Vietnam’s industrial real estate sector continued to deliver positive results during the second-quarter earnings season, with IDICO Corporation (HNX: IDC) standing out thanks to strong growth in industrial park operations. Supported by rising demand for industrial land leasing and a diversified business model, IDICO recorded significant improvements in revenue and profitability while continuing to invest heavily in industrial infrastructure.
Alongside its impressive financial performance, the company announced plans to distribute more than VND 569 billion in cash dividends, reaffirming its strong financial position and commitment to shareholder value.
Second-Quarter Profit Increased by Nearly 60%
During the second quarter of 2026, IDICO achieved:
- Net revenue: VND 2.27 trillion, up 29% year-on-year.
- Gross profit: VND 849 billion, increasing nearly 56%.
A notable highlight was that cost of goods sold increased by only 17%, considerably lower than revenue growth, resulting in improved profit margins.
Financial income also became a major contributor, reaching:
- VND 144.7 billion, up 2.3 times compared with the same period last year.
The majority of financial income came from:
- Bank deposit interest.
- Short-term financial investments.
Although expenses increased during the quarter:
- Financial expenses rose 90%.
- Selling expenses increased.
- Administrative expenses climbed to VND 67.6 billion.
The growth in expenses did not offset earnings momentum.
As a result, IDICO reported:
- After-tax profit: VND 663 billion, up 59% year-on-year.
- Profit attributable to shareholders of the parent company: nearly VND 610 billion.
This represents one of the company’s strongest quarterly profit performances in recent years.
Industrial Parks Become the Primary Growth Engine
For the first six months of 2026, IDICO recorded:
- Net revenue: VND 3.756 trillion, up 6% year-on-year.
- After-tax profit: more than VND 1.001 trillion, up 20%.
Electricity Business
The electricity segment remained the largest revenue contributor.
- Revenue exceeded VND 1.851 trillion.
- Increased 7%.
- Accounted for approximately 50% of total revenue.
Industrial Park Business
However, industrial parks delivered the strongest growth.
- Revenue reached VND 1.485 trillion.
- Increased 37% year-on-year.
- Contributed approximately 40% of total revenue.
The strong performance demonstrates sustained demand for industrial land leasing despite ongoing global economic uncertainties.
It also reflects IDICO’s long-term advantage in land resources and industrial infrastructure development.
Nearly VND 6 Trillion in Deferred Revenue Supports Future Growth
One of the strongest indicators on IDICO’s balance sheet is its substantial amount of:
- Customer advances and deferred revenue totaling nearly VND 6 trillion.
These primarily include:
- Advance payments for industrial land leases.
- Infrastructure management fees.
- Industrial park service charges.
Deferred revenue represents future income that will be recognized once contractual obligations are fulfilled, providing solid visibility for future earnings.
Maintaining Nearly VND 7.2 Trillion in Bank Deposits
As of June 30, 2026, IDICO’s total assets reached:
- VND 23.546 trillion, increasing approximately VND 345 billion compared with the beginning of the year.
The company also maintained:
- Nearly VND 7.2 trillion in bank deposits.
Most deposits consist of fixed-term accounts ranging from three months to twelve months.
This sizable cash reserve generates stable financial income while providing sufficient capital for future investment projects.
Continuing Large Investments in Industrial Parks
Inventory totaled:
- VND 7.737 trillion, up 5% from the beginning of the year.
Representing nearly:
- 33% of total assets.
Most inventory consists of construction-in-progress at several major industrial park developments, including:
Huu Thanh Industrial Park
- Nearly VND 3 trillion invested.
Tan Phuoc 1 Industrial Park
- More than VND 1.05 trillion invested.
Vinh Quang Industrial Park
- Approximately VND 760 billion invested.
These investments demonstrate IDICO’s preparation of future industrial land supply to meet growing domestic and foreign demand.
Expanding the Industrial Park Ecosystem
For 2026, IDICO plans to:
- Lease 100 hectares of industrial land.
- Develop more than 100,400 square meters of ready-built factories and warehouses.
Looking further ahead, the company aims to develop:
- Approximately 1 million square meters of ready-built factories.
This strategy aligns with increasing demand from international manufacturers seeking immediately available production facilities.
Ready-built factories also help IDICO:
- Diversify revenue streams.
- Increase land-use efficiency.
- Attract additional FDI.
- Enhance the value of its industrial ecosystem.
More Than VND 569 Billion to Be Distributed as Cash Dividends
In addition to strong earnings, IDICO continues maintaining an attractive dividend policy.
According to the company’s announcement:
- Payment date: August 14, 2026.
- Cash dividend ratio: 15%.
Shareholders will receive:
- VND 1,500 per share.
With approximately:
- 379.5 million outstanding shares,
IDICO plans to distribute:
- More than VND 569 billion in cash dividends.
The generous cash dividend reflects the company’s healthy cash flow and stable financial position.
Outlook
Vietnam’s industrial real estate market remains one of the country’s fastest-growing sectors, supported by global supply chain diversification, increasing foreign direct investment, and rising demand for industrial land. With an extensive industrial park portfolio, nearly VND 6 trillion in deferred revenue, approximately VND 7.2 trillion in bank deposits, and an ambitious plan to develop one million square meters of ready-built factories, IDICO is well positioned for long-term expansion. The company’s strong financial foundation and ongoing investments are expected to strengthen its leadership in Vietnam’s industrial infrastructure market.
Conclusion
IDICO’s second-quarter 2026 financial results highlight a new phase of growth led by its industrial park business. Strong revenue and profit growth, substantial deferred revenue, significant cash reserves, and continued investment in industrial infrastructure provide a solid platform for future expansion. As demand for industrial land and ready-built factories continues to increase, IDICO is expected to maintain its position as one of Vietnam’s leading industrial park developers while continuing to deliver sustainable value for investors and shareholders.
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