The numbers in Quoc Cuong Gia Lai's Q3/2026 consolidated financial statements point in two directions. After nine months, the company (ticker QCG, HOSE) has reached 64.2% of its 2026 pre-tax profit target, while revenue is only about 4.5% of the full-year goal. In Q3 alone, it posted a net loss of VND 7 billion.
The two ratios diverge because most of the profit came from the sale of hydropower plants, while apartment handovers have not yet produced large revenue. The figures below come from the Q3 financial statements and the company's explanatory letter, as reported by Vietnamese media on October 29.
Q3: Gross profit falls short of costs
Net revenue in Q3/2026 was VND 26.8 billion, down 76% year on year. Gross margin dropped from 41.1% to 15.7%, leaving gross profit at VND 4.2 billion, 90.8% lower than a year earlier.Tin nhanh Chứng khoán
Costs actually came down. Financial expenses, mostly interest, were VND 6.54 billion, down 6.7%. Selling and administrative expenses fell 59% to VND 4.9 billion. Financial income was only about VND 130 million.Tin nhanh Chứng khoán Other income was just over VND 43 billion, but other expenses were of similar size, so the line had almost no effect on the result.Người Quan Sát
Put together, VND 4.2 billion of gross profit did not cover roughly VND 11.4 billion of financial, selling and administrative costs. The company lost VND 7 billion after tax, against a profit of VND 24 billion a year earlier.Tin nhanh Chứng khoán According to Người Quan Sát, it is the first loss-making quarter since Q2/2024.Người Quan Sát
In its explanatory letter, QCG said Q3 revenue and profit fell because fewer apartments were handed over to buyers and because it had transferred its hydropower plants.Tin nhanh Chứng khoán The second reason matters for anyone reading the statements: electricity sales used to bring in steady revenue every quarter, and that line is now gone. From Q3 onward, QCG's revenue depends mainly on the timing of property handovers, which move in lumps.
Nine months: Net profit up 413%, revenue down nearly 70%
For the first nine months of 2026, revenue was VND 107.6 billion, down 69.6% year on year. Net profit reached VND 174.7 billion, up 413% from roughly VND 34 billion a year earlier. Pre-tax profit was VND 220.2 billion.Tin nhanh Chứng khoán
Revenue fell while profit rose more than fivefold because of other profit. Over nine months this line reached VND 242.6 billion, mainly from selling hydropower plants.Tin nhanh Chứng khoán That is larger than the entire pre-tax profit of VND 220.2 billion. The hydropower deal makes up the main part, though not all, of that other profit.
Selling assets to raise capital is common among property developers whose projects are waiting on legal approvals. The point to keep in mind is that this income does not recur each quarter: once the plants are sold, Q4 cannot generate profit that way again.
Q4 has to carry the rest of the plan
The 2026 plan approved by shareholders calls for revenue of VND 2,403 billion and pre-tax profit of VND 343 billion. If the plan stays unchanged, Q4 needs to deliver about VND 2,295 billion in revenue and about VND 122.8 billion in pre-tax profit.
That revenue is roughly 21 times what the company booked in the first nine months combined. For a property developer, revenue of that size usually comes only from a large handover recognized in a single quarter, or from another asset transfer. The profit target is much closer: VND 122.8 billion is a little over half of what was earned in nine months.
The September 30 balance sheet: Phuoc Kien is two-thirds of assets
As of September 30, 2026, QCG's total assets were VND 8,193.6 billion, down 6.3% from the start of the year. Long-term work in progress was VND 5,405.4 billion, or 65.97% of total assets, all of it in the Phuoc Kien project. Inventory was VND 1,280.2 billion.Tin nhanh Chứng khoán
Tied to Phuoc Kien is a repayment obligation of VND 2,882.8 billion for money the company received from Sunny Island Investment JSC. By September 30, QCG had repaid VND 1,411.4 billion and still owed VND 1,471.4 billion.Tin nhanh Chứng khoán According to the subsequent-events note, on October 7 the company paid another VND 50 billion to the Ho Chi Minh City Civil Judgment Enforcement Office, bringing the balance to VND 1,421.4 billion.Người Quan Sát The project's original legal file is held by the enforcement agency and is returned only once the company has paid in full.
Cash and cash equivalents at September 30 were nearly VND 292 billion, sharply higher than about VND 142 billion at the start of the year.Người Quan Sát The remaining Phuoc Kien obligation is therefore about 4.9 times that cash, even after the October 7 payment.
On the other side, borrowings are falling. Total short- and long-term debt was VND 910.07 billion, 12% lower than at the start of the year and equal to 18.5% of equity.Tin nhanh Chứng khoán The mix has shifted too: short-term borrowings fell from over VND 1,020 billion to about VND 373 billion, while long-term borrowings rose to about VND 537 billion.Người Quan Sát Debt falling due within a year is much lighter than at the start of the year.
One more item on the balance sheet: advance deposits tied to the court case over the 39-39B Ben Van Don project stood at VND 256 billion, versus VND 100 billion at the start of the year.Tin nhanh Chứng khoán That money has already been paid out; it is not cash the company can use right away.
Milestones after the quarter closed
Q3 ended on September 30. Afterward, the board appointed Ms. Nguyễn Thị Như Loan as General Director of Quoc Cuong Gia Lai JSC, effective October 12,Tin nhanh Chứng khoán and approved a policy of borrowing, credit lines or guarantees of up to VND 1,500 billion.Người Quan Sát Both fall outside the reporting period, so the VND 7 billion loss is the starting point for the new management, not a result of its running the company. The VND 1,500 billion ceiling is for now a board policy. If drawn down, the money will show up in borrowings and interest expense in later reports.
QCG shares closed on October 29 at VND 10,600, down VND 350.
What the Q4 report will show
The plan shareholders approved now rests on a single quarter. The Q4/2026 financial statements, due by the end of January 2027, will answer two questions.
The first is apartment revenue. If Q4 revenue reaches the thousands of billions of dong, a large handover has been recognized, and gross profit would then need to be big enough to cover costs, as in earlier quarters with handovers. If revenue stays in the tens of billions as in Q3, the full-year revenue target will fall far short, and Q4 profit will be hard to reach without other income.
The second is the remaining Phuoc Kien obligation. How far will the VND 1,421.4 billion fall, and where will the money come from: apartment handovers, bank loans under the new ceiling, or further asset sales? Each source leaves its own trace in the reports: higher revenue, higher borrowings, or higher other profit. Read side by side, those three lines will show what is financing the retention of a project that makes up two-thirds of QCG's assets. Until the Q4 report is published, the data at hand is not enough to say whether the annual plan will be met.