KBC released Q4 2020 results with revenue surging 69% YoY to VND1.2tn (USD53mn) but NPAT-MI plunging 58% YoY to VND176bn (USD7.6mn). The top-line growth in Q4 was mainly driven by the Tan Phu Trung and Quang Chau industrial park (IP) land sales, while the weak earnings were mainly due to a large GPM contraction of 69 ppts YoY to only 15% in Q4 2020, partially offset by a surge in financial income thanks to gains from divestments.