Hoang Anh Gia Lai Clears Debt with Ms. Ha Thi Kim Chi Ahead of Schedule While Reporting Impressive Nine-Month Financial Results for 2026

Hoang Anh Gia Lai Joint Stock Company (HAGL, stock code: HAG) has officially settled and cleared its entire loan obligation with individual creditor Ms. Ha Thi Kim Chi, successfully concluding the financial arrangement well ahead of its originally scheduled maturity date in April 2029. This strategic debt settlement marks another proactive step by the agricultural conglomerate to clean up its balance sheet, reduce overall financial obligations, and regain long-term stability in an increasingly competitive macroeconomic environment.

The early clearance of the loan with Ms. Chi coincides with the release of HAGL’s consolidated financial statements for the third quarter of 2026, which paint a picture of operational resilience, shifting revenue streams, and substantial bottom-line growth supported by extraordinary financial items. During the first nine months of 2026, the enterprise recorded an astounding consolidated after-tax profit of VND 2,674 billion, representing a nearly twofold increase compared to the same period in the previous year.

Third-Quarter Financial Performance and Revenue Structure

For the third quarter of 2026, HAGL reported a net revenue of nearly VND 1,909 billion, reflecting a modest growth of 1% compared to the corresponding period in 2025. A closer examination of the company’s revenue mix reveals that the fruit segment continues to serve as the undisputed primary growth driver, generating over VND 1,460 billion and accounting for approximately 77% of total consolidated revenue.

Meanwhile, merchandise sales reached slightly more than 401 billion, marking a 7% year-on-year increase. Conversely, the livestock segment experienced a contraction, bringing in just over 35 billion, which translates to an 11% decline compared to the third quarter of last year. This structural shift underscores HAGL’s strategic pivoting and deep reliance on its vast fruit tree plantations—particularly bananas and durians—as core revenue generators.

Despite the modest top-line growth, HAGL demonstrated enhanced cost management during the quarter. Cost of goods sold decreased by 8% year-on-year to VND 1,038 billion, allowing gross profit to surge by 14% to nearly VND 871 billion. Consequently, the company’s gross profit margin experienced a notable expansion, climbing from approximately 40% in the third quarter of 2025 to 46% in the current reporting period.

Financial Expenses and Profitability Pressures

While operational efficiency improved, financial metrics presented a mixed picture. During the third quarter, financial revenue fell by 30% to VND 55 billion. In parallel, financial expenses rose by 26% to VND 251 billion, overwhelmingly driven by high interest expenses on borrowings, which accounted for nearly 248 billion of that total.

On a brighter note, total selling expenses and corporate administrative expenses both registered declines compared to the same period last year, helping cushion the bottom line. As a result, HAGL recorded a consolidated after-tax profit of nearly VND 470 billion for the third quarter, up 9% year-on-year. However, net profit attributable to shareholders of the parent company edged down by 2% to VND 406 billion due to minority interest distributions.

Nine-Month Financial Results and Strategic Milestones

Taking a broader view of the year’s performance, HAGL accumulated a net revenue of nearly VND 4,948 billion over the first nine months of 2026, down 12% compared to the same timeframe in 2025. Paradoxically, despite the lower revenue, the consolidated after-tax profit skyrocketed to VND 2,674 billion—more than double the figure from the previous year. Profit attributable to the parent company’s shareholders reached VND 2,432 billion, representing a dramatic 95% surge.

This extraordinary profitability was heavily bolstered by an extraordinary other income item of VND 1,535 billion, generated from bond interest expenses that were exempted and reduced following official notifications from Vietnam Debt and Asset Trading Corporation (DATC) during the second quarter.

With these cumulative figures, HAGL has successfully fulfilled roughly 57% of its annual revenue target of VND 8,624 billion and achieved 64% of its ambitious after-tax profit goal of VND 4,202 billion for the full fiscal year 2026.

Balance Sheet Expansion and Capital Allocation

As of September 30, 2026, HAGL’s total assets expanded to VND 29,379 billion, representing a 5% increase compared to the close of the second quarter. Total cash and cash equivalents, including short-term bank deposits, stood at a healthy VND 1,626 billion, providing the enterprise with adequate liquidity to manage daily operations and service near-term liabilities.

A deep dive into the asset structure reveals that construction-in-progress expenses constitute the largest chunk of the balance sheet, reaching over VND 10,525 billion and accounting for roughly 36% of total assets. These capital outlays are primarily concentrated in long-term agricultural investments:

• Development costs for tropical fruit orchards stand at over VND 5,664 billion.
• Investment in coffee plantations accounts for nearly VND 3,920 billion.
• Livestock and breeding infrastructure projects represent over VND 765 billion.

On the liability and equity side, owners’ equity reached nearly VND 17,591 billion, which includes nearly VND 4,101 billion in undistributed after-tax profits. This solid capital buffer underscores the company’s gradual financial recovery from years of historical debt restructuring.

Debt Profile and Creditor Concentrations

Total outstanding debt for HAGL at the end of the third quarter hovered around VND 8,724 billion, marking a slight increase of approximately VND 33 billion compared to the end of the second quarter of 2026. This total debt is divided between VND 5,473 billion in short-term obligations and VND 3,251 billion in long-term liabilities.

Analyzing the borrowing sources, commercial bank loans make up about VND 5,609 billion of the portfolio:

• Orient Commercial Joint Stock Bank (OCB) remains HAGL’s largest institutional creditor, holding over VND 4,035 billion in credit exposure, predominantly via short-term credit facilities.
• Tien Phong Commercial Joint Stock Bank (TPBank) accounts for nearly VND 674 billion.
• Lao-Viet Joint Venture Bank holds approximately VND 273 billion.

In addition to traditional bank loans, HAGL carries nearly VND 2,964 billion in corporate bond debt. This bond portfolio primarily comprises two tranches arranged by OCBS Securities JSC, with respective maturity dates scheduled for August 2028 and April 2029. The remaining balance consists of various commercial loans and short-term advances from external partners.

Market Implications and Future Outlook

The decision by HAGL’s leadership to fully settle the loan with Ms. Ha Thi Kim Chi well ahead of the 2029 deadline serves as a powerful signal to the market regarding the company’s improving cash flow management and commitment to de-leveraging. By pruning bilateral obligations and maintaining strong operational cash flows from its fruit export businesses—particularly in key markets across China and Southeast Asia—HAGL is systematically repairing its credit profile.

Market analysts note that while the company faces a demanding path to hit its full-year revenue targets of over VND 8.6 trillion, the substantial cushion provided by debt forgiveness programs and disciplined cost optimization in its fruit cultivation segments positions the conglomerate favorably. As HAGL continues to pump capital into its high-yielding tropical orchards and streamline its balance sheet, stakeholders remain cautiously optimistic about the firm’s turnaround trajectory heading into the final stretch of 2026.