---
title: Sunshine Group 9-month profit exceeds 5.9T VND
description: Sunshine Group delivers pre-tax profit exceeding 5.9 trillion VND, total assets approaching 121 trillion VND, and customer prepayments above 32 trillion VND.
url: https://ginity.vn/en/blog/sunshine-group-nine-month-profit-and-unearned-revenue
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datePublished: 2026-11-01T00:00:00+07:00
dateModified: 2026-11-01T00:00:00+07:00
author:
  name: Gini
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reviewer: Ginity Editorial Desk
analyst:
  name: Đào Ngọc Bảo Linh
  role: Finance and securities specialist
  location: Ho Chi Minh City
  telephone: "+84932439639"
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# Sunshine Group 9-month profit exceeds 5.9T VND

> Sunshine Group delivers pre-tax profit exceeding 5.9 trillion VND, total assets approaching 121 trillion VND, and customer prepayments above 32 trillion VND.

Gini · Companies & sectors · 2026-11-01 · https://ginity.vn/en/blog/sunshine-group-nine-month-profit-and-unearned-revenue

_Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_

## Key takeaways

- Consolidated pre-tax profit for the first 9 months of 2026 exceeded 5.9 trillion VND, completing 108 percent of the annual business plan.
- Total consolidated assets approached 121 trillion VND as of September 30, 2026, representing a 38 percent increase from the beginning of the year.
- Customer prepayments exceeded 32 trillion VND, adding more than 7.5 trillion VND across the first 9 months of 2026.

Vietnam commercial real estate sector is exhibiting noticeable operational recovery as major project developers release their comprehensive financial results for the first 9 months of 2026. The consolidated balance sheets of industry leaders reflect resilient operational liquidity, steady construction milestone progress, and a substantial pipeline of contracted revenues awaiting recognition across upcoming fiscal quarters.

> Chart: Column chart showing consolidated financial metrics for the 9-month period of 2026. billion VND. Pre-tax profit: 5.900; Annual 2026 target: 5.450; Customer prepayments: 32.000; Owners equity: 35.400.

## Pre-tax profit surpasses full-year 2026 targets

According to financial performance reports published by [VnEconomy](https://vneconomy.vn/sunshine-group-loi-nhuan-truoc-thue-9-thang-vuot-5900-ty-dong-tong-tai-san-gan-121000-ty-dong.htm) on November 1, 2026, Sunshine Group recorded consolidated pre-tax profit exceeding 5.9 trillion VND for the 9-month period ending September 30, 2026, officially achieving 108 percent of its full-year business plan. This positive earnings trajectory was driven by accelerated handovers of low-rise villas and high-end residential towers across strategic master-planned projects in Hanoi and Ho Chi Minh City.

According to credit policy disclosures released by [Báo Điện tử Chính phủ](https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm) on October 31, 2026, stable commercial bank lending rates alongside credit flows channeled into legally verified developments provided robust liquidity for residential housing projects addressing real end-user demand.

## Substantial customer prepayments exceeding 32T VND

According to corporate financial filings cited by [VnEconomy](https://vneconomy.vn/sunshine-group-loi-nhuan-truoc-thue-9-thang-vuot-5900-ty-dong-tong-tai-san-gan-121000-ty-dong.htm) on November 1, 2026, customer advance payments reached more than 32 trillion VND at the end of the third quarter of 2026, expanding by over 7.5 trillion VND compared to the beginning of the year. This large pool of contracted prepayments provides secured cash inflows and visible earnings visibility throughout the 2026 and 2027 handover cycles.

According to project disclosure reports published by [Báo Đầu tư Chứng khoán](https://www.tinnhanhchungkhoan.vn/sunshine-homes-co-tong-giam-doc-moi-post400487.html) on October 30, 2026, project-level data indicates that the Noble Palace Tay Thang Long project contributed nearly 13 trillion VND in customer advances, Noble Crystal Long Bien accounted for over 6.7 trillion VND, the combined Noble Crystal Tay Ho and Noble Palace Tay Ho developments contributed over 6.1 trillion VND, while Sunshine Sky City in Ho Chi Minh City provided nearly 5.9 trillion VND.

