Examination of Phat Dat’s (PDR) near 200-fold profit surge in Q4 and inventory swelling to nearly 16.7 trillion VND

The Q4/2025 financial report of Phat Dat Real Estate Development Corporation (PDR) reveals that net revenue reached only 360.6 billion VND, a 44.4% decline compared to last year. However, financial revenue surged to 408.4 billion VND, almost 100 times higher than 3.7 billion VND last year, which significantly boosted the net profit after tax to 313.3 billion VND, equating to a nearly 200-fold increase. The dramatic profit growth is primarily attributed to revenues from transferring the entire stake in the Bac Ha Thanh Project and Invest Bac Cuong company for 1.1 trillion VND. In total for 2025, net revenue rose to 1,325 billion VND, a 61.2% increase, and net profit reached 514.7 billion VND, rising 231.6%. The end-of-year inventory hit 16.7147 trillion VND, up 18.7%, mainly from large real estate projects like The EverRich 2 at 5.9747 trillion VND. Funds are heavily concentrated in large-scale projects, even though core real estate sales have not significantly improved.