BSR 9M2026 Profit Hits VND 24,902B, 11.5x Full-Year Plan on Diesel Margins

Overview

Bình Sơn Refining and Petrochemical (HoSE: BSR) reported 9M2026 after-tax profit of VND 24,902 billion, 11.6x the same period last year and 11.5x its full-year 2026 profit plan of VND 2,162 billion, according to its consolidated Q3/2026 financial statements. Net revenue reached VND 164,217 billion, up 58% year on year, with diesel margins and a sharp ramp in E10 biofuel sales doing most of the work.

Key Facts

• Q3/2026 net revenue: VND 59,581 billion, +69% YoY; gross profit rose from VND 1,009 billion to VND 9,651 billion.
• Q3/2026 gross margin expanded from 2.9% to 16.2%; after-tax profit VND 8,969 billion, nearly 10x YoY, the third consecutive quarter above VND 7,000 billion.
• 9M2026 net revenue VND 164,217 billion (+58%); pre-tax profit near VND 28,000 billion; after-tax profit VND 24,902 billion (11.6x YoY).
• 9M2026 gross margin rose from 2.3% to 17%; the result exceeds every full-year profit BSR has reported since listing.
• Diesel DO 0.05S: revenue VND 74,415 billion (over 45% of net revenue), gross profit VND 18,838 billion, margin 25.3%, about 67% of consolidated gross profit.
• Jet A-1: revenue VND 11,332 billion, gross profit VND 2,928 billion, margin 25.8%; RON95 margin 10.9%, E5 RON92 margin 9.1%.
• E10 RON95 revenue VND 9,076 billion, up more than 1,900x from VND 4.7 billion; E5 RON92 revenue rose from VND 276 billion to VND 22,399 billion (over 81x); combined biofuels near VND 31,475 billion, about 19% of net revenue.
• Receivables stood at VND 22,865 billion as of 30 September 2026.

What Happened

The figures come from BSR’s consolidated Q3/2026 financial statements, filed with the Ho Chi Minh City Stock Exchange and reported on 29 October 2026. Revenue growth of 69% in the quarter outpaced a 46% rise in cost of goods sold, lifting gross profit to VND 9,651 billion and gross margin to 16.2%. After operating costs, BSR booked pre-tax profit of VND 10,072 billion and after-tax profit of VND 8,969 billion for the quarter.

The notes to the accounts attribute the result primarily to diesel. DO 0.05S generated VND 74,415 billion of revenue against VND 55,577 billion of cost, a VND 18,838 billion spread that represents roughly two-thirds of group gross profit. Jet A-1 also carried a 25.8% margin. On the retail-fuel side, the shift is structural: E10 RON95 revenue climbed from VND 4.7 billion to VND 9,076 billion and E5 RON92 from VND 276 billion to VND 22,399 billion, while unleaded RON95 revenue fell nearly 20% to VND 27,326 billion and unleaded RON92, which booked over VND 7,000 billion a year earlier, recorded no revenue. The company links the transition to Vietnam’s nationwide E10 mandate, effective 1 June 2026.

Market Context

BSR closed at VND 27,600 on 30 October 2026 on HOSE. The stock sits in the oil-and-gas refining segment, where earnings are levered to crack spreads rather than to the Vietnamese equity index itself, so the 9M result reflects a regional refining-margin cycle as much as company execution. The scale of the beat against a VND 2,162 billion annual plan means consensus and any company guidance are now stale; the market’s task is to judge how much of the diesel margin is cyclical. The E10 revenue shift also ties BSR’s product mix to a domestic policy timeline rather than to export demand.

Strategic Significance

The investment case now rests on two separable engines. The first is diesel and jet crack spreads, which produced about 67% of gross profit and are externally set; a normalisation in regional refining margins would compress earnings quickly given the operating leverage evident in the swing from a 2.3% to a 17% gross margin. The second is the E10 transition, which has moved biofuels from a rounding error to roughly 19% of net revenue in three quarters and gives BSR a domestic volume base less exposed to export parity. The VND 22,865 billion receivables balance at 30 September is the offsetting consideration: profit of this magnitude has to convert to cash, and the working-capital build is large relative to a VND 24,902 billion nine-month result.

What to Watch

• Q4/2026 results and the implied full-year margin, to test whether diesel spreads held through the fourth quarter.
• Regional refining crack-spread benchmarks for diesel and jet, the main external driver of BSR’s gross profit.
• Collection of the VND 22,865 billion receivables balance and any provisioning disclosed in the annual report.
• Monthly E10 and E5 volume data as the nationwide mandate passes its first full year.
• Any update to the 2026 profit plan or 2027 guidance, given the 11.5x overrun against the current target.