Nam Tan Uyen Industrial Park Corporation (UPCoM: NTC) has announced its financial results for the second quarter of 2026, revealing several notable highlights. Although net revenue declined significantly compared with the same period last year, the company still achieved nearly 36% year-on-year growth in net profit, thanks to a sharp increase in financial income, primarily from dividends received from its investment portfolio.
In addition, the company’s short-term bank deposits climbed to more than VND 1,153 billion, while the Nam Tan Uyen Expansion Industrial Park – Phase 2 project continued to make progress. After the first six months of the year, the company has already completed more than 75% of its annual profit target.
1. Q2 Net Profit Increased Nearly 36% Despite a 43% Revenue Decline
According to the Q2 2026 financial statements, Nam Tan Uyen recorded:
- Net revenue: VND 82 billion, down 43% year-over-year.
- Gross profit: Nearly VND 39 billion, down 54%.
- Net profit after tax: VND 132 billion, up nearly 36% from VND 97 billion in the same quarter of 2025.
The results demonstrate the company’s ability to maintain profitability despite weaker operating revenue.
2. Financial Income Nearly Tripled Thanks to Dividend Receipts
The biggest highlight during the quarter was financial income, which exceeded VND 121 billion, nearly three times higher than the previous year.
According to the company’s explanation, the increase mainly came from:
- Dividends received from investee companies.
- Higher financial investment returns.
- Significantly lower finance costs.
Finance expenses also dropped sharply from VND 5.5 billion to only about VND 654 million, further supporting earnings growth.
3. More Than 75% of the Annual Profit Target Achieved in Six Months
During the first half of 2026, Nam Tan Uyen reported:
- Net revenue: VND 163.5 billion, down 41%.
- Net profit after tax: VND 171 billion, up 1.4% year-over-year.
For 2026, the company targets:
- Total revenue: VND 545.8 billion.
- Net profit after tax: VND 226.4 billion.
After six months, Nam Tan Uyen has completed approximately 75.5% of its annual profit target.
4. Short-Term Deposits Increased to More Than VND 1,153 Billion
As of June 30, 2026, the company reported:
- Total assets: VND 6,815 billion, up 14% from the beginning of the year.
- Cash and cash equivalents: Approximately VND 170 billion.
- Short-term financial investments (time deposits): Increased from VND 323 billion to VND 1,153 billion, or about 3.5 times higher than at the beginning of the year.
The substantial increase in deposits reflects the company’s strong liquidity position and financial flexibility.
5. Accelerating the Nam Tan Uyen Expansion Industrial Park – Phase 2
Construction in progress rose to more than VND 89 billion, nearly three times the level recorded at the beginning of the year.
Most of the investment has been allocated to:
Nam Tan Uyen Expansion Industrial Park – Phase 2
- Project size: 345.86 hectares
- Total investment: Approximately VND 872 billion
By the end of June 2026, construction had begun and part of the infrastructure had already been handed over to several customers.
The project is expected to become one of the company’s key growth drivers over the coming years.
6. Deferred Revenue Continues to Increase
Another notable balance-sheet indicator is deferred long-term revenue from prepaid industrial land lease and infrastructure rental fees.
This item increased from:
- VND 4,018 billion
- to VND 4,912 billion
The increase indicates a growing volume of signed land lease contracts that will be recognized as revenue in future periods.
In addition:
- The company has no short-term borrowings.
- No long-term debt outstanding.
Its capital structure remains financially healthy.
7. NTC Shares Maintain Strong Market Value
At the close of trading on July 16, 2026:
- NTC share price: VND 129,000 per share
- Down only 0.08% from the previous session.
- Market capitalization: Approximately VND 3,096 billion.
Despite minor price fluctuations, NTC remains one of Vietnam’s financially solid industrial park developers, supported by attractive dividend policies and strong cash generation.
Outlook
The sharp increase in dividend income has enabled Nam Tan Uyen to sustain profit growth despite weaker core operating revenue. Combined with more than VND 1,153 billion in bank deposits, a healthy financial structure, and the continued development of the 345.86-hectare Nam Tan Uyen Expansion Industrial Park – Phase 2, the company is well positioned for future growth. If Vietnam’s industrial real estate market continues to benefit from robust FDI inflows and rising demand for industrial land, Nam Tan Uyen is expected to achieve or even exceed its 2026 business targets.
Conclusion
Nam Tan Uyen’s Q2 2026 financial results demonstrate the company’s resilient profitability despite a challenging revenue environment. Supported by strong dividend income, financial revenue nearly tripled, helping net profit rise almost 36% year-over-year. With VND 1,153 billion in short-term deposits, a debt-light balance sheet, and the accelerated development of its nearly 346-hectare expansion project, Nam Tan Uyen continues to strengthen its position as one of Vietnam’s leading industrial park developers with sustainable long-term growth prospects.
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