QNS Q3 2026: Quang Ngai Sugar Profit Up 18.1% on Fami Soy Milk Volume

Overview

Đường Quảng Ngãi (QNS), the UPCOM-listed owner of the Fami and Vinasoy soy milk brands, reported Q3 2026 net revenue of VND 3,073B, up 14.5% year-on-year, and net profit of nearly VND 450B, up 18.1%, according to its consolidated quarterly financial statements. Soy milk volume growth and a richer product mix offset a decline in the sugar segment, while the company held roughly VND 8,926B in cash and term deposits at 30 September 2026.

Key Facts

• Q3 2026 net revenue: VND 3,073B, up 14.5% year-on-year; net profit: nearly VND 450B, up 18.1%.
• Soy milk volume: about 85 million litres in Q3, up 16% year-on-year, equivalent to more than 920,000 litres sold per day.
• Soy milk segment revenue: VND 1,633B, up nearly 24%, on 16% volume growth and a roughly 6% improvement in average selling price.
• Soy milk gross profit: VND 788B, up 34%; segment gross margin 48.3% versus 44.8% a year earlier.
• Sugar segment revenue: VND 871B, down nearly 8%, with pre-tax profit down 15% to VND 130B as average selling prices fell about 11%.
• Short-term held-to-maturity investments: VND 8,734B at 30 September 2026, plus VND 192B of cash and equivalents, totalling about VND 8,926B, or nearly 57% of total assets of VND 15,737B.
• Nine-month 2026 results: revenue VND 9,125B, up nearly 16%; net profit VND 1,407B, up nearly 7%.

What Happened

The figures come from QNS’s consolidated Q3 2026 financial statements, with segment detail cited from a Vietcap Securities report dated 23 October. Soy milk remained the primary growth engine: volume rose 16% year-on-year to about 85 million litres, and a roughly 6% increase in average selling price pushed segment revenue to VND 1,633B, up nearly 24%. Gross profit in the segment reached VND 788B, up 34%, lifting the gross margin to 48.3% from 44.8%.

The sugar division moved the other way. Revenue fell nearly 8% to VND 871B as average selling prices declined about 11%, and segment pre-tax profit dropped 15% to VND 130B, although the gross margin improved to 22% from 20.2%. Company-wide gross margin rose to 35.3% from 32.4%. Vietcap also noted that Vinasoy’s exports have taken the leading position at retail outlets in Cambodia after a Thai competitor withdrew. Financial income reached VND 157B in the quarter, more than double the prior-year figure, reflecting the large deposit book. The filing does not disclose a formal full-year profit target.

Market Context

QNS trades on UPCOM and closed at VND 50,100 on 25 October 2026. The stock sits in the consumer staples sector, where investors typically weigh earnings durability and balance-sheet strength against slower structural growth. QNS’s profile is unusual for the sector: nearly 57% of total assets sit in term deposits and held-to-maturity investments, which generate financial income but also raise questions about capital allocation. The Q3 result extends a pattern in which soy milk margins carry the group while sugar, exposed to global price cycles and domestic supply, acts as a drag.

Strategic Significance

The investment case rests on the widening gap between the two divisions. Soy milk gross margin at 48.3% is more than double the sugar segment’s 22%, so each incremental litre of Fami and Vinasoy volume adds disproportionately to group profit. The Cambodia displacement of a Thai competitor suggests the export channel can extend the brand beyond a mature domestic market. Against that, the VND 8,926B deposit position is roughly 57% of assets and produced VND 157B of financial income in a single quarter; how management deploys that capital, whether into capacity, dividends or acquisitions, will matter more to long-term returns than the sugar price cycle.

What to Watch

• Q4 2026 and full-year 2026 results, including whether soy milk volume growth holds above 15%.
• Domestic and export sugar prices, and whether the segment’s average selling price decline of about 11% narrows.
• Any company disclosure on the use of the VND 8,926B cash and deposit balance, including dividend or capex plans.
• Further Vietcap or peer channel checks on Vinasoy’s Cambodia retail share and other export markets.
• Quarterly financial income, which more than doubled year-on-year and now materially supports group profit.