BSR records strong growth in Q1/2026: Total revenue hits VND 46,462 billion, profit after-tax reaches VND 8,265 billion

Compared to Q1 2025, BSR’s total revenue increased by more than VND 14 trillion, clearly reflecting the impact of global energy market developments as crude oil prices and refined petroleum product prices remained at elevated levels. However, the most remarkable highlight was after-tax profit of VND 8.265 trillion, representing a 20.7-fold increase year-on-year.

Amid significant oil price volatility, BSR proactively developed suitable operating scenarios, optimized production capacity, and effectively leveraged the spread between crude oil input costs and refined product output prices to improve profit margins. At the same time, the company demonstrated flexibility in raw material procurement strategies, inventory management, and sales adjustments in response to market conditions, thereby enhancing overall business efficiency. This balanced combination of internal operational excellence and the ability to seize market opportunities enabled BSR to achieve a breakthrough in profitability during the first quarter of 2026.

BSR maintained stable operations at the Dung Quat Refinery at high utilization rates, averaging 124–125% of its design capacity

Notably, BSR’s Q1 2026 profit was on par with leading Vietnamese commercial banks such as BIDV and Techcombank, which recorded profits ranging from VND 8.2 trillion to VND 8.8 trillion during the same period. This underscores that BSR’s business scale and efficiency are increasingly approaching those of major financial institutions, while also reinforcing its growing importance within Vietnam’s energy and refining industry.

In terms of production, BSR maintained stable operations at Dung Quat Refinery at a high utilization rate of approximately 124–125% of average normalized capacity. This represents an optimized operating level, enabling the refinery to ensure safety while maximizing output to capitalize on favorable market conditions. By the end of Q1 2026, BSR’s production output exceeded 1.99 million tons of various products, making a significant contribution to ensuring domestic fuel supply, supporting market stabilization, and safeguarding national energy security. During the quarter, the company also contributed more than VND 3.953 trillion to the state budget, further affirming its role as one of Quang Ngai Province’s largest budget contributors.

Regarding financial position, BSR’s total assets as of the end of Q1 2026 reached VND 106.786 trillion, a sharp increase from VND 85.143 trillion at the beginning of the year. Notably, inventory value rose to VND 21.573 trillion, nearly doubling compared to early 2026. Maintaining high inventory levels - including both crude oil and refined products - allows BSR to proactively secure raw material supply amid ongoing geopolitical uncertainties that could disrupt global crude oil supply chains. At the same time, substantial product inventory also enables the company to effectively regulate the domestic market and promptly meet surging fuel demand or import disruptions.

BSR’s capital structure also experienced certain changes. Total liabilities increased to over VND 38 trillion, primarily due to short-term liabilities supporting production activities and raw material imports. Meanwhile, shareholders’ equity continued to rise, reaching VND 68.778 trillion, thereby strengthening the company’s financial foundation and enhancing resilience against market fluctuations.

Against the backdrop of global economic uncertainty and persistent risks in energy markets, BSR’s Q1 2026 results demonstrate that the company is not only effectively capitalizing on short-term opportunities but also possesses strong internal capabilities to adapt to rapidly changing market conditions. With a solid financial foundation, proactive governance capabilities, and a well-structured growth strategy, BSR is clearly positioning itself for a new phase of development - one in which truly capable enterprises will rise to assert their standing within the regional and global energy value chain.

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