The recently released consolidated financial statements for the third quarter of 2026 for Sai Gon Thuong Tin Real Estate Joint Stock Company (TTC Land, HOSE: SCR) reveal a clear shift in asset quality and cash flow. Cash flow has improved compared to the end of the second quarter, with over VND 751 billion in accounts receivable recovered. Furthermore, the commencement of operations at the TTC Plaza Da Nang complex has increased the scale of investment properties to VND 3,552 billion, contributing to a fourfold year-on-year surge in profit after tax attributable to shareholders of the parent company for the third quarter.
The commencement of operations at the TTC Plaza Da Nang complex helps increase the scale of investment properties for TTC Land.
Revenue hits a year-to-date peak; Q3 net profit attributable to the parent company surges by nearly 300%
According to its consolidated financial statements for the third quarter of 2026, TTC Land recorded net revenue of VND 244.90 billion. Although this figure represents a decline compared to the same period last year a result of the company’s strategic decision to scale back its low-margin construction materials trading segment it marks the highest quarterly revenue for TTC Land so far in 2026. This reflects a growth of 30.1% over the second quarter of 2026 (VND 188.27 billion) and a 62.9% increase over the first quarter of 2026 (VND 150.36 billion).
The primary driver behind this recovery is the commercial and office real estate leasing segment. Following the official opening of the AEON Mall at the TTC Plaza Da Nang complex in early July 2026, revenue from leasing services alone climbed to nearly VND 100 billion in the third quarter an increase of 43.4% compared to the second quarter. For the first nine months of 2026, the leasing segment generated VND 237.45 billion (accounting for nearly 41% of total net revenue), yielding a gross profit of VND 121.51 billion—equivalent to a gross profit margin of 51.17%.
Alongside the strong performance of its core asset operations, the company’s financial income for the third quarter of 2026 saw a sharp 78.13% year-on-year increase, reaching VND 74.86 billion. Notably, thanks to strict control over operating expenses and intensified debt recovery efforts, administrative expenses for the third quarter plummeted by 88.28% (from VND 159.63 billion to VND 18.71 billion). Furthermore, the investment in the associate company, Tin Nghia – A Chau Investment JSC (the developer of the Kim Quy Island project), continued to contribute a positive share of profit amounting to VND 1.33 billion in the third quarter (bringing the nine-month cumulative profit to VND 4.15 billion a complete turnaround from the VND 45.66 billion loss recorded during the same nine-month period in the previous year).
Perspective view of the Kim Quy Island project.
As a result, TTC Land recorded a pre-tax profit of VND 11.60 billion for the third quarter of 2026, while its consolidated post-tax profit reached VND 3.90 billion a 2.14-fold increase compared to the third quarter of 2025. Notably, the post-tax profit attributable to shareholders of the parent company stood at VND 4.96 billion, representing a growth of 298.83% (nearly four times higher) year-on-year. For the first nine months of 2026, the post-tax profit attributable to shareholders of the parent company reached VND 30.53 billion, nearing the figure recorded for the same period in 2025 (VND 32.20 billion).
A turning point on the balance sheet: Over VND 2,066 billion reclassified as investment property
As of September 30, 2026, TTC Land’s total assets reached VND 13,643.34 billion, an increase of 5.8% (up VND 747.61 billion) since the beginning of the year. The most significant highlight on the balance sheet for this period is a substantial shift from inventory to long-term investment property.
Specifically, the inventory balance decreased by 43.28% compared to the beginning of the year (falling from VND 3,493.09 billion to VND 1,981.22 billion), while the investment property balance surged by 128.01%—an increase of nearly VND 1,995 billion rising from VND 1,558.00 billion at the start of the year to VND 3,552.42 billion by the end of the third quarter of 2026. The notes to the financial statements indicate that during the period, TTC Land completed its capital construction and transferred 2,066.06 billion VND in project costs—primarily for the TTC Plaza Da Nang complex, which spans over 122,000 square meters of floor area—into its portfolio of investment properties. This move establishes a foundation for generating recurring revenue in the coming periods.
Analysts note that by transitioning over 2,000 billion VND from assets under construction to commercial properties leased to long-term international partners such as AeonMall Vietnam and TUI SUNEO TTC Land has secured a robust "pillar" for recurring cash flow, thereby reducing its reliance on the cyclical nature of its traditional residential property development business.
Cash flow improved significantly in just one quarter, with over 751 billion VND in outstanding receivables successfully recovered.
Contrary to earlier market concerns regarding the company’s cash position as of the end of the first half of the year (June 30, 2026), the financial statements for the third quarter of 2026 show a strong recovery in liquidity buffers. As of September 30, 2026, TTC Land’s cash and cash equivalents reached 262.48 billion VND an increase of 219.08 billion VND in just one quarter with 171.84 billion VND held in demand deposits at commercial banks (such as VPBank, BIDV, and OCB). When including 1,272.06 billion VND in short-term financial investments (comprising term deposits and other investments held to maturity), the company’s total short-term financial resources reached 1,534.54 billion VND. This liquidity resource stems from the Executive Board’s vigorous efforts to collect outstanding receivables during the third quarter of 2026. As of September 30, 2026, the total of short-term and long-term accounts receivable had decreased by VND 751.10 billion compared to June 30, 2026 (falling from VND 3,980.96 billion to VND 3,229.86 billion). Notably, short-term prepayments to suppliers dropped sharply by 78.17% from the beginning of the year from VND 1,075.46 billion to VND 234.82 billion following the company’s completion of share acquisitions and the recovery of previously advanced funds. Simultaneously, receivables arising from contract liquidations at Tien Phat Garment Joint Stock Company were also significantly recovered, declining from VND 863 billion at mid-year to VND 235.59 billion by the end of the third quarter.
By the end of the third quarter of 2026, TTC Land’s total financial debt began to reverse its trend, decreasing by over VND 44 billion compared to the end of the second quarter, bringing the net debt-to-equity ratio to a safe level of 0.81x. Strengthening the Accounting Team in Preparation for the Consolidation of the Kim Quy Island Project
Alongside the release of its Q3/2026 financial statements prepared in accordance with new standards under Circular 99/2025/TT-BTC and Circular 43/2026/TT-BTC, TTC Land has announced a transition in the position of Chief Accountant. This move is intended to bolster the company’s financial management structure for the 2026–2027 growth phase, supporting the roadmap toward adopting International Financial Reporting Standards (IFRS) and facilitating the integration of large-scale M&A transactions.
In October 2026, TTC Land successfully won a public auction for 27.54 million shares (representing 51% of the charter capital) in Tin Nghia – A Chau Investment JSC (TNAC). This acquisition increased TTC Land’s total ownership stake from 36.63% to 87.63%, effectively bringing the developer of the 48-hectare Kim Quy Island project in Dong Nai under its umbrella as a subsidiary.
TTC Land has increased its total ownership stake in Dao Kim Quy from 36.63% to 87.63%.
Overall, the results for the third quarter of 2026 reflect tangible progress in the execution of TTC Land’s development strategy, with a focus on operational assets. Moving forward, TTC Land will continue to prioritize cash-flow-generating operational assets, a secure capital base, and the viable execution of its projects. By strengthening its financial governance framework to align with new standards, the company will be well-positioned to optimize resources, unlock capital flows, and accelerate the development of its key project portfolio. This systematic transition leveraging existing resources to achieve measurable business outcomes will serve as the foundation for TTC Land to meet its strategic objectives for the 2026–2027 period, ultimately delivering maximum value to its customers, partners, and stakeholders.
According to the Green Economy Business Newspaper