Hanoi Soap, a state-owned enterprise, achieved a record pre-tax profit of 112,7 billion dong in Q2, an impressive 28 times higher than the same period last year. This marks the company's highest profit to date, primarily driven by a substantial 113,5 billion dong in dividends from Xavinco Real Estate Company. This dividend payout allowed Hanoi Soap's profit to significantly surpass its revenue for the quarter.

Despite the record profit, Hanoi Soap's core operations faced significant challenges. Its Q2 revenue was nearly 15 billion dong, a decrease of over 70% compared to the previous year. In its explanation to the Hanoi Stock Exchange, the company cited production difficulties, volatile raw material prices, and low sales volumes as factors leading to revenue shortfalls that could not cover costs. The company also noted a reduction in commercial activities compared to last year.

Hanoi Soap's factory in Thach That - Quoc Oai industrial park. *HASO*.

Hanoi Soap's strategic investment in Xavinco Real Estate Company played a crucial role in its financial success. As of June 30, Hanoi Soap's capital contribution to other entities stood at 71,2 billion dong, representing 27% of its total assets. According to its 2025 annual report, this entire amount was invested in Xavinco, giving Hanoi Soap a stake of over 3% in the real estate firm.

Xavinco Real Estate Company is a subsidiary of the Vingroup conglomerate and a joint venture partner in a major urban area project located at 233, 233B, 235 Nguyen Trai, an area commonly known as "Cao Xa La". The project, commercially named Hanoi Seasons Garden, spans 11 ha. Of this, 5,2 ha are designated for residential use, featuring mixed-use commercial and service buildings with three basements, while over 1,73 ha are allocated for educational facilities, including kindergartens and primary schools.

Established in 1960, Hanoi Soap specializes in manufacturing and processing bar soaps and detergents. Vietnam National Chemical Group (Vinachem) currently holds an 80% stake as the parent company. For the first half of the year, Hanoi Soap recorded a cumulative revenue of 27,7 billion dong, which is less than half of the previous year's figure. However, its pre-tax profit for the same period reached 111,6 billion dong, a remarkable 65 times higher than the first half of 2025.

Trong Hieu