BSR Q1 2026 Net Profit Surges 20.7x to VND 8,265B on Crude Rally

Overview

Binh Son Refining and Petrochemical (BSR) reported a Q1 2026 net profit of VND 8,265 billion, a 20.7-fold increase year-on-year, far exceeding its full-year target. The surge was driven by a sharp rise in crude oil prices and improved refining margins. The stock hit the daily ceiling on May 4 following the announcement.

Key Facts

• Q1 2026 net profit: VND 8,265 billion, up 20.7x from VND 399 billion in Q1 2025.
• Q1 2026 revenue: VND 45,919 billion, up 44% YoY.
• Gross profit: VND 9,506 billion, up 25x YoY; gross margin improved to 21% from ~1%.
• Full-year 2026 net profit target: VND 2,162 billion — already exceeded in Q1.
• Crude oil price rose from USD 66.8/bbl in January to USD 103.89/bbl in March 2026.
• Total assets at March 31, 2026: VND 106,786 billion, up 25% from year-end 2025.
• BSR stock closed at VND 25,250 on May 4, hitting the daily ceiling with a buy order surplus of 4.8 million shares.

What Happened

BSR released its Q1 2026 financial statements showing a dramatic earnings surge. The company attributed the results to a strong rally in crude oil prices, which rose from USD 66.8 per barrel in January to nearly USD 103.89 in March, compared to a decline from USD 79.23 to USD 72.6 in the same period last year. Additionally, the spread between product prices and crude oil widened significantly.

Revenue from diesel accounted for over 46% of total sales, while gasoline RON 95 contributed nearly 32%. Financial income rose 14% to VND 529 billion, mainly from bank deposit interest. The company also noted that accounts receivable and inventory increased sharply due to higher purchases from partners.

Market Context

BSR shares on HOSE closed at VND 25,250 on May 4, hitting the daily ceiling with heavy volume. The stock had closed at VND 26 on April 15, down 0.38%, before the earnings release. The Q1 results represent a massive beat relative to the full-year profit target of VND 2,162 billion, which was already exceeded in the first quarter. The refining sector benefits from rising crude prices, but volatility in oil markets remains a key risk.

Strategic Significance

BSR operates the Dung Quat refinery, which meets about 30-35% of Vietnam’s petroleum demand. The company is executing a Phase 2 expansion to increase processing capacity from 148,000 to 171,000 barrels per day and improve feedstock flexibility. The strong Q1 performance demonstrates the company’s ability to capture margin improvements during crude upcycles. However, the earnings beat is largely cyclical, and sustainability depends on crude price trends and global refining margins.

What to Watch

• Q2 2026 earnings release and guidance update.
• Crude oil price movements and product spreads.
• Progress on the Phase 2 expansion project timeline and budget.
• Changes in accounts receivable and inventory levels, which rose sharply in Q1.
• Any dividend or capital allocation announcements following the strong cash position.