After nine months, Thaiholdings Joint Stock Company (THD) has booked net profit of VND 106 billion, up 45% and 16% above its full-year 2026 plan of VND 91 billion.Báo Pháp luật VN In Q3 alone, consolidated net profit came to just VND 4.84 billion, after the company recognised a loss of more than VND 15.55 billion from its associate, Thaigroup Corporation.Đại Biểu Nhân Dân That loss is more than three times the profit left at the bottom line.
Several outlets reported that Q3 profit fell nearly 80%. Before taking that figure at face value, two things need separating: the comparison sets two different kinds of financial statements side by side, and the Thaigroup loss enters the consolidated accounts through a mechanism that did not exist last year.
Revenue up, bottom line down
In the Q3 2026 consolidated statements, Thaiholdings reported net revenue of more than VND 318.7 billion, up about 31.2% year on year.Đại Biểu Nhân Dân Cost of goods sold was over VND 312.2 billion, leaving gross profit of about VND 6.55 billion against VND 3.71 billion in Q3 2025. The gross margin is about 2.05%: out of every VND 100 of revenue, the company keeps roughly VND 2 before other costs.Đại Biểu Nhân Dân
Financial revenue in Q3 was more than VND 25.2 billion, roughly flat on a year earlier.Market Times All of it came from deposit and loan interest.Báo Pháp luật VN After the associate loss and other expenses, pre-tax profit was about VND 10.15 billion. After tax, consolidated net profit was VND 4.84 billion, 79.56% below Q3 2025's VND 23.69 billion.Đại Biểu Nhân Dân
The near-80% drop compares two different statements
In its explanatory filing, Thaiholdings said 2026 is the first year it has prepared consolidated financial statements. The Q3 2025 comparison figure therefore comes from the standalone statements.Market Times The near-80% decline is measured across two periods with different reporting scope.
Compare like with like and the picture changes. According to the company's explanation, as relayed by Doanh Nhân VN magazine and Market Times, Thaiholdings' standalone net profit for Q3 2026 was above VND 20 billion, down 14% year on year.Doanh Nhân VN The profit of the Thaiholdings entity itself did fall, but by 14%, not nearly 80%.
The 14% decline also has its own drivers. Financial expenses in Q3 were over VND 700 million, versus a negative VND 6.2 billion in Q3 2025, a swing of nearly VND 6.9 billion between the two periods.Market Times General and administrative expenses rose by more than VND 307 million.Đại Biểu Nhân Dân Thaiholdings cited both items in its explanation, alongside the associate loss.
How the Thaigroup loss reaches the consolidated accounts
According to the notes to the financial statements, Thaiholdings holds 48% of Thaigroup's capital and voting rights, and so books Thaigroup as an associate.Đại Biểu Nhân Dân Vietnam Law Newspaper describes it as Thaiholdings' only associate.Báo Pháp luật VN The two sets of statements treat it differently:
- In the standalone statements, the Thaigroup stake is held at cost. Whether Thaigroup makes a profit or a loss in the quarter does not change Thaiholdings' profit line.
- In the consolidated statements, the stake is carried under the equity method. When Thaigroup earns a profit, Thaiholdings books its proportional share. When Thaigroup posts a loss, Thaiholdings books its share of the loss.
Q3 2025 had no consolidated statements, so the line for results from associates did not exist in that period.Market Times This year the line appears, and in Q3 it is negative. The gap between standalone profit (over VND 20 billion) and consolidated profit (VND 4.84 billion) is close to the VND 15.55 billion loss.
The loss is Thaiholdings' share of Thaigroup's results under the equity method. As Đại Biểu Nhân Dân points out, it does not mean Thaiholdings paid out a matching amount of cash in the quarter. It reduces the carrying value of the investment in the consolidated accounts.Đại Biểu Nhân Dân
How the Thaigroup stake has grown
At the start of 2026, the carrying value of the Thaigroup stake was VND 1,800 billion. Under Resolution 10/2026/NQ-HĐQT/THD dated July 27, 2026, Thaiholdings acquired an additional 52.32 million Thaigroup shares by swapping part of its existing capital contribution.Đại Biểu Nhân Dân The cost of the investment rose from VND 1,800 billion to VND 2,323 billion.Báo Pháp luật VN
Under the equity method, the carrying value at September 30, 2026 was more than VND 2,881 billion,Doanh Nhân VN equal to about 54.5% of total assets.Đại Biểu Nhân Dân Total assets were VND 5,283 billion, up 16% from the start of the year.Báo Pháp luật VN From those two figures, total assets at the start of the year were about VND 4,542 billion, which puts the Thaigroup stake at roughly 40% back then. After nine months, its share is above half.
Long-term financial investments in total reached VND 3,691 billion, up 43% from the start of the year.Báo Pháp luật VN Besides Thaigroup, the portfolio includes more than VND 365 billion in Kim Lien Tourism Joint Stock Company and nearly VND 415 billion in Ton Dan Hanoi Joint Stock Company.Doanh Nhân VN
On October 1, Thaiholdings registered to buy a further 78.32 million Thaigroup common shares, equal to 38.02% of the new shares on offer. If the deal goes through in full, it would hold 250.64 million Thaigroup shares.Báo Pháp luật VN One detail deserves a careful read: the 38.02% it registered for is below the 48% it already holds. If the whole offering is taken up, Thaiholdings would own more Thaigroup shares but a smaller percentage, so each dong of Thaigroup profit or loss would flow to it in a smaller proportion. At the same time, the extra capital pushes the stake's share of Thaiholdings' assets higher still.
The rest of Thaiholdings
Q3 does not erase the nine-month result. For the first nine months of 2026, net revenue was VND 891 billion, up 16%, and net profit was VND 106 billion, up 45% against last year's comparison figures. Against an annual plan of VND 967 billion in revenue and VND 91 billion in net profit, the company has reached 92% of the revenue plan and exceeded the profit plan by 16%.Báo Pháp luật VN On a pre-tax basis, nine-month profit is VND 130 billion, more than 14% above the VND 114 billion plan.Market Times
The balance sheet is light on debt. At September 30, 2026, liabilities were VND 215 billion, the company had no financial borrowings, and nine-month operating cash flow was positive at about VND 21 billion.Báo Pháp luật VN Liabilities are about 4% of total funding, and equity stands at VND 5,068 billion.Doanh Nhân VN With no borrowings, the Thaigroup loss creates no debt-service pressure. Its effect lands on consolidated profit and on the carrying value of the largest investment.
What THD holders will see in coming quarters
Q3 shows that Thaiholdings' earnings mix has changed this year. Trading has a gross margin around 2%, financial revenue runs near VND 25 billion a quarter, and there is a new line: profit or loss from Thaigroup. The first two are relatively stable. The third can flip sign from one quarter to the next, and it is tied to an investment that already exceeds half of total assets.
The thesis here is straightforward: Thaiholdings' consolidated profit in coming quarters will swing with Thaigroup's results more than it did last year, and THD holders will see that through the associate line. That conclusion would change only if the stake's weight fell sharply, for example if Thaiholdings does not take part fully in the new share offering.
The signals worth watching: Q4 financial statements will show whether the Thaigroup line turns positive again or stays negative, and the outcome of the registration for 78.32 million more shares will show how much extra capital Thaiholdings commits and what ownership percentage it ends up with. If the associate line turns positive, Q3 was an isolated loss on a large investment. If it stays negative while the investment grows, the loss will keep eating into the profit generated by trading and deposits.