KSV (Vimico) Q3 Profit Jumps 75% to VND 1,036B on Gold, Silver Prices

Overview

Tổng công ty Khoáng sản TKV (Vimico), listed on HNX as KSV, reported Q3 net profit of more than VND 1,036 billion, up nearly 75% year-on-year, on revenue of VND 4,796 billion. The company is the only gold and silver miner listed on Vietnamese exchanges, and the result was driven by both higher output and higher realised prices for its metals. Nine-month net profit reached VND 3,462 billion, 2.5 times the same period last year.

Key Facts

• Q3 net profit after tax: over VND 1,036 billion, up nearly 75% year-on-year, equivalent to more than VND 11 billion per day.
• Q3 revenue: VND 4,796 billion, up almost 24% year-on-year.
• Gold sold at VND 3.7 billion per kg in Q3, up 48% year-on-year; silver sold at about VND 53.6 million per kg, 2.4 times Q3 2025.
• Q3 financial income reached roughly VND 48 billion, nearly 23 times the prior-year period.
• Nine-month revenue: VND 14,686 billion, up 35%; nine-month net profit: VND 3,462 billion, 2.5x year-on-year.
• Total assets at 30 September: over VND 12,980 billion, up 31% in nine months; cash and bank deposits near VND 3,000 billion, 3x year-end 2025.
• Financial debt VND 1,447 billion against equity of VND 7,967 billion; on 31 October the company disclosed that General Director Trịnh Văn Tuệ has been prosecuted on a bribery charge.

What Happened

In its Q3 financial statements and an explanatory filing to the Hà Nội Stock Exchange (HNX), Vimico attributed the revenue increase to both higher mining output and higher selling prices versus the prior-year quarter. The company realised VND 3.7 billion per kg of raw gold, 48% above Q3 2025, and about VND 53.6 million per kg of silver, 2.4 times the year-earlier level. Financial income of roughly VND 48 billion, nearly 23 times the prior-year figure, added to the result, while fixed costs including financial, selling and corporate management expenses all declined.

For the nine months to 30 September, revenue reached VND 14,686 billion and net profit VND 3,462 billion. The balance sheet expanded sharply: total assets rose 31% to more than VND 12,980 billion, with cash and bank deposits near VND 3,000 billion, three times the end-2025 level. Financial debt stood at VND 1,447 billion against equity of VND 7,967 billion. Separately, on 31 October the company announced that General Director Trịnh Văn Tuệ had been prosecuted on allegations of accepting bribes; authorities have not published details of the alleged conduct. Vimico, formerly Tổng công ty Khoáng sản Việt Nam, was established in 1995, is a member unit of Tập đoàn Công nghiệp Than - Khoáng sản Việt Nam (TKV), and mines gold, silver, platinum, copper, aluminium, iron and titanium.

Market Context

KSV trades on HNX and closed at VND 102,000 on 4 November 2026. The stock sits in the Basic Resources sector, where earnings are levered directly to precious-metal prices rather than to domestic credit or consumption cycles. The Q3 result confirms that leverage: a 24% revenue increase translated into a 75% profit increase because realised gold and silver prices rose faster than costs. The nine-month profit of VND 3,462 billion against equity of VND 7,967 billion implies an annualised return on equity well above the sector norm, and the near-tripling of cash to VND 3,000 billion gives the company unusual balance-sheet room for a miner of its size.

Strategic Significance

The investment case for KSV rests on a simple mechanism: as the only listed Vietnamese gold and silver producer, it captures the full spread between global precious-metal prices and domestic extraction costs, and the Q3 numbers show that spread widening. The 48% rise in realised gold prices and 2.4x rise in silver prices flowed almost entirely to the bottom line because fixed costs fell in parallel. The cash build to VND 3,000 billion, against financial debt of VND 1,447 billion, means the company is now net cash and could fund expansion or dividends without external capital. The offsetting factor is governance: the prosecution of the General Director on a bribery charge introduces leadership and compliance risk that a purely price-driven earnings story does not capture, and the market will need clarity on management continuity before re-rating the stock on fundamentals alone.

What to Watch

• Disclosure from HNX or the company on the status of General Director Trịnh Văn Tuệ and any interim management appointment.
• Q4 realised gold and silver prices in the next quarterly filing, to test whether the Q3 margin expansion holds.
• Full-year 2026 audited results and any dividend proposal given the VND 3,000 billion cash position.
• Details of the bribery case from investigative authorities, including scope and any link to company operations.
• Monthly or quarterly TKV group disclosures on mining output quotas and any change to the licence framework for gold and silver.