- IDC released upbeat Q2 2022 results with revenue increasing 162% YoY to VND3.3tn (USD143mn) and NPAT-MI jumping 515% YoY to VND1.4tn (USD61mn) mainly thanks to strong industrial park (IP) revenue recognition.

- Notably, IDC recognized unearned revenue in Q2 2022 from the fully-occupied Nhon Trach 5 IP (Dong Nai Province) of VND1.4tn (USD62mn; accounting for 63% of IP revenue in Q2 2022) following the finalization of recognition for this IP. Moreover, IDC applied one-off recognition for some major IP land sales contracts in Q2 2022 vs no such revenue in Q2 2021. 

- In H1 2022, revenue surged 116% YoY to VND5tn (USD217mn) and NPAT-MI jumped 490% YoY to VND1.7tn (USD73mn), completing 69% and 88% of our respective full-year forecasts and driven by upbeat IP revenue recognition.

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