Real Estate Profits in Industrial Zones Show Divergence: KBC and BCM Report Huge Profits, But Why Did IDICO (IDC) Drop 43%?

The financial report of IDICO (IDC) for the first half of 2025 shows that net revenue reached 3.556 trillion VND, a decrease of 23% year-on-year, with net profit after tax dropping 43% to 832 billion VND. Revenues from industrial land leasing dropped 62% due to only 28 hectares delivered compared to 65 hectares in 2024. The decline is attributed to increasing competition and changes in FDI capital structure. While IDICO faced setbacks, BCM and KBC reported profits up 4.5 times and 6.4 times, respectively. Nevertheless, IDICO retains significant potential with strategic land reserves, expansion into seaport logistics, and a backlog of 6.417 trillion VND in unrecognized revenue. The company remains committed to its annual target of nearly 2.6 trillion VND in pre-tax profit and has filed for listing on HOSE to enhance its stock position.