Bluemarq Group: Why profits are rising but shareholders’ earnings keep shrinking

Bluemarq Group, formerly known as Dat Xanh Group, posted a strong rebound in first-quarter earnings as its real estate brokerage business accelerated sharply.

However, profit attributable to the parent company’s shareholders continued to decline, highlighting a growing disconnect between consolidated earnings growth and shareholder returns.

The company, listed on the Ho Chi Minh City Stock Exchange as DXG, reported Q1/2026 consolidated revenue of over VND1.35 trillion ($51.31 million), up 46.2% from a year earlier.

Gross profit rose 24.3% to VND634.4 billion ($24.06 million), while financial income increased to VND46 billion ($1.74 million) from VND12 billion a year earlier. Financial expenses meanwhile fell sharply from VND132 billion to VND63 billion.

As a result, despite higher selling and administrative expenses, Bluemarq Group posted consolidated after-tax profit of VND214.4 billion ($8.13 million), 2.7 times higher than the same period last year.

However, profit attributable to the parent company shareholder fell 21.6% year-on-year to just VND37.9 billion ($1.44 million). In contrast, profit attributable to non-controlling interests surged 5.8-fold to VND176.5 billion.

The divergence between consolidated earnings growth and parent shareholders’ profit has in fact persisted since 2025.

For the full year 2025, Bluemarq Group reported consolidated after-tax profit of VND594.8 billion ($22.56 million), up 31% from the previous year. Yet profit attributable to parent shareholders declined 10% to VND231 billion ($8.76 million).

Financial statements show that the group’s current growth is being driven mainly by real estate services, while its property development business has recovered more slowly.

In 2025, revenue from services rose 90% year-on-year to nearly VND3.53 trillion ($133.8 million), while revenue from project development fell 32% to over VND2.16 trillion ($82.08 million).

The trend continued into Q1/2026, when service revenue jumped from VND472 billion to over VND1.01 trillion ($38.46 million), while project development revenue rose more modestly from VND554 billion to VND783 billion ($29.7 million).

The company said consolidated earnings growth was mainly driven by brokerage activities, particularly in northern Vietnam. At the same time, aggressive sales expansion and project development increased selling and management costs, weighing on the portion of profit allocated to shareholders of the parent company.

Project delivery cycle seen boosting earnings in 2027

Historical data show that between 2006 and 2019, the group’s consolidated earnings and parent shareholders’ profit generally moved in tandem.

However, the divergence became increasingly visible from 2020 onward..

For example, in 2020, the group posted a consolidated net loss of VND174 billion ($6.6 million), while losses attributable to parent shareholders widened to VND496 billion ($18.8 million). Conversely, in 2023 consolidated after-tax profit reached VND150 billion ($5.69 million), while profit attributable to parent shareholders totaled VND172 billion.

The shift coincided with Dat Xanh’s transformation into a holding group structure.

The company reduced its ownership in Dat Xanh Services from 99% to 59% and listed the subsidiary on the Ho Chi Minh City Stock Exchange in 2021.

Following the reduction in ownership, profits from brokerage activities — now the group’s main growth engine — were no longer fully attributable to DXG shareholders.

At the same time, the group continued investing heavily in projects such as Opal Boulevard, St. Moritz, Opal Skyline and Gem Sky World, increasing development costs while project revenue recognition remained cyclical.

For several years, Dat Xanh Services has effectively carried growth across the group’s ecosystem.

In 2021, the development segment briefly became the main earnings driver as revenue from apartment and land plot sales surged thanks to deliveries of projects launched during 2019-2020, including Gem Sky World and Opal Boulevard.

According to brokerage firm Vietcap Securities, the trend of sluggish growth in profit attributable to parent shareholders despite improving revenue could continue through 2026.

Vietcap forecasts profit attributable to Bluemarq Group shareholders at around VND237 billion ($8.99 million) this year, up only 3% from 2025.

However, the figure could surge to around VND1.9 trillion ($72.06 million) in 2027 as the company begins delivering units at The Privé project and records larger contributions from Gem Sky World.

The outlook aligns with comments made by Luong Tri Thin, founder and chairman of the group’s strategy council, at the company’s 2026 annual shareholders’ meeting.

According to Thin, 2026 will serve as a transitional year for the group’s restructuring process, laying the foundation for a new growth cycle beginning in 2027.

Meanwhile, Dat Xanh Services continues to post strong results.

In 2025, the company reported after-tax profit of VND523 billion ($19.84 million), more than double the previous year’s figure. In Q1/2026 alone, after-tax profit reached VND291 billion ($11.04 million), up 7.2 times year-on-year.

Against that backdrop, Dat Xanh Services’s management has set a 2026 target of VND5.3 trillion ($201.02 million) in revenue and VND527 billion ($19.99) in profit attributable to parent shareholders, representing increases of 33.6% and 50%, respectively, from 2025 levels.

The figures suggest that in the short term, Bluemarq Group’s growth remains heavily dependent on brokerage operations, while meaningful gains for DXG shareholders may not materialize until the next major project delivery cycle begins from 2027 onward.

In previous years, Bluemarq Group had proposed raising its ownership stake in Dat Xanh Services to more than 70% through share acquisitions from foreign investment funds. Although shareholders approved the plan, it has yet to be implemented.