How Did Industrial Real Estate Businesses Perform in Q3?

Viglacera Corporation (VGC) reported consolidated net revenue of nearly VND 3.254 trillion in Q3/2025, a 15% increase year-over-year; however, post-tax profit fell by 49.8% to VND 117.64 billion compared to the same period last year.

The company attributed the profit decline to seasonal business fluctuations and adverse weather conditions, including heavy rainfall and storms.

For the first nine months of 2025, cumulative net revenue reached over VND 9.337 trillion, up 14% year-over-year. Tiles contributed VND 2.737 trillion, a 9% increase; industrial land leasing brought in VND 2.333 trillion, up 3%; and real estate generated nearly VND 237 billion, 2.2 times higher than the same period last year.

Pre-tax profit for the nine months stood at VND 1.321.6 trillion, with post-tax profit at VND 955.8 billion, marking increases of 45.3% and 48.7%, respectively, compared to the first nine months of 2024.

Viglacera has achieved 65% of its revenue target and 76% of its pre-tax profit goal for 2025, with annual plans set at VND 14.437 trillion in consolidated revenue and VND 1.743 trillion in pre-tax profit.

Kinh Bac Urban Development Corporation (KBC) announced its Q3/2025 financial report with net revenue of VND 1.347 trillion, a 42% increase year-over-year. Cost of goods sold decreased by 4.6% to VND 564 billion, boosting gross profit by 118% to VND 784 billion.

Financial revenue dropped by 22% to VND 90 billion, while financial expenses surged by 179% to VND 237 billion. Selling expenses and administrative expenses reached VND 67.5 billion and VND 140 billion, respectively, up 221% and 26%. Consequently, Kinh Bac’s post-tax profit for Q3 was VND 312 billion, a 55% increase compared to Q3/2024.

For the first nine months, Kinh Bac’s net revenue was VND 5.039 trillion, with post-tax profit of VND 1.563 trillion, up 153% and 294%, respectively, year-over-year.

These results represent 51% of the revenue target and 49% of the profit goal for 2025.

In Q3/2025, IDC reported net revenue of over VND 2.871 trillion, a 26% increase, and net profit of nearly VND 842 billion, up 65% year-over-year. IDICO attributed the profit growth to revenue fluctuations from industrial zone infrastructure leases recognized as one-time revenue.

For the first nine months, IDC recorded VND 6.428 trillion in revenue and over VND 1.814 trillion in post-tax profit.

As of Q3, IDC’s total assets were over VND 21.293 trillion, a 13% increase since the beginning of the year. Bank deposits with terms under 12 months totaled nearly VND 6.068 trillion, up 45%. Additionally, IDC holds VND 225 billion in flexible investment accumulations with 3-12 month terms at a securities company.

Other industrial real estate companies also performed well, such as Nam Tan Uyen (NTC) with profits of nearly VND 300 billion, 1.5 times higher than the first nine months of last year. Long Hau Industrial Park (former Long An Province) reported a 77% increase in profits to VND 246 billion.

Several companies have met or approached their annual profit targets: IDICO achieved 87% of its annual plan, Saigon VRG Investment exceeded by 32%, and Long Hau surpassed by 70%.

According to Agribank Securities (Agriseco), industrial real estate companies collectively earned VND 13.000 trillion in revenue and VND 3.100 trillion in post-tax profit, up 23% and 40%, respectively, year-over-year. Cumulatively, the sector generated over VND 41.700 trillion in revenue and nearly VND 9.800 trillion in profit for the first nine months.

Agriseco analysts forecast a 5-10% profit increase for the sector this year, with continued growth expected next year. This growth is driven by companies with ready-to-lease land and pre-signed memorandums of understanding.