was Hoa Binh consolidated profit after tax in Q3 2026? Hoa Binh consolidated profit after tax in Q3 2026 reached VND 12.76 billion, down 93.2% compared to the same period in 2025 according to financial statements disclosed on October 30, 2026. ### How did Hoa Binh net revenue change in Q3 2026? Net revenue for Q3 2026 reached VND 1,476.41 billion, increasing 31.5% compared to the third quarter of 2025 as reported by Tin Nhanh Chung Khoan on October 31, 2026. ### How large were short-term receivables as of September 30, 2026? Short-term receivables as of September 30, 2026 stood at VND 10,998.4 billion, representing 63.8% of total assets and increasing 5.5% compared to early 2026. ### What was the equity base and cumulative losses of Hoa Binh as of September 30, 2026? As of September 30, 2026, total equity of Hoa Binh stood at VND 2,033.6 billion, while cumulative losses reached VND 2,011.2 billion, equal to 57.92% of charter capital according to the consolidated financial report on October 30, 2026. --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._