DPM Raises 2026 Profit Target 113% to VND 1,445B After Strong 9-Month Results

Overview

PVFCCo - Phú Mỹ (DPM), Vietnam’s largest fertilizer producer, has raised its 2026 consolidated after-tax profit target by 113% to VND 1,445 billion and its revenue target by 8% to VND 19,000 billion. The revision, approved by the Board of Directors on 4 November 2026, follows nine-month results that already met 95% of the new profit goal and 90% of the new revenue target. The upgrade signals stronger-than-expected earnings momentum in the fertilizer sector despite a sharp third-quarter profit decline.

Key Facts

• Consolidated after-tax profit target raised from VND 680 billion to VND 1,445 billion, an increase of 113%.
• Consolidated pre-tax profit target raised from VND 850 billion to VND 1,770 billion, up 108%.
• Consolidated revenue target raised from VND 17,600 billion to VND 19,000 billion, up 8%.
• Parent company after-tax profit target raised from VND 647 billion to VND 1,375 billion, up 113%.
• Nine-month 2026 net revenue reached VND 16,737 billion, up 27% year-on-year; after-tax profit reached VND 1,371 billion, up 59%.
• Third-quarter 2026 profit fell more than 80% compared with the same period in 2025.
• Total 2026 investment capital need raised 20.3% to VND 1,400 billion, funded entirely from equity.

What Happened

In a resolution dated 4 November 2026, the Board of Directors of Tổng Công ty Phân bón và Hóa chất Dầu khí (PVFCCo - Phú Mỹ, ticker DPM) approved an upward revision to its 2026 production and business plan. The consolidated revenue target was lifted from VND 17,600 billion to VND 19,000 billion, while consolidated pre-tax profit was raised from VND 850 billion to VND 1,770 billion and after-tax profit from VND 680 billion to VND 1,445 billion. At the parent-company level, revenue was raised 10% to VND 16,750 billion and after-tax profit 113% to VND 1,375 billion.

The revision follows the release of DPM’s third-quarter 2026 consolidated financial statements, which showed nine-month net revenue of VND 16,737 billion (up 27% year-on-year), pre-tax profit of VND 1,734 billion (up 57%) and after-tax profit of VND 1,371 billion (up 59%). Against the original plan, nine-month pre-tax profit equalled 204% of the full-year target and after-tax profit 202%. The company also raised its total investment capital need for 2026 by 20.3% to VND 1,400 billion, with the increase concentrated in financial investments and capital contributions, which doubled to VND 430 billion. All investment needs are to be funded from equity, with no borrowed capital.

Market Context

DPM shares closed at VND 19,800 on 4 November 2026 on the HOSE exchange. The stock trades in the fertilizers and chemicals sector, which has benefited from elevated urea prices and strong export demand during 2026. The company’s nine-month revenue growth of 27% and profit growth of 59% outpaced the broader Vietnamese market, although the third-quarter profit decline of more than 80% year-on-year indicates earnings volatility linked to input costs and selling prices. The guidance raise places DPM among the few HOSE-listed companies to upgrade full-year targets after the nine-month mark.

Strategic Significance

The upgrade reflects a strategic shift toward higher-value product mix and export opportunities, as evidenced by DPM’s export of 3,300 tonnes of technical urea for diesel engine emissions treatment in April 2026. The doubling of the financial investment and capital contribution budget to VND 430 billion suggests the company is positioning for portfolio expansion or joint ventures, potentially in specialty chemicals or downstream fertilizer products. For long-term investors, the key thesis is whether DPM can sustain margins beyond the current urea price cycle, given the sharp third-quarter profit contraction. The equity-funded investment plan avoids leverage risk but may limit financial flexibility if capital needs rise further.

What to Watch

• Fourth-quarter 2026 earnings release, expected in January 2027, to confirm whether full-year profit meets or exceeds the revised VND 1,445 billion target.
• Details of the VND 430 billion financial investment and capital contribution plan, including target companies or sectors.
• Monthly urea price trends and export volumes, which drive DPM’s revenue and margin performance.
• Any further Board resolutions on 2026 dividend payments, following the 15% cash dividend announced in July 2026.
• Foreign ownership limit and trading data for DPM on HOSE, as increased investor attention may affect liquidity.