The largest private hospital chain in the Northern mountainous region reports losses; How is Tim Tam Duc doing?

TNH Hospital Group continued to lose more than 20 billion VND in the third quarter, marking a series of negative profits lasting for 4 consecutive quarters. Meanwhile, some other hospitals had quite positive results.

Modern facilities of TNH Hospital - Photo: TNH Website

TNH Hospital extends loss streak to 4th consecutive quarter

TNH Hospital Group Corporation (TNH) recorded a loss after tax of nearly VND20.6 billion in the third quarter, while in the same period last year it still made a profit of about VND9.2 billion. This is also the fourth consecutive quarter that the company has suffered a loss.

TNH's profit was negative, despite this quarter's sales and service revenue increasing by 32% to nearly VND146 billion - the highest level in nearly 2 years.

The company said that its revenue increased thanks to the operation of Viet Yen Hospital (Bac Ninh province), attracting new customers. In addition, its subsidiary, Pharmaceutical and Medical Equipment Company, has also been operating stably, bringing positive results.

	Revenue	Profit after tax
Q1-2023	106.1	24.5
Q2-2023	123.5	36.1
Q3-2023	186.2	48.8
Q4-2023	116.2	34.2
Q1-2024	92.5	14.9
Q2-2024	130	38.7
Q3-2024	109.9	9.2
Q4-2024	110.7	-13.6
Q1-2025	93.4	-34.8
Q2-2025	122.8	-20.3
Q3-2025	145.6	-20.6

However, TNH's management board believes that this figure does not fully reflect the actual potential of the enterprise. The main reason is said to be due to unfavorable weather conditions and prolonged rain and floods, causing the number of patients coming for examination and treatment to not meet expectations.

Besides, selling expenses in the period increased dramatically by 217%, to more than 2.2 billion VND, while business management expenses also increased by 71%, to more than 19 billion VND.

Part of the reason is the opening of a new hospital, which leads to a sharp increase in personnel costs, fixed asset depreciation, as well as communication and marketing costs.

Not only that, TNH is also focusing on preparing human resources for the Thai Nguyen International Hospital project phase 3 and Lang Son TNH Hospital, causing training and personnel costs to continue to increase.

TNH, formerly known as Thai Nguyen International Hospital, is headquartered in the province of the same name and is one of the prominent private hospital systems in the Northern Midlands and Mountains region.

Established in 2012, TNH has now expanded to three hospitals with a total of 700 beds and more than 800 staff, of which over 600 are doctors, nurses, midwives and technicians.

Regarding the shareholder structure, in March this year, Mekong Capital announced that Mekong Enterprise Fund IV (MEF IV) had become a shareholder of TNH. This is the first time Mekong Capital has invested in the hospital sector, although the value of the deal has not been disclosed.

In addition, TNH also attracted foreign capital, with foreign shareholders holding about 48.4% of charter capital. On the stock market, TNH shares fell slightly during the month but have recently shown signs of recovery, currently trading at VND13,150/share.

How does Tam Duc Heart Hospital do business?

Tam Duc Heart Hospital (TTD) also announced its business results for the third quarter of 2025 with net revenue reaching VND211 billion, up 6% over the same period last year. Of which, 72% of revenue came from medical examination and treatment activities and the rest from drug sales.

Due to the cost of goods sold increasing more slowly than revenue, Tim Tam Duc's gross profit still increased slightly, reaching more than 46 billion VND. After deducting expenses, the hospital reported a profit of nearly 25 billion VND, up 2% over the same period.

Accumulated in the first 9 months of the year, net revenue reached 611 billion VND, up 8%, and profit after tax reached 70 billion VND, up 20% over the same period.

However, on the stock market, TTD shares have not been traded in the past month, currently recorded at VND78,100/share.

Previously, Trieu An Private General Hospital, where Mr. Tram Be holds the role of Chairman of the Board of Directors, reported a sharp increase in after-tax profit in the third quarter.

Specifically, Trieu An recorded net revenue of more than 201 billion VND. After deducting cost of goods sold, gross profit was nearly 46 billion VND, an increase of more than 2.2 times compared to the same period last year.

Despite a significant increase in operating costs, the company still recorded a profit after tax of nearly VND32 billion, 3.2 times higher than the same period.

LINH NGUYEN

Source: https://tuoitre.vn/chuoi-benh-vien-tu-lon-nhat-mien-nui-phia-bac-bao-lo-tim-tam-duc-kinh-doanh-ra-sao-20251102154709743.htm