KBC’s posted its Q4 2019 results in which revenue was down 8.1% YoY to VND763bn (USD33mn) and NPAT-MI was up 38% YoY to VND355bn (USD15mn). The solid growth in NPAT-MI was mainly due to a 22-ppt YoY GPM expansion in Q4 2019 that was thanks to a land sales recognition of the Trang Due (TD) urban area (UA) and downward cost revision of the TD industrial park (IP).