Tiếng ViệtMST Investment Joint Stock Company (HNX: MST) has announced its business results for the second quarter of 2026, recording several positive developments. Both revenue and profit posted strong growth, driven by accelerated construction progress, the handover of key projects, and the expansion of investment activities. At the same time, the Company maintained a sound financial foundation and continued preparations for the implementation of additional projects to support growth in the coming years.
Revenue and profit record strong growth in Q2
In the second quarter of 2026, MST recorded net revenue of VND 501.7 billion, representing an increase of 36.6% from VND 367.3 billion in the same period last year.
Growth was primarily driven by the Company’s accelerated construction, completion, and scheduled handover of the I-Tower Quy Nhon Commercial, Service and Apartment Complex, also known as The Sailing. In parallel, MST commenced sales activities for the Greenhill Village Quy Nhon Resort Project, also known as Hera, while continuing to implement previously signed construction contracts.
As a result, construction revenue in the second quarter reached VND 56.87 billion, up 296.5% year-on-year. Gross profit amounted to VND 8.8 billion, more than 3.4 times the figure recorded in Q2 2025, demonstrating a significant improvement in the efficiency of the Company’s core business operations.
From a management perspective, the Company continued to maintain effective control over general and administrative expenses while optimizing capital utilization. These efforts contributed to stronger profitability, with Q2 profit before tax reaching VND 10.7 billion, up 154.5%, while profit after tax amounted to VND 8.5 billion, an increase of 153.2% compared with the same period last year.
Strong growth momentum maintained in the first half of 2026
Source: MST
For the first six months of 2026, MST recorded revenue of VND 895 billion, increasing by 22.3% year-on-year. Profit before tax reached VND 20.3 billion, up 52.5%, while profit after tax amounted to VND 16.2 billion, representing growth of 52.7% compared with the first half of 2025.
Notably, the Company’s EBIT and EBITDA margins were estimated at approximately 14.2%, significantly higher than the approximately 10.9% recorded in the same period last year. This improvement indicates stronger operating efficiency and a clearer enhancement in the Company’s ability to generate profits from its business activities.
As of the end of the second quarter of 2026, MST’s total assets reached nearly VND 3.697 trillion, up 15.5% from the end of 2025.
In addition to the expansion of its asset base, the Company continued to maintain liquidity indicators at prudent levels. The current ratio stood at approximately 2.71 times, while the quick ratio reached approximately 2.37 times, reflecting MST’s strong capacity to meet short-term financial obligations and preserve sufficient resources for future investment activities.
Expanding the project portfolio to support medium-term growth
Under its development plan, several key projects, including Greenhill Village Quy Nhon (Hera); I-Tower Quy Nhon (The Sailing); and Him Lam Dien Bien, are expected to officially enter the sales phase in 2026. The gradual commercialization of these projects is expected to create new revenue and profit recognition points over the medium term, while unlocking the value of the asset portfolio accumulated by the Company in recent years.
Alongside the implementation of existing projects, MST is also expanding its investment portfolio through participation in tenders for new projects in Tan Ky, Nghe An Province, and Hoa Duc, Hanoi. These initiatives are intended to enlarge the Company’s project pipeline, secure a stable workload, and reinforce the foundation for sustainable growth in the next development phase.
With positive business results in the first half of the year, favorable implementation progress across several key projects, and a strategy to expand its project portfolio, MST is gradually strengthening the foundation for a new growth cycle. Provided that project launches and implementation remain on schedule, the Company is expected to continue improving revenue and profitability while delivering greater value to shareholders in the coming periods.