Khang Dien Investment and Trading House Joint Stock Company (KDH) reported consolidated net profit of VND 1,267.7 billion for the first nine months of 2026, up 50.8% year on year and about 84.5% of its full-year plan of VND 1,500 billion.Báo Pháp Luật Over the same period, net revenue fell 83.1% to VND 483.4 billion. Revenue down and profit up raises an obvious question: what built the profit?
The numbers point to capital transactions. Brokerage BSC counts three one-off items totalling VND 1,311 billion, close to the entire nine-month pre-tax profit.Tin nhanh chứng khoán The largest traces back to a deal signed in July 2023. This post walks through each milestone and states, at each one, whether the gain came from selling homes or from a capital transaction.
July 2023: a 49% stake in Binh Trung Moi is sold, but the gain skips the income statement
Binh Trung Moi Real Estate Development Co., Ltd. was set up in 2023 with charter capital of VND 3,390 billion, funded by the Khang Dien group with land-use rights in Binh Trung Dong ward. It is the entity behind Gladia, a project Khang Dien develops with Keppel.Nhà đầu tư
According to Nhà đầu tư, in July 2023 Khang Dien sold a 49% stake in Binh Trung Moi to a counterparty for a total of VND 1,661.1 billion. The VND 874.7 billion gain did not pass through the income statement at the time. It was booked straight to retained earnings on the consolidated balance sheet, because Khang Dien kept control of the company. The cash arrived in 2023; the accounting gain waited.
Q1 2026: buying An Lap below net asset value, booking a VND 285.2 billion bargain-purchase gain
In March 2026 the Khang Dien group bought 99% of An Lap Real Estate Development JSC at a cost of about VND 2,553 billion, while An Lap's net assets were put at a fair value of VND 2,870 billion.Doanh Nhân VN After deducting the share of non-controlling shareholders, Khang Dien booked a VND 285.2 billion bargain-purchase gain under other income.Báo Pháp Luật
An Lap owns an 8.2-hectare housing project in Cat Lai ward. The deal also brought a new inventory line: the An Lap – Binh Trung Dong project went from zero at the start of the year to VND 5,567 billion at the end of September.MarketTimes Consolidated net profit for Q1 was VND 327.05 billion, most of it the bargain-purchase gain.
Q2 2026: a further 2% sold, and the 2023 gain reaches the income statement
On 23 June 2026 Khang Dien completed the sale of another 2% of Binh Trung Moi for VND 68.3 billion. The group's holding fell from 50.95% to 48.95%, and Binh Trung Moi went from subsidiary to associate.Người Quan Sát
The 2% sale itself produced only VND 21.6 billion in direct gain. The bigger mechanism was the loss of control: once Binh Trung Moi stopped being a subsidiary, the VND 874.7 billion gain from the 2023 deal moved from retained earnings into the income statement. Together the two pieces make up a VND 896.3 billion gain on the transfer of capital in Binh Trung Moi, booked as financial income.Báo Pháp Luật Người Quan Sát notes that most of this gain carries no new cash from the period, since the cash from the deal arrived in 2023.
Consolidated net profit for Q2 reached VND 771.84 billion. With Q1, the first half stands at about VND 1,099 billion, nearly 87% of the nine-month profit.
Q3 2026: Gladia changes lines on the statement
Q3 had no large capital deal. Net revenue came to VND 41.4 billion, down 96.2%. Property transfers made up almost VND 25 billion, against more than VND 1,080 billion a year earlier, and gross margin dropped from 70.6% to 14.9%.Báo Pháp Luật
Read on its own, the revenue line suggests Khang Dien barely sold any homes. The income from associates shows the rest: VND 132.7 billion, with none in the same period last year. Doanh Nhân VN reports that it relates to Binh Trung Moi.Doanh Nhân VN Vietcap's update of 30 October ties it to the handover of low-rise homes at Gladia during the quarter.Vietcap
In accounting terms, this is a change of presentation. While Binh Trung Moi was a subsidiary, Gladia handover revenue flowed into consolidated revenue, and the profit of the partner holding 49% was then deducted on the non-controlling-interest line. Now Khang Dien books only its own share of profit, in a single line. In Q3 2025, consolidated profit was VND 525.90 billion but the part attributable to KDH shareholders was only VND 235.76 billion.
So the two Q3 declines are very different. Consolidated net profit was VND 168.79 billion, down 67.9%. Profit attributable to shareholders of the parent, the figure KDH shareholders actually own, was VND 175.65 billion, down about 25% according to Khang Dien's own explanation.MarketTimes
That explanation says Q3 net operating profit fell by about VND 596 billion, mainly because gross profit declined. The fall was partly offset by higher other profit, lower tax and a smaller share of profit for non-controlling shareholders. Other income in Q3 was VND 141.4 billion, of which almost VND 129.4 billion was compensation for terminating a contract, a one-off item unrelated to home sales.Báo Pháp Luật
Khang Dien is not alone in a thin revenue quarter: per BSC, Nam Long (NLG) posted just VND 5 billion of profit attributable to shareholders in Q3, down 96.7%, because of a trough in handovers.Tin nhanh chứng khoán
Adding it up: how much did home sales contribute?
BSC's three one-off items are a VND 896 billion gain on the Binh Trung Moi divestment, a VND 285 billion bargain-purchase gain on An Lap and VND 129 billion in compensation. Nine-month property transfer revenue fell to VND 433 billion, down 85%, and gross profit to VND 270 billion, down 82%.Doanh Nhân VN In the same period of 2025, net revenue was VND 2,857.5 billion, mostly from home handovers.MarketTimes
Put plainly, this year's 50.8% rise comes from capital transactions. The profit from home sales, including the part flowing through the associates line, is far smaller than in 2025.
None of this means the company is short of cash. Cash and equivalents at the end of September were more than VND 6,199 billion, up 143.6% from the start of the year, mainly thanks to a positive financing cash flow of VND 5,304 billion from new borrowings. Borrowings rose accordingly, to VND 17,776 billion, up 75.1%.Báo Pháp Luật
Q4 and 2027: customer prepayments do not become revenue yet
Q4 needs about VND 232 billion more in net profit to reach the VND 1,500 billion plan. Vietcap expects another handover of low-rise Gladia homes in the quarter, meaning that profit, if it arrives, would again show up on the associates line. BSC notes only about 45 low-rise Gladia units remain for sale.
The balance sheet carries this year's new sales signal. Customer prepayments reached VND 1,864 billion at the end of September, up VND 1,465 billion from the end of Q2.Doanh Nhân VN According to Nhà đầu tư, this is mainly money paid on contract milestones after Khang Dien and Keppel opened sales at the Gladia Heights apartments in early August.Nhà đầu tư
That money becomes revenue and profit only when the apartments are handed over. BSC expects 2027 results to improve on handovers at Gladia by the Water and Gladia Heights.BNews So the Q4 2026 report is not where the VND 1,864 billion turns into profit.
What to keep
The VND 1,267.7 billion is real, and Khang Dien has covered about 84.5% of its annual plan. But most of that profit was built from capital transactions, the largest signed in 2023, and such items do not repeat quarter after quarter. The home-sales business is much thinner than in 2025, partly because of handover timing and partly because Gladia's profit moved to the associates line. For a KDH shareholder, Q3 profit attributable to shareholders fell about 25%, not 67.9%.
The Q4 report will answer the remaining question: whether the missing part of the plan comes from handing over low-rise Gladia homes or from an income item outside home sales. As for the VND 1,864 billion in prepayments, the brokerages say it will start turning into revenue only when projects are handed over, from 2027.