KSV Q2 2026 Net Profit Hits Record 1,413 Billion VND, Up 223% YoY
This Aveluro analysis covers KSV on HNX in the Basic Resources sector. The classified event type is earnings beat, with positive sentiment and a deterministic market-impact score of 9.8/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from CafeF - Doanh nghiệp, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
KSV (Khoang san TKV), Vietnam’s largest mining company, reported Q2 2026 net profit of 1,413 billion VND, the highest in its history, up 223% year-on-year. Revenue rose 19% to 4,657 billion VND, driven by higher selling prices and sales volumes of key minerals such as copper, gold, and silver. The strong performance highlights the company’s leverage to rising commodity prices and operational efficiency.
Key Facts
- Q2 2026 net profit attributable to parent company: 1,413 billion VND, up 223% YoY (vs 438 billion VND in Q2 2025).
- Q2 2026 revenue: 4,657 billion VND, up 19% YoY.
- Gross margin expanded from 20.4% to 47.5%.
- H1 2026 net profit: 2,392 billion VND, up 182% YoY; revenue: 9,890 billion VND, up 42%.
- Average copper plate price: 345.7 million VND/ton, up 99 million VND/ton; sales volume up 56 tons.
- Average gold price: 3.83 billion VND/kg, up 1.48 billion VND/kg; sales volume up 41 kg.
- Cash and bank deposits at June 30, 2026: 3,359 billion VND, up 4x from year-end 2025.
What Happened
KSV released its consolidated Q2 2026 financial statements, showing a record quarterly profit. The company attributed the growth to higher average selling prices and increased sales volumes of its main products. Copper plate prices rose nearly 99 million VND/ton to 345.7 million VND/ton, while gold prices increased 1.48 billion VND/kg to 3.83 billion VND/kg. Silver prices also surged, up 36.9 million VND/kg to 57.8 million VND/kg.
Despite a decline in zinc ingot sales volume (down 717 tons), overall revenue and profit were boosted by strong demand for copper, gold, and silver. The company’s cash position strengthened significantly, reaching 3,359 billion VND, up from 840 billion VND at the start of the year. Total assets exceeded 12,000 billion VND, with equity at 6,938 billion VND.
Market Context
KSV shares closed at 92,500 VND on July 29, 2026, on the HNX exchange. The stock has been volatile amid commodity price fluctuations. The record profit comes as global copper and gold prices remain elevated, benefiting Vietnam’s largest mining operator. The company’s strong cash position and low debt (1,487 billion VND in financial borrowings) provide a buffer against market downturns.
Strategic Significance
KSV’s record earnings highlight its dominant position in Vietnam’s mining sector, with control over major deposits including the Sin Quyen copper mine (the largest in Vietnam) and various gold, zinc, and iron ore mines. The company’s ability to expand margins despite cost pressures suggests efficient operations and pricing power. The surge in cash reserves positions KSV for potential dividend payments or investment in new projects, while the low leverage offers financial flexibility.
What to Watch
- Q3 2026 production and sales volume updates for copper, gold, and silver.
- Global commodity price trends, especially copper and gold.
- Any dividend announcements given the high retained earnings (4,034 billion VND).
- Progress on new mining projects or expansions at existing mines.
- Changes in TKV’s ownership or strategic direction, as it holds over 98% of KSV.