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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallHoa Binh Construction Group (UPCoM: HBC) reported a threefold increase in gross profit to VND336 billion in the first half of 2026, on net revenue of VND3.26 trillion. That growth did not translate into higher net profit: reports put H1 net profit below the year-earlier period, and they give different totals. The headline’s “triples” refers to gross profit, not net profit.
What HBC reported for the first half of 2026
The Investor’s September 7, 2026 report said HBC recorded VND336 billion ($12.89 million) in gross profit and VND3.26 trillion ($125 million) in net revenue in H1 2026. It described gross profit as three times the year-earlier amount; the comparison figure was not included in the accessible passage, so a precise increase in đồng cannot be calculated from it. The Investor’s report.
The company’s revenue mix also included VND526 billion ($20.18 million) in project and real-estate transfer revenue, compared with no revenue from either activity in H1 2025, according to The Investor. Construction contracts remained HBC’s largest revenue source.
Why the headline does not mean net profit tripled
Gross profit is revenue less the direct costs of providing the goods or services sold. Net profit is the amount remaining after expenses such as financing costs, taxes and other items are accounted for. They measure different stages of a company’s results, so an increase in gross profit does not establish that net profit also rose.
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The Investor reported H1 net profit of VND50 billion ($1.92 million), slightly below H1 2025. A separate Asemconnect Vietnam report put cumulative H1 net profit at VND41.56 billion, down 19.1% year over year. It attributed the decline mainly to lower financial revenue and other income despite higher gross profit. The reports’ passages do not explain the difference between the net-profit totals, so they should not be combined or treated as reconciled figures. Asemconnect Vietnam’s Q2/H1 report.
How to verify the figures in HBC’s filings
HBC’s official financial-report index lists a reviewed consolidated H1 2026 report, updated August 31, 2026, and consolidated Q2 statements, updated July 30, 2026. The index confirms the filings are listed, but its accessible information does not show the statement tables needed to reconcile the net-profit figures. HBC’s financial-report index.
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For a like-for-like comparison, check the underlying statements for the same reporting period and accounting basis, and keep these measures distinct:
- Gross profit: the measure described as tripling, reported by The Investor as VND336 billion for H1 2026.
- Net revenue: reported by The Investor as VND3.26 trillion for H1 2026.
- Net profit: reported as either VND50 billion by The Investor or VND41.56 billion by Asemconnect Vietnam; the difference is unresolved in the available passages.
- Project and real-estate transfer revenue: reported by The Investor as VND526 billion, distinct from construction-contract revenue.
Until the statement tables clarify the basis for the two net-profit totals, the supported conclusion is limited: HBC’s reported gross profit rose sharply, while both reports describe lower H1 net profit year over year.
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