Vimico (KSV) Q3 Profit Jumps 332% on Record Copper, Gold, Silver Prices

Overview

Tổng Công ty Khoáng sản TKV - CTCP (Vimico, ticker KSV on HNX) reported Q3 net profit of VND 2,566 billion, up 332% year on year, on net revenue of VND 9,453 billion (+144%). The company attributed the result to sharply higher average selling prices across its core products — copper, gold, silver and zinc — disclosed in its consolidated Q3 financial statements and explanatory filing.

Key Facts

• Q3 net revenue of VND 9,453 billion, up 144% year on year; gross profit reached VND 3,722 billion, nearly 3x the prior-year quarter.
• Gross margin improved to 39.4% from 33.0% a year earlier, as cost of goods sold rose more slowly than revenue.
• Q3 pre-tax profit exceeded VND 3,220 billion, more than 4x year on year; net profit of VND 2,566 billion compared with VND 594 billion in Q3/2025.
• 9M2026 net revenue of VND 14,686 billion (+35%), pre-tax profit of VND 4,340 billion (+149%) and net profit of VND 3,462 billion (more than 2.5x).
• Average copper cathode price reached VND 355.8 million per tonne (+42% YoY); gold averaged VND 3.696 billion per kg (+49%); silver VND 53.6 million per kg (+136%); zinc ingot VND 91.3 million per tonne (+VND 18.5 million).
• Total assets rose to VND 12,894 billion at 30 September 2026, up VND 3,011 billion (30%) since the start of the year; short-term financial investments jumped from VND 129 billion to over VND 2,205 billion.
• Total borrowings and finance lease liabilities fell by more than VND 633 billion, from roughly VND 2,080 billion to VND 1,447 billion.

What Happened

Vimico released its consolidated Q3/2026 financial statements showing net revenue of VND 9,453 billion, up 144% from the same period last year. Cost of goods sold rose from VND 2,590 billion to VND 5,731 billion, a slower pace than revenue, lifting gross profit to VND 3,722 billion and gross margin to 39.4% from 33.0%. After expenses, pre-tax profit exceeded VND 3,220 billion and net profit reached VND 2,566 billion, against VND 594 billion in Q3/2025.

The quarter alone dwarfed the first half: KSV booked roughly VND 897 billion of net profit across H1/2026, meaning Q3 contributed about 74% of the nine-month total. In its explanatory document, the company said the increase was driven mainly by higher average selling prices for its principal products over the first nine months of 2026, citing copper, gold, silver, zinc and magnetite concentrate. The filing does not break out production volumes or unit cost detail by mine.

Market Context

KSV trades on HNX and closed at VND 109,500 on 30 October 2026. The stock sits in the Basic Resources sector, where earnings are highly geared to global metal prices rather than domestic demand. Vimico operates the Sin Quyền copper mine, described as Vietnam’s largest, and manages the Đông Pao rare earth mine. The result reflects a commodity-price cycle rather than volume expansion, and the company’s balance sheet strengthened alongside earnings: cash and equivalents of over VND 778 billion, short-term investments above VND 2,205 billion, and lower borrowings.

Strategic Significance

The investment case for KSV rests on operating leverage to metal prices. With gross margin expanding roughly 6.4 percentage points and net profit up more than fourfold pre-tax, each incremental dong of selling price flows disproportionately to the bottom line. The shift of roughly VND 2,076 billion into short-term financial investments while cutting debt by over VND 633 billion suggests the company is converting a cyclical windfall into liquidity rather than capacity. For long-term holders, the key question is durability: the earnings beat is price-driven, so the thesis depends on whether copper, gold and silver prices hold near current levels, and on whether Vimico can translate its Sin Quyền and Đông Pao resource base into volume or downstream processing growth.

What to Watch

• Q4/2026 financial statements, expected in late January 2027, to test whether metal prices sustained Q3 margins.
• Monthly average selling price disclosures for copper, gold and silver in the next explanatory filing.
• Global copper, gold and silver price trends, given the direct 42% to 136% YoY price contribution cited by the company.
• Any update on the Đông Pao rare earth project and its licensing or partnership status.
• HNX disclosures on dividend policy or use of the enlarged short-term investment portfolio.