--- title: "Hoang Huy (TCH): Profit Surges in Q3 2026 (Q2 2026-2027)" description: Hoang Huy (TCH) posted Q3 2026 (Q2 fiscal year 2026-2027) revenue of VND 1,960.89 billion and net profit of VND 750.54 billion from New City II deliveries. url: https://ginity.vn/en/blog/hoang-huy-tch-q2-fy2026-2027-profit-new-city-ii-handover canonical: https://ginity.vn/en/blog/hoang-huy-tch-q2-fy2026-2027-profit-new-city-ii-handover markdown: https://ginity.vn/en/blog/hoang-huy-tch-q2-fy2026-2027-profit-new-city-ii-handover.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: - TCH 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 --- # Hoang Huy (TCH): Profit Surges in Q3 2026 (Q2 2026-2027) > Hoang Huy (TCH) posted Q3 2026 (Q2 fiscal year 2026-2027) revenue of VND 1,960.89 billion and net profit of VND 750.54 billion from New City II deliveries. Gini · Companies & sectors · 2026-11-01 · https://ginity.vn/en/blog/hoang-huy-tch-q2-fy2026-2027-profit-new-city-ii-handover _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Consolidated revenue reached VND 1,960.89 billion in Q2 fiscal year 2026-2027, up 5.67-fold (an increase of approximately 466.8%) year-on-year. - Consolidated net profit after tax reached VND 750.54 billion in Q2 fiscal year 2026-2027, up 1,232.07% year-on-year. - Short-term customer advances reached VND 2,456.9 billion as of September 30, 2026, primarily for Hoang Huy Green River. - Standalone inventory stood at VND 5,569.1 billion as of September 30, 2026, led by Hoang Huy Green River. Hoang Huy Investment Financial Services Joint Stock Company (TCH) is a listed property developer based in Hai Phong. The enterprise operates on a fiscal year starting April 1 and concluding March 31 of the subsequent calendar year. Consequently, the second quarter of its 2026-2027 fiscal year (Q2 fiscal year 2026-2027) corresponds to the three-month period from July 1, 2026 through September 30, 2026, aligning with the third calendar quarter of 2026. On October 29, 2026, the company officially released its quarterly financial disclosure for the period ending September 30, 2026, available directly on the [Hoang Huy Financial Services](https://www.hoanghuy.vn/bao-cao-tai-chinh/tch-bao-cao-tai-chinh-quy-ii-nam-tai-chinh-2026-giai-doan-01072026-30092026/) portal. The report demonstrated notable top-line and bottom-line expansion, driven by unit deliveries at key urban housing developments in Hai Phong. ## Consolidated Revenue and Profit Surge According to compiled market data published on October 30, 2026 by [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/ban-giao-du-an-new-city-ii-loi-nhuan-tai-chinh-hoang-huy-tch-tang-manh-trong-quy-ii-nien-do-2026-2027-post400507.html), consolidated sales and service revenue for TCH reached VND 1,960.89 billion in Q2 fiscal year 2026-2027. This figure represents a 5.67-fold expansion (an increase of approximately 466.8%) compared to the VND 345.98 billion reported in the corresponding quarter of 2025. In parallel with top-line growth, consolidated net profit after tax reached VND 750.54 billion in Q2 fiscal year 2026-2027 according to [TCH's financial statements](https://www.hoanghuy.vn/bao-cao-tai-chinh/tch-bao-cao-tai-chinh-quy-ii-nam-tai-chinh-2026-giai-doan-01072026-30092026/). This represents an increase of 1,232.07% over the VND 56.34 billion recorded in the same period of 2025. Within this total, net profit attributable to parent company shareholders stood at VND 537.73 billion in Q2 fiscal year 2026-2027, while non-controlling interests accounted for VND 212.81 billion. The earnings expansion of TCH coincides with a broader profit recovery across Vietnam's equity market. According to statistical data compiled on October 31, 2026 by [VnEconomy](https://vneconomy.vn/da-co-797-doanh-nghiep-bao-cao-loi-nhuan-quy-32026-tang-manh-358.htm), 797 listed enterprises reported quarterly results showing aggregate post-tax profit growth of 