Developer Dai Quang Minh posts profit surge to $155 mln as mega projects gather pace

Dai Quang Minh reported a more than 20-fold jump in net profit in 2025, driven by the completion of dozens of projects for affiliates of its parent company Thaco and preparations for a new wave of large-scale infrastructure developments.

According to a financial report submitted to the Hanoi Stock Exchange, Dai Quang Minh posted net profit of nearly VND4.07 trillion ($155 million) last year, up sharply from about VND183 billion ($6.97 million) in 2024.

Return on equity climbed to 12.6% from 1.1% a year earlier.

The company said owners’ equity stood at more than VND32 trillion ($1.22 billion) at the end of last year, almost double the level recorded in 2024. Retained earnings accounted for around VND7.5 trillion ($285.62 million) of total equity.

The sharp improvement in earnings came after Dai Quang Minh completed 22 projects during the year to serve the needs of companies within the Thaco ecosystem, while advancing a series of major developments in Hanoi, Danang, and Dong Nai cities.

The financial disclosures mark the first time the company has publicly reported profits for two consecutive years after becoming subject to disclosure requirements following the issuance of a VND1.5 trillion ($57.12 million) bond in late 2025.

The bond represents only a small portion of Dai Quang Minh’s nearly VND35 trillion ($1.33 billion) in total liabilities, with the remainder consisting largely of bank borrowings.

Founded in 2011, Dai Quang Minh is one of the key pillars of the Thaco ecosystem. According to disclosures last year, Thaco owns a 77.5% stake in the company, while the family of Thaco chairman Tran Ba Duong holds the remaining 22.5%.

Tran Ba Duong served for years as chairman and legal representative of Dai Quang Minh before handing over those roles to Tran Dang Khoa earlier this year.

The company focuses on investment and construction of road, port and railway infrastructure, industrial parks, urban areas, and real estate projects.

Since the beginning of 2026, Dai Quang Minh has raised its charter capital three times, increasing it from VND18.2 trillion ($693.11 million) to VND32 trillion ($1.22 billion) by mid-May.

The rapid capital increase coincides with preparations for a series of mega projects, including the proposed Red River Landscape Boulevard in Hanoi and metro lines connecting downtown HCMC with Long Thanh International Airport.

Earlier this year, the company also restarted a component project within the Sala urban area in HCMC after an eight-year hiatus.

For 2026, Tran Ba Duong has tasked Dai Quang Minh with commencing construction on 42 projects and completing 12 others.

The company targets revenue of VND12 trillion ($457 million) this year and plans to disburse more than VND21 trillion ($799.74 million) in spending, laying the groundwork for a sharp increase in revenue to VND37 trillion ($1.44 billion) next year.