Mobile World Investment Corporation (MWG) reported after-tax profit of more than 3,521 billion dong for the third quarter of 2026, up 97% from a year earlier, according to its consolidated financial statements as reported by VnExpress. It is the highest quarterly profit in the company's history, beating the record of 3,355 billion dong set only in the second quarter. Nine-month profit reached 9,634 billion dong, up 93% and nearly 5% above the 9,200 billion dong target set for the whole year.
Wider gross margins
VnExpress said the jump came from MWG keeping more profit from every dong of sales. Third-quarter net revenue grew 32% while the cost of goods sold rose only 27%, so gross profit climbed almost 53%. The gross margin widened to 21.7% from 18.8% a year earlier: for every 100 dong of revenue, the company kept nearly 22 dong after the cost of goods, about 3 dong more than a year before.
| Item | Q3 2026 | Nine months 2026 |
|---|---|---|
| Net revenue | 52,614 billion dong (up 32%) | 147,827 billion dong (up 30%) |
| Gross profit | 11,421 billion dong (up almost 53%) | 31,941 billion dong (up almost 44%) |
| Gross margin | 21.7% (18.8% a year earlier) | Not given |
| Profit | More than 3,521 billion dong after tax (up 97%) | 9,634 billion dong (up 93%) |
Operating costs grew with the business. Third-quarter selling expenses rose more than 50% to 6,887 billion dong, partly offset by an 11%-plus fall in general and administrative costs to 992 billion dong.
A large financial portfolio
Financial income reached 1,162 billion dong in the quarter, up nearly 44%, while financial expenses rose about 13% to 466 billion dong, leaving a net gain of nearly 697 billion dong, up about 75%. At the end of September, MWG held nearly 31,895 billion dong in term deposits, up about 47% since the start of the year, plus nearly 15,877 billion dong in bonds and more than 4,105 billion dong in loans.
Short-term held-to-maturity investments totalled 53,315 billion dong, more than 11,400 billion dong higher than at the end of 2025. The portfolio generated 2,614 billion dong of interest income in nine months, up 77%, while interest expense rose more than 20% to nearly 1,308 billion dong. Even so, VnExpress said business operations remained the main driver of the profit improvement.
A year of records
Milestones compiled by KBVN+ from the results reported by VnExpress:
| Milestone | Development |
|---|---|
| 2026 plan | Profit target of 9,200 billion dong, the highest the company has ever set |
| Q2 2026 | Profit of 3,355 billion dong, a quarterly record at the time |
| Q3 2026 | Profit of more than 3,521 billion dong, a new record |
| End of September 2026 | Nine-month total of 9,634 billion dong, above the full-year plan |
What to watch in the fourth quarter
Cash flow has not kept up with profit. Net operating cash flow for the nine months was only about 3,044 billion dong, less than half the level a year earlier, while inventories rose almost 29% since the start of the year to more than 35,000 billion dong. VnExpress said MWG is sharply improving profitability but still needs large amounts of working capital. Inventory control and the ability to turn profit into cash are therefore the key points to watch when the company reports its final-quarter results.