HAP Income Statement - Hapaco Group JSC

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Price: 7 020 VND -0.57%

Market Cap: ₫778.8B

H	Hapaco Group JSC VN:HAP	VN
B	Bumitama Agri Ltd F:2BU	ID
C	Cathay Pacific Airways Ltd DUS:CTY	HK

Financial profile · Q2 FY2026

A paper-and-forest model with volatile earnings and uneven cash conversion

HAP has a volatile top line and unstable operating profitability, while reported net income can diverge from core operations because financial and other items are material. Cash conversion is uneven, with working-capital swings and episodic investment spending able to dominate free cash flow.

What is developing

Q2 2026 restored quarterly operating income and common net income, but trailing operating income, common net income, operating cash flow, and free cash flow remained negative. The latest results therefore show earnings recovery without restored cash conversion, which is a development rather than a proven change in the underlying model.

What matters next

Whether operating cash flow returns to positive while working-capital outflows and capital spending normalize.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Revenue	426B	381B	476.1B	377B	334.5B	497.7B	632.8B	299.8B	419.5B	560.5B
Cost of Revenue	(346.7B)	(328.6B)	(390.7B)	(311.9B)	(293.3B)	(403.6B)	(483B)	(258.5B)	(364.4B)	(510.2B)
Gross Profit	79.3B	52.3B	85.4B	65.1B	41.2B	94.1B	149.8B	41.3B	55B	50.3B
Operating Expenses	(46.6B)	(37.5B)	(41.2B)	(38.2B)	(49.6B)	(53.5B)	(124.6B)	(61.3B)	(119.1B)	(94.2B)
Selling, General & Administrative	(45.4B)	(36.2B)	(40.2B)	(36.9B)	(48.2B)	(52B)	(245.2B)	(61.2B)	(107.4B)	(70.5B)
Depreciation & Amortization	(1.1B)	(1.3B)	(1B)	(1.3B)	(1.3B)	(1.5B)	(11.3B)	(1.4B)	(11.6B)	(23.7B)
Other Operating Expenses	—	—	(10.2m)	(44m)	(10.2m)	(10.2m)	131.9B	1.2B	(55.1m)	0
Operating Income	32.7B	14.8B	44.2B	26.8B	(8.3B)	40.6B	25.2B	(20B)	(64B)	(43.9B)
Net Interest Income (Expense)	(20.8B)	(1.4B)	(2.3B)	(265.9m)	57.1B	13.7B	(27.2B)	43.2B	170.5B	(83.8B)
Interest Expense	22.5B	4.1B	3.2B	2.2B	1.4B	2.7B	6.2B	1.2B	2.6B	3.1B
Non-Recurring Items	(8.2B)	—	—	—	(423.7m)	(696.3m)	(696.3m)	(1.5B)	—	—
Gain/Loss on Disposition of Assets	0	525.9m	150m	125.9m	76.3m	14.1m	14.1m	—	—	(588.6m)
Total Other Income	13.8B	2.5B	(257m)	(1.2B)	(12.7B)	654m	18.8B	(29.7m)	(1.4B)	10.8B
Pre-Tax Income	17.6B	16.5B	41.8B	25.5B	35.7B	54.2B	16.2B	21.6B	105.1B	(117.4B)
Tax Provision	(4.2B)	(3B)	(7.8B)	(5.2B)	(1.7B)	(10.1B)	(8.6B)	(3.3B)	(3.3B)	7.6B
Income from Continuing Operations	13.3B	13.4B	34B	20.4B	34.1B	44.1B	7.6B	18.3B	101.8B	(109.8B)
Income to Minority Interest	(226.3m)	(170.1m)	(1.3B)	(673.4m)	6.3B	(1.5B)	(978.1m)	(604.2m)	(190.6m)	4B
Net Income	13.1B	13.3B	32.7B	19.7B	40.4B	42.6B	6.6B	17.7B	101.6B	(105.8B)
EPS (Diluted)	213.49	216.18	532.90	321.08	658.63	678.00	65.02	159.60	916.01	(953.76)