Q2 earnings grow over 25% driven by non-financial businesses

Q2 earnings grow over 25% driven by non-financial businesses

Listed companies continued to report solid earnings growth in the second quarter of 2026, although the pace moderated from the previous three quarters.

According to data updated by FiinTrade, as of July 29, 672 out of 1,525 listed companies and banks had released either their second-quarter financial statements or preliminary earnings estimates.

The reporting group represents approximately 38.9 per cent of the market's total capitalisation.

Combined net profit after tax of the reporting companies rose 25.6 per cent year-on-year, slower than in each of the previous three quarters but still maintaining strong growth against a high comparison base. The figures suggest that business conditions continued to improve for a significant portion of listed enterprises.

The divergence between financial and non-financial companies became more pronounced during the quarter. Net profit at non-financial firms climbed 36.1 per cent year-on-year, significantly outpacing the 10.7 per cent increase recorded by financial institutions. 

The stronger performance reflected robust contributions from sectors benefiting from the commodity cycle, energy and selected consumer segments.

Industries benefiting from the commodity cycle, including oil and gas and steel, as well as thermal power producers, continued to deliver strong performances. 

In contrast, sectors expected to benefit from themes such as public investment, domestic consumption and export recovery showed improvement only in selected companies or market segments, rather than across entire industries.

The earnings picture for the real estate sector remains incomplete, with only 43 out of 133 companies, representing about 8 per cent of the sector's market capitalisation, having reported results.

Among the early reporters, Sunshine Group (KSF) posted an exceptional profit increase thanks to the handover of multiple projects. Meanwhile, Vincom Retail (VRE) maintained stable earnings growth, supported by higher occupancy rates, improving rental prices and contributions from newly opened shopping centres.

The consumer sector showed a more mixed performance during the quarter. While essential consumer segments such as beverages and dairy products remained relatively cautious, the retail industry stood out with net profit after tax surging 162.1 per cent from a year earlier.

Major retailers FPT Digital Retail (FRT) and Digiworld (DGW) both reported strong results, supported by rising corporate demand for computers, office equipment and infrastructure serving artificial intelligence (AI) and data centres.

However, Mobile World Investment Corporation (MWG), the sector's largest profit contributor, had yet to release its second-quarter financial statements or earnings estimates, meaning the current figures do not yet reflect the full performance of the retail industry.

Export-orientated sectors continued to face headwinds.

Following the release of Vinh Hoan Corporation (VHC)'s financial results, the seafood industry's combined net profit remained 12.6 per cent lower than a year earlier, indicating that pressure on export margins persisted.

The textile and garment sector also recorded a 7.4 per cent year-on-year decline in net profit. Notably, Century Synthetic Fiber Corporation (STK) posted its second consecutive quarterly loss after the commissioning of its Unitex plant, as higher interest expenses, administrative costs and plant suspension costs outpaced revenue growth.

Beyond sector performance, the reporting season also highlighted several notable corporate stories.

Hoang Anh Gia Lai (HAG) reported net profit exceeding VNĐ1 trillion (US$38 million), primarily driven by the reversal of interest expenses on restructured bonds. 

However, its core business performance remained less robust, with revenue declining and gross profit margins narrowing.

Meanwhile, companies within the GELEX group continued to post strong consolidated earnings growth. However, profit attributable to parent company shareholders was less encouraging, falling 18 per cent at GELEX Group (GEX) and increasing only 0.7 per cent at GELEX Electric (GEL) compared with the same period last year. 

Bizhub