DCM (Đạm Cà Mau) H1 2026 Profit Jumps 55%, Tops 57% of Annual Target

Overview

PetroVietnam Ca Mau Fertilizer (PVCFC, ticker DCM) disclosed at its 23 September 2026 extraordinary general meeting that nine-month 2026 output, revenue and profit all grew more than 10% year on year. The HOSE-listed urea producer had already reported H1 revenue of nearly VND 12,000 billion (+27%) and net profit of almost VND 1,860 billion (+55%), passing 57% of its full-year profit plan in six months.

Key Facts

• H1 2026 revenue reached nearly VND 12,000 billion, up 27% year on year, equal to 68% of the full-year revenue plan.
• H1 2026 net profit reached nearly VND 1,860 billion, up 55%, exceeding 57% of the 2026 after-tax profit target.
• Nine-month 2026 output, revenue and profit each grew more than 10%, according to management comments at the 23 September meeting.
• Input costs ran above plan: oil prices rose about 30% and gas prices 27%, while fertilizer selling prices rose only about 20%.
• Shareholders approved Amendment No. 12 to gas purchase contract 3918/HĐ-DKVN with PV GAS, adding Nam Du – U Minh gas to the contract scope.
• The meeting also approved adding industrial gas and transport-support services to DCM’s registered business lines.
• Management targets average revenue growth of 11% per year in 2031-2035, easing to 2-4% per year in 2036-2050.

What Happened

At the extraordinary general meeting held at its Cà Mau headquarters, PVCFC leadership gave shareholders an early read on nine-month 2026 operations. Chairman Văn Tiến Thanh framed the results as a foundation for meeting full-year 2026 production and business targets, noting that profit was the strongest line item. The nine-month disclosure follows a first half in which profit growth far outpaced revenue growth, a margin outcome achieved despite domestic sales volumes falling below 2025 levels on weather, fertilizer price and agricultural commodity effects.

Shareholders approved two structural items. The first amends gas purchase contract 3918/HĐ-DKVN with PV GAS to bring Nam Du – U Minh gas into scope, a step management describes as securing long-term feedstock for urea production at the Cà Mau plant. The second expands DCM’s registered business lines to include industrial gas tied to a project at the same plant, plus transport-support services that create a legal corridor for logistics development. The company also set out a long-range plan to move from fertilizer manufacturing toward integrated agricultural solutions, industrial gas and fertilizer-related chemicals, and biotechnology and post-harvest processing.

Market Context

DCM trades on HOSE and closed at VND 34 on 24 September 2026, down 0.58% on volume of 596,400 shares. The muted price reaction suggests the market had largely priced in the strong first-half profit, which was already public before the meeting. Within the Vietnamese fertilizer and chemicals sector, DCM’s margin performance stands out because it was achieved while gas and oil input costs rose faster than fertilizer selling prices, a squeeze that pressures peers with less favorable feedstock arrangements.

Strategic Significance

The investment case rests on feedstock security rather than a single strong half. Adding Nam Du – U Minh gas to the PV GAS contract reduces the risk of supply interruption to the Cà Mau urea plant, which is the core earnings asset. The diversification into industrial gas, fertilizer-related chemicals and post-harvest biotechnology is intended to reduce reliance on a commodity urea cycle where selling prices rose only 20% against a 27% gas cost increase. Management’s target of international operations contributing 31-40% of revenue, and new products 42-68% of revenue between 2031 and 2050, defines how far the company intends to move from its domestic fertilizer base.

What to Watch

• Q3 2026 financial statements, which will quantify the nine-month figures management only described qualitatively.
• Progress on implementing the amended PV GAS contract and first gas volumes from Nam Du – U Minh.
• Domestic urea sales volumes and fertilizer price trends, given the H1 decline in local consumption.
• Any disclosure on the industrial gas project at the Cà Mau plant, including capital expenditure and timeline.
• Updates on the 2031-2050 strategy, including the revenue mix from international markets and new products.