DHB Ha Bac Fertilizer Posts VND 989B 9M2026 Profit, Reversing Loss

Overview

Ha Bac Fertilizer and Chemicals JSC (UPCoM: DHB) reported 9M2026 net profit of VND 988.6 billion, reversing a VND 38.3 billion loss in the same period of 2025, according to its Q3/2026 financial statements. Revenue rose 66.8% year on year to VND 4,995.5 billion, with the company citing stable production and favorable domestic and global urea prices.

Key Facts

• 9M2026 net profit: VND 988.6 billion, versus a VND 38.3 billion loss in 9M2025.
• 9M2026 net revenue: VND 4,995.5 billion, up 66.8% year on year.
• Q3/2026 net profit: VND 135.8 billion, versus a VND 96 billion loss in Q3/2025.
• Q3/2026 net revenue: VND 1,378.2 billion, roughly double the prior-year quarter.
• Average monthly profit over 9M2026: approximately VND 109.8 billion.
• Equity at 30 September 2026: about VND 1,620 billion, up from VND 631.6 billion at the start of the year.
• Accumulated losses narrowed to VND 1,101.7 billion from VND 2,090.4 billion at the start of 2026.

What Happened

In its Q3/2026 financial statements, DHB attributed the turnaround to more stable production compared with the same quarter last year, when the company suffered a technical incident that required a prolonged shutdown for repairs. The company also pointed to favorable urea prices in both domestic and international markets, which supported revenue and operating efficiency. The filing does not break out the specific contribution of price versus volume to the revenue increase.

The statements also disclosed leadership compensation. General Director Nguyen Van Dung received total income of nearly VND 179 million in Q3/2026, equivalent to about VND 59.7 million per month. Deputy General Directors Phan Van Trung and Nguyen Dinh Hong recorded VND 163.2 million and VND 162.5 million respectively, or roughly VND 54.4 million and VND 54.2 million per month. Chief Accountant Le Anh Tuan received nearly VND 131.4 million, about VND 43.8 million per month. Chairman Dao Trong Cuong, in the role from 29 April 2026, received VND 17 million for the quarter, while predecessor Nguyen Van Thieu, chairman through 28 April 2026, received VND 8 million.

Market Context

DHB trades on UPCOM, Vietnam’s unlisted public company market, and closed at VND 11,700 on 27 October 2026. The stock sits in the fertilizer and chemicals segment, where earnings are closely tied to urea price cycles and plant utilization. The result marks DHB’s third consecutive profitable quarter, a notable shift for a company that has carried a large accumulated deficit. The broader Vietnamese fertilizer group has benefited from firmer urea realizations through 2026, though input costs for coal and gas remain a swing factor for margins across the sector.

Strategic Significance

The core thesis for DHB is balance-sheet repair rather than growth. Equity nearly tripled to VND 1,620 billion in nine months, and accumulated losses fell by roughly VND 989 billion to VND 1,101.7 billion. At the current profit run-rate, the company could clear its accumulated deficit within roughly one more year, which would restore the legal basis for dividends and remove a persistent overhang on the shares. The durability of that path depends on urea prices holding and on the plant avoiding the kind of outage that drove the 2025 loss. Because DHB is a single-site producer, operational reliability is a concentrated risk that a diversified peer does not carry.

What to Watch

• Q4/2026 financial statements, expected in late January 2027, to confirm whether the profit run-rate holds after the Q3 peak.
• Domestic and international urea price benchmarks through the winter application season.
• Any disclosure of plant maintenance schedules or unplanned outages on the UPCOM filing system.
• Progress toward clearing the remaining VND 1,101.7 billion accumulated loss and any subsequent dividend policy signal.
• Coal and feedstock cost trends, which the filing does not quantify but which drive gross margin.