Vietnam’s leading construction material maker Viglacera triples Q2 profit on industrial park leasing gains

Viglacera, Vietnam's leading construction material producer and industrial real estate developer, reported a 216% surge year-on-year in consolidated net profit in Q2/2025 to VND540 billion ($20.65 million).

The rise was primarily driven by higher earnings from its industrial park leasing, the company said in its financial report.

It posted VND3.24 trillion ($123.92 million) in net revenue in the period, up 19% year-on-year.

Cost of goods sold edged up just 2%, enabling Viglacera to lift gross profit by 75.4% year-on-year to VND1.15 trillion ($43.99 million) in Q2.

Financial income rose to VND54 billion ($2.07 million) in the quarter, up 210.5% from a year earlier, while other gains soared 338% to more than VND28 billion ($1.07 million).

In the first half of 2025, Viglacera posted nearly VND6.1 trillion ($233.31 million) in net revenue, up 13% from the same period last year. Revenue from industrial land leasing rose 21% year-on-year to VND1.97 trillion ($75.35 million), contributing a gross profit of VND1.31 trillion ($50.1 million).

Consolidated post-tax profit for the six-month period jumped 105% to VND839 billion ($32.09 million).

As of June 30, 2025, Viglacera's total assets reached VND25.5 trillion ($975.33 million), up VND675 billion ($25.81 million) from the beginning of the year. Total liabilities declined 2% to VND14.63 trillion ($559.57 million), while shareholders’ equity stood at VND10.88 trillion ($416.14 million).

According to a resolution passed at Viglacera’s AGM on June 10, the corporation will contribute capital to establish Viglacera Hung Yen JSC in Hung Yen province, northern Vietnam, with a charter capital of VND350 billion ($13.39 million), holding a majority stake of 51%.

The capital injection plan was initially approved in 2023. The move marks a new step in executing Viglacera’s strategy to expand its industrial land bank, which currently includes 16 industrial parks, or over 4,500 hectares.

In 2024, Viglacera secured the government’s in-principal approval for three new industrial park projects which will add roughly 839 hectares to its industrial park portfolio. They are Doc Da Trang IP in the south-central coastal province of Khanh Hoa, the second phase of Song Cong II IP in Thai Nguyen province, and the first phase of Tran Yen IP in Lao Cai province, both in northern Vietnam.

On the Ho Chi Minh Stock Exchange, Viglacera’s VGC shares closed Friday at VND52,400 ($2) apiece.