35.8% year-on-year for Q3 2026. This broader macro recovery is analyzed in depth in our overview of [corporate earnings divergence in Q3 2026](/en/blog/vietnam-q3-2026-corporate-earnings-divergence). ## Handover of Hoang Huy New City II The primary catalyst behind TCH's performance in Q2 fiscal year 2026-2027 was the delivery of residential units at the Hoang Huy New City II township project in Hai Phong. Handing over finished commercial properties enabled the company to recognize revenue and earnings in accordance with prevailing accounting standards. To assess the operational expansion during the project handover cycle, the revenue growth rate measures top-line performance relative to the same period of the prior fiscal year: $$\text{Revenue Growth Rate} = \frac{\text{Current Period Revenue} - \text{Prior Period Revenue}}{\text{Prior Period Revenue}} \times 100\%$$ According to [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/ban-giao-du-an-new-city-ii-loi-nhuan-tai-chinh-hoang-huy-tch-tang-manh-trong-quy-ii-nien-do-2026-2027-post400507.html), with consolidated revenue reaching VND 1,960.89 billion in Q2 fiscal year 2026-2027 compared to VND 345.98 billion in the prior period, TCH expanded revenue by 5.67 times, achieving a growth rate of approximately 466.8%. Housing supply patterns and residential market dynamics across key regions are analyzed in our research on the [Vietnam real estate market in Q3 2026](/en/blog/vietnam-real-estate-q3-2026-supply-prices). | Financial Metric (Q2 fiscal year 2026-2027) | Recorded Value | Growth / Share | Notes from Financial Disclosure | | :--- | :--- | :--- | :--- | | Consolidated sales and service revenue | VND 1,960.89 billion | 5.67x (+466.8% YoY) | Delivered New City II project | | Consolidated net profit after tax | VND 750.54 billion | +1,232.07% YoY | Project delivery contribution | | Profit attributable to parent company shareholders | VND 537.73 billion | - | Core operational contribution | | Profit attributable to non-controlling interests | VND 212.81 billion | - | Consolidated structure return | | Standalone net revenue (parent company) | VND 57.61 billion | +150.35% YoY | Property sales and services | | Standalone cost of sales | VND 30.66 billion | - | Direct costs in period | | Standalone gross profit | VND 26.95 billion | - | Parent company gross return | | Standalone inventory (as of September 30, 2026) | VND 5,569.1 billion | Up from VND 3,538.0 billion | Centered on Green River and To Hieu | | Short-term customer advances (as of September 30, 2026) | VND 2,456.9 billion | Up from VND 2,158.3 billion | Prepayments for Green River and H2 | Source: [TCH Financial Statements](https://www.hoanghuy.vn/bao-cao-tai-chinh/tch-bao-cao-tai-chinh-quy-ii-nam-tai-chinh-2026-giai-doan-01072026-30092026/) and [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/ban-giao-du-an-new-city-ii-loi-nhuan-tai-chinh-hoang-huy-tch-tang-manh-trong-quy-ii-nien-do-2026-2027-post400507.html) (30/10/2026). ## Standalone Operational Performance At the parent company level, TCH reported standalone revenue of VND 57.61 billion in Q2 fiscal year 2026-2027 according to [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/ban-giao-du-an-new-city-ii-loi-nhuan-tai-chinh-hoang-huy-tch-tang-manh-trong-quy-ii-nien-do-2026-2027-post400507.html), reflecting an increase of 150.35% over the same quarter of the prior period. Direct property sales served as the main operational driver. In Q2 fiscal year 2026-2027, standalone cost of goods sold stood at VND 30.66 billion, yielding standalone gross profit of VND 26.95 billion according to [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/ban-giao-du-an-new-city-ii-loi-nhuan-tai-chinh-hoang-huy-tch-tang-manh-trong-quy-ii-nien-do-2026-2027-post400507.html). For the first six months of fiscal year 2026-2027, standalone net revenue reached VND 247.96 billion, up from VND 91.92 billion in the prior