Binh Minh Plastic (BMP) Posts Record Q2 Profit of 367 Billion VND, Up 11%
This Aveluro analysis covers BMP on HOSE in the Construction & Materials sector. The classified event type is earnings beat, with positive sentiment and a deterministic market-impact score of 7.0/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from VnExpress - Kinh doanh, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Binh Minh Plastic (BMP), a leading Vietnamese plastic manufacturer, reported a record net profit of 367 billion VND in the second quarter of 2026, an 11% increase year-on-year. The strong result was driven by revenue growth and effective cost management, highlighting the company’s continued success under the control of Thai shareholder SCG.
Key Facts
- BMP’s Q2 2026 net profit reached a record 367 billion VND, up 11% from Q2 2025.
- Q2 revenue was nearly 1,320 billion VND, up over 9% year-on-year.
- Gross profit margin improved to approximately 46.7%, with gross profit of 617 billion VND.
- Financial income rose nearly 11% to over 28 billion VND, mainly from bank deposits of nearly 1,600 billion VND.
- Selling expenses were significantly reduced, while financial and administrative expenses increased slightly.
- In the first half of 2026, BMP achieved revenue of 2,777 billion VND and net profit of 671 billion VND, up 3% and 9% respectively.
- BMP has completed 46% of its full-year revenue target (6,053 billion VND) and 52.5% of its profit target (1,278 billion VND).
What Happened
Binh Minh Plastic (BMP) released its Q2 2026 financial statements, revealing a record net profit of 367 billion VND, an 11% increase from the same period last year. The company attributed the strong performance to a 9% rise in revenue to nearly 1,320 billion VND and effective cost control, particularly a reduction in selling expenses. Gross profit margin remained high at 46.7%, while financial income from bank deposits contributed an additional 28 billion VND.
BMP has been under the control of Thai conglomerate SCG since 2018, when its subsidiary Nawaplastic acquired a controlling stake from SCIC. Since then, BMP has maintained a consistent dividend policy, with total dividends paid to Nawaplastic exceeding 3,200 billion VND, representing an 18.5% return on its initial investment of approximately 2,750 billion VND.
Market Context
BMP shares closed at 154,900 VND on July 20, 2026, near the record high. The stock has been on an upward trend, supported by the company’s strong earnings and generous dividend policy. BMP is listed on HOSE and is the largest plastic company by market capitalization in Vietnam. The broader construction materials sector has seen mixed performance, but BMP’s consistent profitability and high margins make it a standout.
Strategic Significance
The record profit underscores BMP’s ability to maintain high margins and generate strong cash flow under SCG’s management. The company’s low debt and large cash reserves (nearly 1,600 billion VND in deposits) provide a buffer against economic downturns and allow for continued high dividend payouts. For long-term investors, BMP offers a defensive profile with reliable income, though growth may be limited by market saturation in the domestic plastic pipe industry.
What to Watch
- BMP’s ability to sustain gross margins above 45% amid potential raw material price volatility.
- Full-year 2026 results and whether BMP can exceed its profit target of 1,278 billion VND.
- Dividend announcement for 2026; historical payout ratios have ranged from 20% to 126%.
- Any expansion plans or new product lines that could drive revenue growth beyond the current pace.
- Changes in ownership structure or further acquisitions by SCG.