BSR Q1 Net Profit Surges 20x to 8.265 Trillion VND, Exceeding Full-Year Target

Overview

BSR, the operator of the Dung Quat oil refinery, reported a Q1 net profit of 8.265 trillion VND, a 20-fold increase year-on-year, driven by surging crude oil prices. Revenue rose 44% to over 45.9 trillion VND, far exceeding the company’s full-year profit target of 2.162 trillion VND. The stock reacted positively, hitting the daily limit up.

Key Facts

• Q1 2025 net profit: 8.265 trillion VND, up 1,966% YoY from 400 billion VND.
• Q1 2025 revenue: 45.9 trillion VND, up 44% YoY.
• Gross margin improved to 21% from ~1% a year earlier.
• Crude oil price rose from $67/barrel in January to $104/barrel in March.
• Full-year 2025 profit target: 2.162 trillion VND (already exceeded in Q1).
• Inventory at end-Q1: 21.5 trillion VND, nearly double the start of the year.
• Stock closed at 25,250 VND on the day of announcement, up the daily limit.

What Happened

BSR, listed on HOSE, announced its Q1 2025 financial results, revealing a net profit of 8.265 trillion VND, a 20-fold increase from 400 billion VND in the same period last year. Revenue reached 45.9 trillion VND, up 44% year-on-year. The company attributed the exceptional performance to a sharp rise in crude oil prices, which climbed from $67 per barrel in January to nearly $104 per barrel in March, reversing the declining trend seen in Q1 2024.

In a filing to the Ho Chi Minh City Stock Exchange, Deputy General Director Luong Minh Hai stated that the company activated emergency protocols following the outbreak of the Middle East conflict. BSR has been running its refinery at “very high capacity” and maintains elevated inventory levels to ensure supply security. The company’s gross margin surged to 21% from just 1% a year ago, while financial income from deposits and forex gains added nearly 530 billion VND.

Market Context

BSR shares closed at 25,250 VND on the announcement day, hitting the daily limit up with a buy order surplus of nearly 6 million shares. The stock had closed at 26,000 VND on April 15, 2026, with a volume of 11 million shares. The energy sector has been volatile amid geopolitical tensions, but BSR’s earnings beat provides a strong catalyst. The company is listed on HOSE and is a key player in Vietnam’s oil refining industry.

Strategic Significance

BSR’s Q1 results demonstrate the company’s ability to capitalize on favorable crude oil price movements and maintain operational flexibility. The decision to hold high inventory levels (21.5 trillion VND) positions BSR to manage supply chain risks and meet domestic demand during disruptions. The full-year profit target being exceeded in just one quarter underscores the potential for further upside if crude prices remain elevated. However, the company’s performance is highly sensitive to global oil price trends and geopolitical developments.

What to Watch

• Q2 2025 earnings release to see if profit momentum continues.
• Crude oil price movements and their impact on refining margins.
• Updates on the Middle East conflict and its effect on supply chains.
• BSR’s inventory management strategy and any changes in production capacity.
• Any dividend or capital allocation announcements following the strong cash flow.