IDICO reports increased profits due to revenue fluctuations from industrial zone (IZ) infrastructure lease contracts, which qualify for one-time revenue recognition under regulations.
| IDC’s Revenue and Profit Hit 13-Quarter High |
The nine-month picture is less rosy, with revenue of VND 6,428 billion and post-tax profit of over VND 1,814 billion both declining by 7% and 10% year-on-year. Compared to the annual plan, the company achieved 72% and 87% respectively.
The primary reason is the 31% drop in land and IZ infrastructure sub-leasing revenue to over VND 1,900 billion, while real estate sales fell by more than 30% to VND 340 billion. In contrast, the electricity business contributed the most at 43% of revenue, reaching VND 2,786 billion, an 18% increase year-on-year.
Source: VietstockFinance
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According to Shinhan Securities Vietnam (SSV), IDC currently operates two hydropower plants with a total capacity of 114MW and two transformer stations with a total capacity of 418MVA. Plans are underway to build two additional transformer stations between 2025-2029, increasing total capacity to 607MVA. The electricity segment is expected to provide stable cash flow and grow at approximately 10% annually for IDC.
In 2025, IDC expanded over 700 hectares of IZ land in Tan Phuoc 1 (Tien Giang), My Xuan B1 Extension (Ba Ria – Vung Tau), Vinh Quang (Hai Phong), and Phu Long (Ninh Binh), bringing the total leasable IZ land to nearly 1,430 hectares.
Source: Shinhan Securities Vietnam
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This year, IDC plans to lease 123.5 hectares of IZ land and nearly 33,300 square meters of factory space. In 2024, the company leased over 100 hectares of industrial land and nearly 38,700 square meters of factory space.
 Source: Shinhan Securities Vietnam
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As of Q3, IDC’s total assets exceeded VND 21,293 billion, a 13% increase from the beginning of the year. Bank deposits with terms under 12 months totaled nearly VND 6,068 billion, up 45%, accounting for 29% of capital. Additionally, IDC holds VND 225 billion in flexible cumulative investments with 3-12 month terms at a securities company.
Inventory stands at nearly VND 1,316 billion, down 6%, primarily concentrated in the Huu Thanh worker housing project at approximately VND 825 billion.
Total liabilities reached over VND 12,926 billion, up nearly 12%. Customer advances and unearned revenue totaled more than VND 6,150 billion, a 2% increase, comprising 48% of total liabilities. Financial debt exceeded VND 4,119 billion, up 31%, accounting for 32% of total liabilities.
– 09:29 30/10/2025
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