BSR Q3/2026 Earnings: Pre-Tax Profit Jumps 858% to VND 10,072B

Overview

Bình Sơn Refining and Petrochemical (BSR), listed on HOSE, reported Q3/2026 pre-tax profit of VND 10,072B, up 858% year-on-year, according to the 31 October financial statement release. The same disclosure wave captured PV GAS (GAS), SHB, Vietnam Rubber (GVR), Vinamilk (VNM) and EVN Genco3 (PGV) posting sharp gains, while Vietnam Airlines (HVN) and Eximbank (EIB) reported declines.

Key Facts

• BSR Q3/2026 pre-tax profit: VND 10,072B, +858% year-on-year; nine-month pre-tax profit VND 27,998B, +1,018%.
• PV GAS (GAS) Q3/2026 pre-tax profit: VND 5,773B, +80% year-on-year.
• SHB Q3/2026 pre-tax profit: VND 5,166B, +57%; nine-month pre-tax profit VND 14,309B, +17%.
• Vietnam Rubber (GVR) Q3/2026 pre-tax profit: VND 4,423B, +69%; nine-month VND 10,249B, +65%.
• Vinamilk (VNM) Q3/2026 pre-tax profit: VND 3,694B, +18%; nine-month VND 10,608B, +30%.
• EVN Genco3 (PGV) Q3/2026 pre-tax profit: VND 1,480B, +778%; nine-month VND 4,157B, +262%.
• Vietnam Airlines (HVN) Q3/2026 pre-tax profit: VND 470B, -46%; nine-month VND 4,652B, -39%. Eximbank (EIB) Q3/2026 pre-tax profit: VND 186B, -67%; nine-month VND 864B, -58%.

What Happened

The figures were published in the 31 October round of Q3/2026 financial statements, a reporting date that concentrated results from several of Vietnam’s largest listed companies across energy, banking, consumer staples, aviation and materials. BSR’s result was the headline: pre-tax profit of VND 10,072B for the quarter represented an 858% increase over the same period last year, and the nine-month cumulative figure of VND 27,998B was up 1,018%. The article attributes the numbers to the companies’ financial statements and does not break out the drivers of the refining margin or inventory effects behind the swing.

The release also showed broad-based improvement in the energy complex, with PV GAS at VND 5,773B (+80%) and EVN Genco3 at VND 1,480B (+778%). SHB, GVR and VNM all delivered double-digit growth. The two laggards were Vietnam Airlines, whose quarterly pre-tax profit fell 46% to VND 470B, and Eximbank, down 67% to VND 186B. The source does not disclose the specific one-off items, provisioning charges or cost lines behind the HVN and EIB declines.

Market Context

BSR closed at VND 27,600 on 30 October 2026 on HOSE, the session before the filing date, with GAS at VND 78,000, GVR at VND 31,250 and SHB at VND 10,650. The clustering of strong energy-sector results alongside weaker aviation and banking prints reflects the sector dispersion that has characterised the Vietnamese market through 2026, where refining and gas margins have expanded while airlines absorb fuel and financing costs. The article does not provide index-level or sector-index performance data for the period.

Strategic Significance

For BSR, the 858% quarterly jump and the VND 27,998B nine-month pre-tax total reset the earnings base against which future refining margins will be judged, and place the Dung Quất operator’s profitability squarely in the hands of crack spreads and crude inventory timing rather than volume growth. The parallel strength at GAS and PGV suggests the uplift runs through the gas and power chain, not just refining. The HVN and EIB declines point to the opposite dynamic: fuel-cost exposure for the carrier and provisioning pressure at the smaller bank, both of which compress earnings even as headline revenues hold.

What to Watch

• BSR’s Q4/2026 filing and any disclosure on crack-spread assumptions and inventory valuation.
• Whether the 858% base effect normalises in Q4/2026 comparative figures.
• HVN’s fuel-cost and fleet-utilisation commentary in its Q3/2026 notes.
• EIB’s provisioning and NPL disclosures in the same filing set.
• Any HOSE foreign-ownership or free-float updates for BSR following the results.