On November 3, 2026, the sixth and last module of the first batch left Quang Ngai port for the United Arab Emirates (UAE). With that shipment, Lilama 10 Joint Stock Company (ticker L10, listed on HoSE) has delivered more than 6,000 tonnes of industrial modules, made up of steel structures, electrical systems and piping, for the TA'ZIZ Methanol project.Người Quan Sát
The numbers in Lilama 10's Q3/2026 financial statements are just as notable. Nine-month net profit came in at VND 150.8 billion, more than six times the same period last year, and the company raised its full-year revenue estimate to about VND 1,450 billion, 45% above the original VND 1,000 billion plan.CafeF This post separates the two stories, the UAE shipment and the profit, and checks how far they connect.
The November 3 shipment
Lilama 10's scope is construction and installation of structures, electrical systems and piping on the modules. Once finished, the modules are assembled, tested and trial-fitted at Hyundai Eco Vina's facility in Quang Ngai, then dismantled, packed and shipped by sea to the site.Người Quan Sát This approach keeps most of the installation work in Vietnam, before the modules reach their final assembly point.
The plant is being developed by the TA'ZIZ joint venture between Abu Dhabi National Oil Company (ADNOC) and ADQ, in partnership with Proman, at the Al Ruwais industrial area in Abu Dhabi. Design capacity is 1.8 million tonnes of methanol a year, using natural gas as feedstock.Người Quan Sát
Whose is the USD 1.7 billion?
Most reports on the shipment cite USD 1.7 billion. That is the value of the engineering, procurement and construction (EPC) package for the whole plant, held by main contractor Samsung E&A of South Korea.CafeF Lilama 10 handles part of the work inside that package.
Setting USD 1.7 billion next to Lilama 10's market capitalization of roughly VND 400 billion is therefore an apples-to-oranges comparison: one is the budget for an entire plant, the other is the value of a contractor handling one slice. For Lilama 10, the UAE is the third named export-module project. The company previously built and installed green hydrogen electrolysis modules for the West Coast project in California (US) and the NEOM Green Hydrogen project in Saudi Arabia.Người Quan Sát Lilama 10 is a member company of Vietnam Machinery Installation Corporation (LILAMA), working mainly in steel structure fabrication, equipment installation and industrial and energy construction.
Where the nine-month profit came from
Per the Q3/2026 financial statements as relayed by CafeF and Báo Pháp Luật Việt Nam, Q3 net revenue was VND 404.9 billion, down 3.6% year on year. Pre-tax profit was VND 138.4 billion and net profit VND 110.74 billion, both nearly nine times Q3/2025.Pháp Luật VN For the nine months, revenue was VND 1,212.3 billion, up 4.8%. Pre-tax profit was VND 188.5 billion and net profit VND 150.8 billion, both more than six times the same period of 2025.CafeF
Nine-month revenue was nearly flat, up just 4.8%, while profit rose sixfold. Q3 alone contributed about VND 110.7 billion of the VND 150.8 billion in net profit, nearly three-quarters. For context against the company's own history: in Q3/2025, when nine-month net profit was only about VND 24.7 billion, Q3 already accounted for nearly half.Pháp Luật VN Profit bunching in Q3 is therefore not new this year, though the bunching is more pronounced.
The profit is also large relative to the company's size. Lilama 10's charter capital is VND 98.9 billion, so nine-month net profit is already about 1.5 times charter capital. The full-year 2026 pre-tax profit plan was only VND 30 billion.CafeF
Lilama 10 explained the source of the profit in its filing to HoSE. It said it had sped up acceptance and final settlement of projects. Over the nine months, high revenue and profit came from the Ialy Expansion, Snowy and Nam Phak hydropower plants. The company also cited cost control, including a 34.9% drop in selling expenses year on year.Pháp Luật VN In Q3 alone, cost of goods sold fell faster than revenue, lifting gross profit significantly.CafeF
Read against that filing, the nine-month profit is tied to hydropower projects that have been built and are being accepted and settled. The UAE project is not on the list the company named. For a machinery installation contractor, profit tends to land in the period when the owner signs off, so one strong quarter is not enough to conclude later quarters will hold the same level.
Q4 under the company's own plan
Per a board resolution published in October, Lilama 10 expects 2026 revenue of about VND 1,450 billion. Over the nine months it signed new contracts worth about VND 440 billion in total.CafeF
Simple subtraction shows what management itself expects. Taking about VND 1,450 billion less the VND 1,212.3 billion already booked, Q4 revenue comes to roughly VND 238 billion, well below Q3's VND 404.9 billion. In other words, the board's plan does not assume Q4 repeats Q3's revenue pace. This is a figure derived from two published numbers, not the company's own Q4 forecast.
Beyond the Middle East project, Lilama 10's portfolio includes the Quang Trach 1 thermal power plant, the Tri An Expansion hydropower plant, the Song Cho reservoir water conveyance system and other industrial projects.CafeF That is a pipeline of work for the coming years, alongside export module orders.
A sharp rally on very small volume
L10 shares hit the daily upper limit for five straight sessions from October 19 to 23, 2026. In its filing to HoSE, the company said the price move mainly reflected market supply and demand and that it does not directly influence the trading price.CafeF
The climb continued afterward. From VND 22,350 on October 16, L10 reached VND 40,750 on October 29, a gain of about 82%. It closed at VND 37,400 on November 6, still about 67% above the pre-rally level.
What newer investors should note is that the rally came on small volume. From October 19 to 29, total matched volume was only about 48,700 shares, averaging under 5,500 shares a session, and one session, October 21, matched just 200 shares. With liquidity this thin, the price can swing sharply on a handful of orders, and holders can struggle to buy or sell size without moving it.
What to watch
Lilama 10's story now has two separate parts. The nine-month profit, by the company's own filing, comes from acceptance and settlement of hydropower projects and cost control. The UAE module order is new work that is real in tonnage, but there is no basis yet to link it to the profit already booked.
The Q4/2026 financial statements will be the first checkpoint. If full-year revenue lands near VND 1,450 billion, the board's plan has matched the settlement pace. If Q4 profit stays high despite revenue below Q3's, margins on the projects being settled remain healthy. If profit drops back to a low level, Q3 was a bunched-up settlement quarter, as the company explained. UAE's contribution will become readable when the company discloses the contract value, or when later reports break out revenue from this project.