Vimico (KSV) Reports Record Q1 2026 Profit of 897B VND, Up 186% YoY

Overview

Vimico (KSV), Vietnam’s largest non-ferrous and precious metals miner, reported a record net profit of 897 billion VND in Q1 2026, up 186% year-on-year. The earnings beat was driven by sharp increases in selling prices for copper, gold, silver, and other key products. The company has already achieved 55% of its full-year profit target after just one quarter.

Key Facts

• Q1 2026 net profit: 897 billion VND, up 186% YoY (record high).
• Q1 2026 revenue: 5,233 billion VND, up 71% YoY.
• Gross profit: 1,329 billion VND, more than double YoY; gross margin improved to 25%.
• Copper plate price: 341.7 million VND/tonne, up 104 million VND/tonne YoY.
• Gold price: 4,036 million VND/kg, up 1,870 million VND/kg YoY.
• Silver price: 61.7 million VND/kg, up 41.3 million VND/kg YoY.
• Full-year 2026 targets: revenue 13,841 billion VND, pre-tax profit 2,042 billion VND; Q1 achieved 38% of revenue and 55% of profit targets.

What Happened

Vimico (Tong Cong ty Khoang san TKV), a subsidiary of Vinacomin, released its Q1 2026 financial statements showing record net profit of 897 billion VND, up 186% from the same period last year. Revenue rose 71% to 5,233 billion VND. The company attributed the strong performance to higher average selling prices for its main products, including copper, gold, silver, magnetite concentrate, and zinc ingots.

Cost of goods sold increased 60%, slower than revenue growth, boosting gross profit. Financial costs and selling expenses fell 31% and 13% respectively, while administrative expenses rose modestly 7%. Total assets reached 11,903 billion VND as of March 31, 2026, up 21% from the start of the year. Shareholders’ equity stood at 6,361 billion VND, with retained earnings of 3,445 billion VND.

Market Context

KSV shares closed at 151,300 VND on April 10, 2026, down 0.06% on light volume of 32,400 shares. The stock has gained 53% year-to-date, reflecting investor optimism about commodity prices and the company’s earnings trajectory. KSV trades on the HOSE with a market capitalization of approximately 30,260 billion VND (USD 1.21 billion). The broader mining sector has benefited from rising global metals prices.

Strategic Significance

Vimico’s record profit underscores its position as Vietnam’s dominant player in non-ferrous and precious metals mining, including copper, gold, silver, and rare earths (via the Dong Pao mine). The company’s ability to capitalize on commodity price cycles is evident, with strong pricing power across multiple products. The rapid progress toward annual targets suggests potential for upward guidance revisions if current prices hold. However, the cyclical nature of commodity prices remains a key risk.

What to Watch

• Q2 2026 production and sales volumes for copper, gold, and silver.
• Global commodity price trends, especially copper and gold.
• Any updates on the Dong Pao rare earth mine development.
• Full-year 2026 guidance revision if current price levels persist.
• Quarterly earnings release for Q2 2026 (expected July 2026).