## Asset expansion and conservative debt leverage

According to balance sheet data highlighted by [VnEconomy](https://vneconomy.vn/sunshine-group-loi-nhuan-truoc-thue-9-thang-vuot-5900-ty-dong-tong-tai-san-gan-121000-ty-dong.htm) on November 1, 2026, total consolidated assets stood at approximately 121 trillion VND as of September 30, 2026, reflecting a 38 percent expansion year-to-date. Equity capital expanded to 35.4 trillion VND, lowering the corporate debt-to-equity ratio to 0.82 times, demonstrating a more conservative financial profile compared to broader property sector averages.

According to equity research discussions reported by [Báo Đầu tư Chứng khoán](https://www.tinnhanhchungkhoan.vn/chu-tich-ubcknn-de-nghi-ra-soat-quy-dinh-ve-so-huu-nuoc-ngoai-post400501.html) on October 31, 2026, property developers with prime land banks and clean balance sheets are increasingly attracting institutional interest from international capital partners following the formal emerging market classification.

Prudent liquidity management provides crucial structural flexibility during capital reallocation cycles. By maintaining disciplined capital allocation and keeping total bank liabilities in line with equity expansion, residential developers improve their risk-adjusted capital returns and preserve stable long-term solvency metrics across varying interest rate environments.

## Handover acceleration and future earnings visibility

According to legislative updates published by [Báo Điện tử Chính phủ](https://baochinhphu.vn/nhung-chinh-sach-moi-co-hieu-luc-tu-thang-11-2026-102261031091922064.htm) on October 31, 2026, modernized regulations governing property development effective from November 2026 streamline ownership certification procedures. This regulatory improvement enables developers to accelerate formal customer inspection and property delivery milestones, translating advance prepayments directly into recognized audited revenue.

Maintaining substantial unearned customer revenue enables developers to fund active site construction without relying heavily on high-cost external bank financing. This capital self-sufficiency establishes a resilient operational foundation, supporting sustainable corporate development across long-term urban infrastructure initiatives.

As commercial banks maintain stringent underwriting standards for construction credit, real estate developers with transparent project documentation and strong brand equity enjoy distinct competitive advantages. The conversion of unearned customer prepayments into recognized top-line revenue provides clear earnings visibility across upcoming quarterly financial statements, reinforcing investor confidence in balance sheet fundamentals.

## Sources

- VnEconomy: [Sunshine Group pre-tax profit exceeds 5.9 trillion VND and total assets near 121 trillion VND](https://vneconomy.vn/sunshine-group-loi-nhuan-truoc-thue-9-thang-vuot-5900-ty-dong-tong-tai-san-gan-121000-ty-dong.htm) (01/11/2026)
- Báo Đầu tư Chứng khoán: [Sunshine Homes appoints new chief executive officer](https://www.tinnhanhchungkhoan.vn/sunshine-homes-co-tong-giam-doc-moi-post400487.html) (30/10/2026)
- Báo Điện tử Chính phủ: [State Bank Governor addresses interest rates, credit, and real estate](https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm) (31/10/2026)
- Báo Đầu tư Chứng khoán: [State Securities Commission reviews foreign ownership regulations](https://www.tinnhanhchungkhoan.vn/chu-tich-ubcknn-de-nghi-ra-soat-quy-dinh-ve-so-huu-nuoc-ngoai-post400501.html) (31/10/2026)
- Báo Điện tử Chính phủ: [New regulatory framework effective from November 2026](https://baochinhphu.vn/nhung-chinh-sach-moi-co-hieu-luc-tu-thang-11-2026-102261031091922064.htm) (31/10/2026)

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_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._