The new sales phases of the Quy Nhon Iconic and La Pura projects continue to bring great prospects for Phat Dat in Q4 2025 and early 2026.
Revenue surged, and profits improved significantly.
In the third quarter of 2025, Phat Dat's net revenue reached VND 506.5 billion. Gross profit on the separate and consolidated financial statements for the third quarter of 2025 reached VND 249 billion and VND 250 billion respectively, a significant increase compared to VND 1.3 billion in the same period of the previous year.
This can be explained by the fact that during the period the company continued to record revenue from the transfer of real estate from the Bac Ha Thanh project (Quy Nhon, Gia Lai ) and recorded revenue from the transfer of the project on Ky Dong Street (Ho Chi Minh City).
According to the consolidated financial report, Phat Dat did not incur any losses from its associated companies in the third quarter. These factors contributed to the 18.35% increase in after-tax profit (equivalent to VND 11.9 billion) in the separate financial report and a 67.64% increase (equivalent to VND 34.6 billion) in the consolidated financial report compared to the same period last year.
For the first nine months of the year, Phat Dat recorded net revenue of VND 964.4 billion and after-tax profit of VND 201.3 billion, representing increases of over 450% and 31% respectively compared to the same period last year. The gross profit margin reached approximately 49%, reflecting the effectiveness of its restructured product portfolio, focusing on projects with high commercial value and reasonable capital costs.
According to analysts, this is a rare profit margin among listed real estate companies today, indicating that Phat Dat's cost management, cost negotiation, and project selection capabilities have significantly improved after the restructuring process.
A notable highlight is the positive cash flow.
Another positive sign in Phat Dat's Q3 financial report is that net cash flow from business and financing activities turned positive, reaching VND 90.8 billion – a significant change compared to the same period last year. This result reflects better control of working capital and more effective debt collection.
The Risa Tower of the La Pura project is now officially open for sale, featuring a special design that is child-friendly.
In the third quarter, Phat Dat also significantly reduced short-term receivables (from VND 6,861 billion to VND 6,099 billion), and short-term debt also decreased by more than VND 960 billion, indicating that capital has been recovered and allocated more rationally instead of being spread too thinly.
Positive cash flow not only helps businesses reduce the pressure of new borrowing, but also creates conditions to strengthen internal liquidity, preparing for a new growth cycle. Cash and cash equivalents at the end of the period reached VND 116 billion, more than four times the beginning of the year, showing that real cash flow is flowing back into the business - a clear change compared to the 2023-2024 period.
A more stable financial structure, reduced debt - increased equity.
As of September 30, 2025, Phat Dat's consolidated total assets reached VND 24,245 billion, a slight increase compared to the end of 2024. Notably, liabilities decreased by 4.8% to VND 12,305 billion, while equity increased by 8% to VND 11,941 billion. As a result, the debt-to-equity ratio (D/E) decreased from 1.17 times to 1.03 times, approaching the safe threshold for real estate companies with a solid foundation.
Phat Dat's capital structure has improved thanks to a reduction in short-term debt and an increase in equity through stock dividends and additional share issuance, helping the company maintain financial independence and reduce borrowing costs.
Interest expenses for the first nine months amounted to only VND 203 billion, a decrease of nearly 5% compared to the same period last year. This indicates that Phat Dat has better controlled its financial costs and reduced its dependence on bank debt.
Focusing resources on key projects is yielding clear financial results for Phat Dat.
The report also shows that Phat Dat's total investment commitment decreased slightly to VND 4,973 billion, compared to over VND 5,400 billion at the end of 2024. This reflects the strategy of focusing resources on projects with clear timelines, complete legal documentation, and the ability to generate quick cash flow.
In the third quarter, Phat Dat also established Thuan An 1 High-Rise Real Estate Company Limited, expanding into the high-rise urban development sector in Binh Duong – an area benefiting greatly from the wave of population migration and infrastructure connecting with Ho Chi Minh City. This is considered a strategic preparation for the 2026-2030 period, when the demand for real estate and satellite urban properties is projected to drive the market.
Source: https://tuoitre.vn/phat-dat-ghi-nhan-dong-tien-tich-cuc-loi-nhuan-cai-thien-ro-trong-quy-3-20251028095808024.htm
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