Phu My Hung developer reports over VND 1,355 billion profit in H1 2026

Phu My Hung Development Corporation, a leading real estate developer in Vietnam, has announced its financial performance for the first half of 2026, reporting a post-tax profit of over VND 1,355 billion (approximately USD 55 million). This represents a nearly 40% increase compared to the same period last year, indicating the company's sustained success in developing high-end urban areas. According to the company's announcement, pre-tax profit for the first six months of 2026 reached VND 1,669 billion (approximately USD 68 million), a 35% rise year-on-year. This robust performance boosted retained earnings by 47% to VND 13,556 billion (approximately USD 550 million). Owner's equity also saw a significant increase of 63%, reaching VND 17,053 billion (approximately USD 690 million). While the Return on Assets (ROA) improved from 2.86% to 3.42%, the Return on Equity (ROE) decreased from 9.27% to 7.95%. This is attributed to the faster growth of owner's equity compared to profits. Regarding liabilities, total payables decreased by 4% to VND 22,521 billion (approximately USD 910 million). The debt-to-equity ratio also fell from 2.24 times to 1.30 times. However, bank loans saw a substantial increase of 46%, reaching nearly VND 8,279 billion (approximately USD 335 million). Conversely, debt from bond issuance decreased by 35% to approximately VND 4,895 billion (approximately USD 198 million). The reduction in outstanding bonds significantly lowered the bond-to-equity ratio from 0.72 times to 0.29 times. The company's solvency also improved, with the current ratio rising from 1.71 to 1.76. Furthermore, the interest coverage ratio increased from 5.33 to 6.46, indicating the company's profitability can comfortably cover its interest expenses. In the first half of 2026, the company repaid a total of VND 566.7 billion (approximately USD 23 million) in bond principal and VND 32.5 billion (approximately USD 1.3 million) in interest. Phu My Hung Development Corporation was established in 2008 with a charter capital of VND 954 billion (approximately USD 39 million). The company is a key player in Vietnam's real estate market, known for developing the "Phu My Hung" urban area in Ho Chi Minh City. Source: The Saigon Times