period. Cumulative standalone cost of sales stood at VND 132.38 billion, bringing six-month standalone gross profit to VND 115.56 billion, with real estate sales contributing VND 235.25 billion according to [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/ban-giao-du-an-new-city-ii-loi-nhuan-tai-chinh-hoang-huy-tch-tang-manh-trong-quy-ii-nien-do-2026-2027-post400507.html). Regarding operating expenses, standalone selling expenses rose to VND 22.28 billion in Q2 fiscal year 2026-2027 compared to VND 6.38 billion in the prior period, according to [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/ban-giao-du-an-new-city-ii-loi-nhuan-tai-chinh-hoang-huy-tch-tang-manh-trong-quy-ii-nien-do-2026-2027-post400507.html). In contrast, general and administrative expenses decreased from VND 15.21 billion in the prior period down to VND 10.98 billion in Q2 fiscal year 2026-2027. According to [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/ban-giao-du-an-new-city-ii-loi-nhuan-tai-chinh-hoang-huy-tch-tang-manh-trong-quy-ii-nien-do-2026-2027-post400507.html), standalone financial revenue in Q2 fiscal year 2026-2027 reached VND 56.85 billion, bringing six-month financial revenue to VND 122.57 billion, primarily originating from bank deposit interest. Standalone financial expenses recorded negative VND 393 million in Q2 fiscal year 2026-2027 due to foreign exchange differences. ## Balance Sheet and Working Capital Structure According to [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/ban-giao-du-an-new-city-ii-loi-nhuan-tai-chinh-hoang-huy-tch-tang-manh-trong-quy-ii-nien-do-2026-2027-post400507.html), standalone total assets of the parent company stood at VND 13,316 billion as of September 30, 2026, up slightly from VND 12,884.6 billion recorded at the beginning of the fiscal period. Standalone inventory of the parent company expanded to VND 5,569.1 billion as of September 30, 2026 compared to VND 3,538 billion at the beginning of the fiscal period, according to [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/ban-giao-du-an-new-city-ii-loi-nhuan-tai-chinh-hoang-huy-tch-tang-manh-trong-quy-ii-nien-do-2026-2027-post400507.html). Work-in-progress production and business costs accounted for VND 4,792.2 billion, concentrated mainly in two key developments: Hoang Huy Green River at VND 2,557.5 billion and the 150 To Hieu project at VND 1,677.5 billion. In addition, finished property inventory stood at VND 759.5 billion. > Chart: TCH Inventory Breakdown and Cash Reserves as of September 30, 2026. VND billion. Green River: 2,557.5; 150 To Hieu: 1,677.5; Finished Properties: 759.5; Cash: 852.2. On the capital structure side, standalone liabilities of the parent company stood at VND 2,785.8 billion as of September 30, 2026 according to [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/ban-giao-du-an-new-city-ii-loi-nhuan-tai-chinh-hoang-huy-tch-tang-manh-trong-quy-ii-nien-do-2026-2027-post400507.html). Notably, short-term customer advances represented VND 2,456.9 billion, up from VND 2,158.3 billion at the beginning of the period. Within customer advances, Hoang Huy Green River accounted for VND 1,837.7 billion and Tower H2 of Hoang Huy Commerce comprised VND 617.8 billion. Customer prepayments represent cash advances from buyers according to contractual milestones, which will convert into recognized revenue upon final property handover. In addition, standalone cash and cash equivalents reached VND 852.2 billion as of September 30, 2026 according to [TCH's financial statements](https://www.hoanghuy.vn/bao-cao-tai-chinh/tch-bao-cao-tai-chinh-quy-ii-nam-tai-chinh-2026-giai-doan-01072026-30092026/), preserving operational liquidity to fund ongoing construction work. ## Market Context and Industry Dynamics TCH's earnings surge unfolds amid pronounced divergence across listed property developers regarding capital access and actual delivery execution. According to the Q3 