KSV (Vimico) 9M2026 Profit Jumps 2.5x on Gold, Copper, Silver Prices

Overview

Tổng công ty Khoáng sản TKV - CTCP (Vimico, ticker KSV on HNX) reported 9M2026 net revenue of more than VND 14,686 billion, up roughly 35% year-on-year, and after-tax profit of more than VND 3,462 billion, 2.5x the VND 1,368 billion booked in 9M2025. The company attributes the jump to higher average selling prices across its core products — gold, copper, silver, zinc and magnetite concentrate — rather than volume growth.

Key Facts

• 9M2026 net revenue: over VND 14,686 billion, up ~35% YoY.
• 9M2026 after-tax profit: over VND 3,462 billion, versus ~VND 1,368 billion in 9M2025 (2.5x).
• Q3 2026 alone: net revenue of VND 9,453 billion (2.4x YoY) and after-tax profit of nearly VND 2,566 billion (4.3x YoY).
• Average gold selling price: ~VND 3,696 million/kg, up VND 1,217 million/kg YoY; copper sheet at VND 355.8 million/tonne, up VND 104.5 million/tonne.
• Average silver price: VND 53.6 million/kg, up VND 30.9 million/kg; zinc ingot at VND 91.3 million/tonne, up VND 18.5 million/tonne.
• Gross margin reached 34.4% in 9M2026, versus 14.4% in 2018.
• Total assets at 30 September 2026: over VND 12,894 billion, up more than 30% since the start of the year; short-term investments rose from VND 129 billion to VND 2,205 billion.
• Short-term borrowings fell from VND 1,291 billion to VND 954 billion; long-term debt fell 37.5% to VND 493 billion; equity rose ~45% to nearly VND 7,968 billion.

What Happened

According to the consolidated financial statements cited in the report, Vimico’s third-quarter results accelerated sharply from an already strong first half. Q3 net revenue reached VND 9,453 billion, 2.4x the same quarter last year, while gross profit rose to nearly VND 3,722 billion, 2.9x YoY. Financial revenue climbed from VND 2.1 billion to VND 83.9 billion, and financial expenses rose 1.8x to VND 69.6 billion. Enterprise management expenses were VND 503.2 billion, 1.1x the prior-year quarter. After costs and tax, Q3 after-tax profit came in at nearly VND 2,566 billion, 4.3x YoY.

In its explanation, the Board of Directors (Ban Tổng giám đốc) attributed the profit surge primarily to higher average selling prices for the company’s main products over the first nine months of 2026 compared with the same period last year. The filing does not break out volume versus price contribution, nor does it disclose a full-year 2026 profit target.

Market Context

KSV trades on the HNX and last closed at VND 109,500 on 31 October 2026. The stock sits in the Basic Resources sector, where earnings are highly geared to commodity prices rather than domestic demand. The 9M result reflects a global metals environment in which gold, silver, copper and zinc prices have all moved higher, and Vimico’s integrated mining-to-refining model means price gains flow almost directly to gross profit. The balance sheet has strengthened alongside earnings: liquid assets (cash plus short-term investments) now exceed VND 2,983 billion, and both short- and long-term debt have been reduced.

Strategic Significance

The investment case for KSV is essentially a leveraged exposure to precious and base metal prices, and the 9M2026 numbers show how powerfully that leverage works: a 35% revenue increase translated into a 150% profit increase because costs rose far more slowly. The structural improvement in gross margin — from 14.4% in 2018 to 34.4% now — suggests the company has also benefited from operational efficiency and a favorable product mix, not just price. For long-term holders, the key question is durability: if metal prices hold, KSV’s cash generation supports further debt reduction and potential dividend capacity, but the earnings base is inherently cyclical and a reversal in gold or copper prices would compress margins quickly.

What to Watch

• Full-year 2026 production and sales volume disclosure, to separate price effects from volume effects.
• Q4 2026 and FY2026 earnings release, expected in early 2027.
• Gold, copper, silver and zinc price trends on global markets, given the direct margin sensitivity.
• Any dividend or capital allocation announcement following the build-up of VND 2,205 billion in term deposits.
• HNX foreign-ownership and liquidity filings, as the higher earnings base may attract renewed institutional interest.