Phát Đạt (PDR) sets ambitious 2026 targets as it enters new growth cycle

Phát Đạt (PDR) sets ambitious 2026 targets as it enters new growth cycle

Phát Đạt Real Estate Development Corporation (PDR) has set a revenue target of VNĐ8.83 trillion (US$335 million) and after-tax profit of VNĐ868 billion for 2026.

The Han River project in Đà Nẵng is owned by Phát Đạt Real Estate Development Corporation. — Photo courtesy of the firm

Phát Đạt Real Estate Development Corporation (PDR) has set a revenue target of VNĐ8.83 trillion (US$335 million) and after-tax profit of VNĐ868 billion for 2026, as the company moves into a new growth cycle following a year of restructuring and consolidation.

The targets, approved at the company’s 2026 AGM held last week, reflect a shift from preparation to execution in the first year of its five-year strategy.

Amid prolonged adjustments in capital flows, legal procedures and investor sentiment, PDR spent last year working to rebuild its foundation.

The company undertook a comprehensive restructuring across three key pillars: project portfolio, financial capacity and governance.

It reviewed and streamlined its project portfolio, divesting assets that no longer aligned with its strategy while reallocating resources to higher-potential developments, particularly in HCM City and Đồng Nai Province. This helped improve capital efficiency and create room for reinvestment.

On the financial front, divestments and strategic partnerships strengthened cash flow, while the company maintained prudent leverage levels through adjustments to its capital structure.

PDR also upgraded internal systems and processes, focusing on improving operational efficiency and workforce quality to better adapt to changing market conditions.

As a result, the company reported strong growth in 2025, with revenue reaching VNĐ1.96 trillion and after-tax profit rising to VNĐ515 billion, up 3.3 times year-on-year.

Total consolidated assets exceeded VNĐ27.27 trillion, while shareholders’ equity rose to VNĐ12.42 trillion, indicating improved financial autonomy.

Execution phase begins

This year, PDR plans to accelerate project development, with six key projects set to be built and launched in major markets. These are expected to contribute to both short-term revenue and long-term growth momentum.

The company said it would continue to prioritise financial discipline, optimise costs and cash flow, and enhance capital efficiency. It also aims to strengthen its brand, advance digital transformation and integrate environmental, social and governance (ESG) factors across its operations.

Build–Transfer (BT) projects have been identified as a strategic growth driver. PDR will work to resolve outstanding issues related to existing BT projects while gradually rolling out new ones to complement its core real estate business.

Over the longer term, the company targets cumulative revenue of VNĐ44.85 trillion and after-tax profit of VNĐ11.81 trillion for the 2026–2030 period. It also aims to reach a market capitalisation of $2.2 billion by 2028.

Shareholders also approved plans to strengthen financial capacity through a rights issue and stock dividend.

PDR will offer shares to existing shareholders at a ratio of 5:1, aiming to raise more than VNĐ1.99 trillion. In addition, it will issue a 10 per cent stock dividend worth up to VNĐ1.2 trillion.

The funds will be used to supplement working capital, invest in key projects and expand strategic investments.

With its restructuring phase completed, PDR said it is entering the next fiscal year with stronger financial footing and improved execution capacity, positioning itself for sustainable growth and long-term value creation. 

Bizhub