- KBC released Q3 2022 results with revenue plunging 37% YoY to VND203bn (USD8.3mn) but NPAT-MI surging to VND1.9tn (USD78mn) vs a loss of VND68bn (USD2.8mn) in Q3 2021. The strong growth in the Q3 2022 bottom line was mainly driven by a non-cash revaluation gain of VND2.2tn (USD90mn) from KBC’s investment in Saigon – Da Nang Investment JSC. 

- In 9M 2022, revenue plunged 58% YoY to VND1.3tn (USD53mn), whereas NPAT-MI surged 255% YoY to VND2.0tn (USD82mn). The top-line YoY decline was mainly due to weaker IP land sales YoY in 9M 2022. Meanwhile, the strong NPAT-MI was mainly driven by non-cash revaluation gains of VND2.2tn (USD90mn) in 9M 2022. 

- We note that 9M 2022 results were released in KBC’s reviewed 9M 2022 financial statements, for which its independent auditor Ernst & Young Vietnam Co. Ltd. (EY) has reviewed the revaluation gain recognition. In the H1 2022 reviewed financial statements, EY adjusted KBC’s unaudited H1 2022 profits due to not allowing to recognize this revaluation gain. Per KBC, EY had insufficient time to review the revaluation report from an independent valuator at that time. 

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