DPM Q1 2026 Pre-Tax Profit Hits 515B VND, Beating Plan by 61%

Overview

DPM (Petrovietnam Fertilizer and Chemicals Corporation - Phu My) announced Q1 2026 pre-tax profit of 515 billion VND, exceeding its quarterly plan by 61%, driven by strong fertilizer and chemical sales. The company’s revenue reached 5,706 billion VND, 150% of the quarterly target, as production and sales volumes surpassed expectations. The results were disclosed at the annual general meeting on April 23, 2026.

Key Facts

• Q1 2026 pre-tax profit: 515 billion VND, 61% of the full-year target of 850 billion VND.
• Q1 2026 revenue: 5,706 billion VND, 150% of the quarterly plan and 32% of the full-year target of 17,600 billion VND.
• Full-year 2026 targets: revenue 17,600 billion VND, pre-tax profit 850 billion VND, dividend 12% of charter capital.
• 2025 actual results: revenue 17,074 billion VND (133% of plan), pre-tax profit 1,352.6 billion VND (330% of plan).
• 2025 NPK production: 203,600 tonnes, up 53% year-on-year; Urea production: over 889,000 tonnes.
• Charter capital increased to nearly 6,800 billion VND in 2025.
• Planned 2026 investment capital: over 1,164 billion VND, focusing on new chemical projects including H2O2.

What Happened

At the annual general meeting on April 23, 2026, DPM’s management reported that Q1 2026 pre-tax profit reached 515 billion VND, exceeding the quarterly plan by 61% and achieving 61% of the full-year target of 850 billion VND. Revenue for the quarter was 5,706 billion VND, 150% of the quarterly plan and 32% of the annual target. The strong performance was attributed to flexible operations and optimized distribution systems, leading to higher production and sales volumes of fertilizers and chemicals.

The meeting also approved the 2025 business results, 2026 plans, profit distribution, investment orientation, and board changes. Two new board members were elected: Mr. Cao Chi Kien and Mr. Trieu Quoc Tuan, along with Mr. Nguyen Cong Minh to the supervisory board.

Market Context

DPM shares closed at 29,000 VND on April 10, 2026, up 2.11% with volume of 5.9 million shares. The stock trades on HOSE. The fertilizer sector has been volatile due to global commodity prices and input costs. DPM’s Q1 beat comes after a strong 2025 where pre-tax profit exceeded plan by 330%, indicating sustained operational momentum.

Strategic Significance

DPM’s Q1 performance underscores its ability to execute in a challenging market, leveraging its dominant position in Vietnam’s fertilizer market. The company’s focus on high-value chemicals, green fertilizers (organic, microbial), and digital transformation (level 3.0) aligns with sustainable agriculture trends. The planned investment of over 1,164 billion VND in 2026, including the H2O2 project, signals diversification into specialty chemicals, which could enhance margins and reduce reliance on urea and NPK.

What to Watch

• Q2 2026 earnings release to confirm sustained momentum.
• Progress of the H2O2 project and other chemical investments.
• Global urea and fertilizer price trends affecting margins.
• Dividend payment timeline and any changes to payout policy.
• Updates on the 2026-2030 strategic plan and vision 2050.