BSR Q1/2026 Net Profit Surges 20.7x to VND 8,265B, Aims for Top 8 SE Asian Refinery by 2030
This Aveluro analysis covers BSR (Lọc – Hóa dầu Bình Sơn) in the Oil & Gas Production sector. The classified event type is earnings beat, with positive sentiment and a deterministic market-impact score of 9.8/10. Source coverage came from CafeF - Doanh nghiệp, classified as a primary/top-tier source.
Overview
BSR (Binh Son Refining and Petrochemical Joint Stock Company), operator of the Dung Quat Oil Refinery, reported a net profit of VND 8,265 billion for Q1/2026, a 20.7-fold increase year-on-year. Revenue reached VND 46,462 billion. The company aims to become one of the top 8 refineries in Southeast Asia by 2030, up from its current top 10 position.
Key Facts
- BSR reported Q1/2026 net profit of VND 8,265 billion, up 1,970% YoY (20.7x).
- Q1/2026 revenue reached VND 46,462 billion.
- Dung Quat Refinery produced 2.03 million tons in Q1/2026.
- Average daily profit in Q1/2026 was VND 91.8 billion, equivalent to VND 3.8 billion per hour.
- The refinery supplies approximately 30% of Vietnam’s gasoline and oil demand.
- BSR targets to enter the top 8 Southeast Asian refineries by revenue by 2030.
- In 2025, BSR delivered its first batch of sustainable aviation fuel (SAF) to Skypec.
What Happened
According to BSR’s latest report released in late April 2026, the Dung Quat Refinery achieved record quarterly earnings. Net profit of VND 8,265 billion represents a 20.7x surge from the same period in 2025, driven by strong production and favorable refining margins. The refinery operated at maximum capacity of 6.5 million tons of crude oil per year.
BSR’s long-term strategy includes expanding its regional footprint and transitioning to greener energy. The company is researching SAF production and has already commercialized its first SAF batch in 2025. The goal is to climb from the current top 10 to top 8 among Southeast Asian refineries by 2030.
Market Context
BSR shares closed at VND 26,000 on April 15, 2026, down 0.38% with volume of 11 million shares. The stock has been volatile amid global oil price fluctuations. As a key player in Vietnam’s energy sector, BSR benefits from domestic demand growth and its strategic position as the country’s first refinery. The company is listed on HOSE.
Strategic Significance
BSR’s earnings beat underscores the operational leverage of Vietnam’s sole operating refinery. The profit surge reflects both higher throughput and improved margins, likely supported by stable crude supply and domestic demand. The SAF initiative positions BSR for the global aviation decarbonization trend, potentially opening new revenue streams. Achieving top 8 regional status would require capacity expansion or efficiency gains, which could attract foreign partnerships.
What to Watch
- Q2 2026 earnings release to confirm earnings sustainability.
- Progress on SAF production scale-up and additional offtake agreements.
- Any announcements on capacity expansion or refinery upgrades.
- Global crude oil price trends and their impact on refining margins.
- Regulatory developments regarding fuel pricing and import duties in Vietnam.
Trade BSR on Vietnam's top brokers
Open an account with a licensed Vietnamese broker to access HOSE, HNX, and UPCOM markets.
Affiliate links — Aveluro may earn a commission at no extra cost to you.