BSR H1 2026 Revenue Surpasses VND 100,922 Billion, Up 45% YoY

Overview

BSR (Lọc Hóa dầu Việt Nam) announced consolidated revenue of over VND 100,922 billion for the first half of 2026, a 45% increase year-on-year. The strong performance was driven by stable operations at the Dung Quat refinery, which ran at 124% of design capacity, and favorable global oil prices. The result positions BSR to meet its full-year revenue target of VND 154,140 billion, though net profit guidance for 2026 is down sharply from 2025.

Key Facts

• BSR’s H1 2026 consolidated revenue reached VND 100,922 billion, 1.45 times higher than H1 2025.
• The company contributed VND 5,871 billion to the state budget in H1 2026.
• Dung Quat refinery operated at an average of 124% of design capacity, producing over 4.05 million tonnes and selling over 4.03 million tonnes.
• Brent crude averaged approximately USD 93.54/barrel in H1 2026, up over 30% year-on-year.
• Higher product prices and refining margins contributed VND 26,765 billion, or 85.6% of the revenue growth.
• Full-year 2026 revenue target is VND 154,140 billion (+7% vs 2025), but net profit target is VND 2,162 billion (-58% vs 2025).
• BSR plans to pay a cash dividend of VND 1,500 billion (3% rate, VND 300 per share) for 2025.

What Happened

BSR held a mid-year review conference on July 27, 2026, where General Director Nguyễn Việt Thắng reported the H1 results. The company’s consolidated revenue of VND 100,922 billion was driven by stable operations at the Dung Quat refinery, which ran well above its 6.5 million tonnes/year design capacity. Favorable oil prices, with Brent averaging USD 93.54/barrel, boosted product prices and refining margins, accounting for the majority of revenue growth.

For the full year 2026, BSR targets revenue of VND 154,140 billion, up 7% from 2025, but net profit of only VND 2,162 billion, a 58% decline from the VND 5,189 billion achieved in 2025. The company plans to focus on maintaining stable refinery operations, accelerating key projects, and expanding activities of its BSR-BF unit to adapt to energy transition trends.

Market Context

BSR shares closed at VND 24 on July 27, 2026, down 2.08% with volume of 2.43 million shares on HOSE. The stock has been under pressure amid expectations of lower refining margins in H2 2026, as reflected in the cautious full-year profit guidance. The oil & gas sector on HOSE has been mixed, with BSR’s performance closely tied to global crude prices and domestic fuel demand.

Strategic Significance

BSR’s H1 results underscore its operational strength as Vietnam’s sole refinery, consistently running above design capacity to meet domestic demand. However, the sharp drop in full-year profit guidance signals that management expects refining margins to narrow in H2, likely due to softer global demand or increased competition. The company’s ability to maintain high utilization rates and manage costs will be critical to achieving its profit target. The planned dividend payout of VND 1,500 billion for 2025 provides some income visibility for shareholders.

What to Watch

• BSR’s Q3 2026 earnings release, expected in October 2026, for actual refining margins and production volumes.
• Global Brent crude price trends and their impact on product spreads.
• Updates on the BSR-BF unit’s progress in diversifying into biofuels and other energy transition products.
• Any changes in government fuel pricing policies or import duties that could affect domestic margins.
• The company’s ability to maintain Dung Quat refinery at above-design capacity without major maintenance shutdowns.