Trailing net profit reached 39.1bn, fell 0.4bn compared with the previous quarter. Key positives came from higher financial income and higher gross profit. Offsetting pressure came mainly from higher finance costs, higher administrative expenses, weaker other profit, and higher tax. Detailed impact is shown below:

Track net margin changes and the operating components against the same period last year.

None

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 59.8bn against investing cash flow of 104.5bn (annual cash-flow figures for 2024).

Post-investment cash flow was positive +164.3bn. Financing cash flow was negative +4.0bn.

CFO / net income was −7,08 lần.

After spending +40.4bn on fixed-asset investment, the business generated trailing free cash flow of −317.5bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

How much income is non-core?

About 93% of pre-tax profit comes from core operations.

Within that, net financial result at −3.9%, other profit at +7.1% of PBT.

ROIC currently stands at 3.74%. Track NOPAT margin and capital turnover to assess capital efficiency.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Leverage warrants monitoring, with net debt / equity at 0.94x and interest coverage only at 1.33x.

At present, short-term debt accounts for 99.7% of total debt, cash equals 26.2% of debt, and total debt stands at 802.7bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

ROIC for construction contractors swings with project progress and handover cycles. Capital structure is typical for construction contractors — liabilities at 2.54x equity, net debt at 0.94x equity.

Owner advances stand at 934.5bn (as of 2026Q1) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Up 61.28% YoY — owner funding is thickening.

Owner advances: 934.5bn · YoY +355.0bn

Advances / receivables: 92.51% — funded vs stuck

The contractor's survival axis: site receivables 1,010.1bn vs equity 628.5bn — 160.73% of the capital base is sitting on job sites. Worth watching (above 150.00%) — driven by SWELLING receivables (+15.26% YoY) — built-but-unpaid volume is growing.

Receivables / equity: 160.73% · receivables YoY 15.26% · equity YoY 4.93%

DSO: 147 days

Sector note: contractor gross margins are THIN (4.05% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Inventory ended the period at 541.6bn, roughly 26.0% of total assets.

Over the last 12 months, working capital absorbed 298.6bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.