and 9-month 2026 report from the [National Statistics Office](https://www.nso.gov.vn/du-lieu-va-so-lieu-thong-ke/2026/10/hoat-dong-doanh-nghiep-quy-iii-va-9-thang-nam-2026-tin-hieu-cai-thien-tu-san-xuat-dau-tu-va-thi-truong/), enterprise registrations and business activity showed progressive improvement across production, investment, and market development. At the same time, according to policy directions published on October 21, 2026 by [Government News](https://baochinhphu.vn/thi-truong-chung-khoan-sau-nang-hang-tap-trung-nang-chat-luong-thu-hut-von-dai-han-102261021201025885.htm), capital markets are prioritizing corporate governance transparency and information disclosure following market upgrade milestones. This earnings divergence is detailed in our overview of [corporate earnings divergence in Q3 2026](/en/blog/vietnam-q3-2026-corporate-earnings-divergence), where developers with clean land banks and confirmed handovers retain clear operational advantages. Revenue recognized from Hoang Huy New City II and customer advances accumulated at Hoang Huy Green River illustrate TCH's current project delivery cycle across fiscal year 2026-2027. Tracking work-in-progress balances against pre-sales commitments offers an empirical basis for assessing future revenue recognition across the 2026-2027 fiscal period. *Disclaimer: This article is intended solely for research and educational purposes and does not constitute financial or investment advice. Readers should refer to our [Disclaimer](/en/legal/disclaimer) for full terms.* ## Sources - [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/ban-giao-du-an-new-city-ii-loi-nhuan-tai-chinh-hoang-huy-tch-tang-manh-trong-quy-ii-nien-do-2026-2027-post400507.html): Handing over New City II project, Hoang Huy Financial Services (TCH) profit rose sharply in Q2 of 2026-2027 fiscal year (30/10/2026) - [Hoang Huy Financial Services](https://www.hoanghuy.vn/bao-cao-tai-chinh/tch-bao-cao-tai-chinh-quy-ii-nam-tai-chinh-2026-giai-doan-01072026-30092026/): Financial statements for Q2 of fiscal year 2026, period July 1, 2026 to September 30, 2026 (29/10/2026) - [VnEconomy](https://vneconomy.vn/da-co-797-doanh-nghiep-bao-cao-loi-nhuan-quy-32026-tang-manh-358.htm): 797 companies reported, Q3 2026 earnings surged 35.8% (31/10/2026) - [National Statistics Office](https://www.nso.gov.vn/du-lieu-va-so-lieu-thong-ke/2026/10/hoat-dong-doanh-nghiep-quy-iii-va-9-thang-nam-2026-tin-hieu-cai-thien-tu-san-xuat-dau-tu-va-thi-truong/): Enterprise activity in Q3 and 9 months of 2026: Signs of improvement from production, investment and market (06/10/2026) - [Government News](https://baochinhphu.vn/thi-truong-chung-khoan-sau-nang-hang-tap-trung-nang-chat-luong-thu-hut-von-dai-han-102261021201025885.htm): Stock market after upgrade: Focusing on enhancing quality and attracting long-term capital (21/10/2026) ## Frequently asked questions ### What were TCH's consolidated revenue and net profit figures for Q2 fiscal year 2026-2027? In Q2 fiscal year 2026-2027 (July 1, 2026 to September 30, 2026), TCH reported consolidated revenue of VND 1,960.89 billion (a 5.67-fold increase, up approximately 466.8% year-on-year) and net profit after tax of VND 750.54 billion according to its financial statement published on October 29, 2026. ### Which property development project drove TCH's profit surge in Q2 fiscal year 2026-2027? The primary earnings driver was the handover of residential units at Hoang Huy New City II in Hai Phong, which lifted consolidated revenue to VND 1,960.89 billion and net profit after tax to VND 750.54 billion. ### What was TCH's inventory and customer advances balance as of September 30, 2026? As of September 30, 2026, standalone inventory totaled VND 5,569.1 billion, while unearned customer advances reached VND 2,456.9 billion, centered primarily on the Hoang Huy Green River project. --- _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._