BSR's third-quarter profit rises nearly tenfold as refining margins widen
The Vietnamese refinery operator's nine-month revenue exceeded its full-year target by 6.5%, while profit was more than 11.5 times its annual plan.
Vietnam's Binh Son Refining and Petrochemical JSC reported third-quarter net profit of ₫8.97 trillion for 2026, compared with ₫908.6 billion a year earlier. The Dung Quat refinery operator attributed the increase mainly to a wider gap between refined-product prices and crude oil costs.
Quarterly revenue climbed 68.8% year-on-year to ₫59.58 trillion, according to BSR's financial statements. The cost of goods sold increased more slowly, rising 45.6% to ₫49.93 trillion. Gross profit reached ₫9.65 trillion, against ₫1.01 trillion a year earlier, while gross margin rose from 2.86% to 16.2%.
BSR said average Brent crude prices were US$97 per barrel during the quarter, an increase of US$27.93 per barrel from a year earlier. Wider product-to-crude price spreads allowed revenue to increase faster than production costs, the company said.
For January-September, revenue grew 58% to ₫164.22 trillion and net profit reached ₫24.9 trillion, nearly 12 times the year-earlier figure. Revenue was already 6.5% above BSR's full-year target, while profit exceeded the annual plan by more than 11.5 times.
E10 RON95 petrol generated ₫9.08 trillion in nine-month revenue following Vietnam's nationwide introduction of E10 petrol on June 1, 2026. DO 0.05S diesel remained the biggest revenue source, contributing ₫74.42 trillion, or more than 45% of the total.
Liquefied petroleum gas recorded a gross loss of around ₫140 billion, compared with gross profit of nearly ₫497 billion a year earlier. The segment's revenue was ₫7.11 trillion, below its ₫7.25 trillion cost of goods sold.
