VIMICO (KSV) Q1 2026 Net Profit Surges 189% to Record 897 Billion VND

Overview

VIMICO (KSV), Vietnam’s largest gold and silver miner, reported a record Q1 2026 net profit of 897 billion VND, up 189% year-on-year, driven by surging prices for its key products including copper, gold, and silver. Revenue rose 71% to 5.233 trillion VND, reflecting strong commodity tailwinds.

Key Facts

• Q1 2026 net profit reached 897 billion VND, a record high, compared to 314 billion VND in Q1 2025 (up 189%).
• Revenue from sales and services was 5.233 trillion VND, up 71% year-on-year.
• Average copper plate price: 341.7 million VND/ton, up 104 million VND/ton YoY.
• Average gold price: 4.036 billion VND/kg, up 1.870 billion VND/kg YoY.
• Average silver price: 61.7 million VND/kg, up 41.3 million VND/kg YoY.
• Total assets as of March 31, 2026: 11.903 trillion VND, up 21% from 9.871 trillion VND at start of year.
• Cash and bank deposits: 2.479 trillion VND, up 1.638 trillion VND from start of year.
• Total debt: nearly 1.880 trillion VND.

What Happened

VIMICO (Tong Cong ty Khoang san TKV - CTCP, ticker KSV) released its consolidated Q1 2026 financial statements, showing a sharp increase in profitability. The company attributed the surge to higher average selling prices across its main product lines: copper plate, gold, silver, magnetite concentrate, and zinc ingots. Compared to the same period last year, copper plate prices rose by 104 million VND per ton, gold by 1.870 billion VND per kg, and silver by 41.3 million VND per kg.

The company’s balance sheet also strengthened, with total assets increasing 21% to 11.903 trillion VND and cash holdings rising significantly. Debt stood at nearly 1.880 trillion VND, up 26% from the start of the year.

Market Context

KSV shares closed at 156,000 VND on April 10, 2026, down 0.06% on low volume of 32,400 shares. The stock trades on HOSE. The mining sector has benefited from elevated global commodity prices, particularly for precious and base metals. KSV’s record profit underscores its leverage to copper, gold, and silver price cycles.

Strategic Significance

KSV is a subsidiary of Vinacomin and operates Vietnam’s largest copper mine, Sin Quyen, as well as the Dong Pao rare earth deposit, the country’s largest. The company’s diversified commodity exposure positions it to capture upside from multiple metal price cycles. The strong Q1 results demonstrate operational leverage and pricing power, which could support sustained earnings if commodity prices remain elevated.

What to Watch

• Q2 2026 earnings release to see if price momentum continues.
• Global copper, gold, and silver price trends, especially any impact from US monetary policy.
• Updates on the Dong Pao rare earth project development timeline.
• Debt levels and any new capital expenditure plans for mine expansion.
• Foreign ownership changes given KSV’s strategic importance.