BSR reports nearly VND 32 trillion in revenue in quarter 1/2025

Dung Quat refinery reaches milestone of 100 million tons of cumulative output

BSR held the 2025 Annual General Meeting

According to its recently released Q1/2025 financial statement, BSR recorded net revenue of VND 31.863 trillion, a slight increase from VND 30.696 trillion in the same period last year.

Despite a year-on-year decline in post-tax profit to VND 395 billion, the result remains a positive signal given the challenging global energy landscape, which continues to be affected by geopolitical tensions and production adjustments by OPEC+ members.

While the cost of goods sold rose, reducing gross profit to VND 374 billion, BSR still achieved an operating profit of VND 456 billion in Q1 2025. This was made possible by the company’s flexible cost control strategies and efficient operations.

Notably, BSR’s financial expenses dropped sharply by nearly 45% year-on-year to VND 102.8 billion, reflecting efforts to optimize capital structure and effectively manage funding sources.

BSR focuses on expanding product distribution via both land and sea

The company also maintained a strong cash position, with cash and cash equivalents at the end of the period totaling VND 25.644 trillion, ensuring liquidity and resilience against market shocks.

Looking ahead, the global oil and gas market in 2025 is expected to remain highly volatile, with uncertainty surrounding oil prices, commodity trends, exchange rates, and regulatory shifts related to emissions, carbon credits, and technological innovation requirements.

In this context, BSR has designated 2025 as a pivotal year for “breakthroughs in investment and technology,” aligned with its strategic focus on “innovation and digital transformation to elevate BSR.”

Under this new development roadmap, BSR will prioritize three strategic pillars: diversifying feedstock to maintain high operating capacity; expanding market share and distribution networks; and enhancing management capabilities.

On the feedstock front, the company is not only optimizing traditional crude oil sources but also actively researching and expanding the use of intermediate materials and feedstocks such as VGO, condensate, LCO, T-DAO, naphtha, aromatic compounds, reformat, and residue. This approach enhances processing flexibility and enables a more effective response to market demands.

BSR is placing a strong emphasis on enhancing its product distribution capabilities through both land and maritime channels. The company remains focused on three strategic pillars: diversifying feedstock sources, expanding market share and consumption markets, and strengthening management capacity

On the market front, BSR stated it will accelerate the development of a diversified product supply chain, leverage existing competitive advantages, and enhance industry collaboration to strengthen its position within the petroleum refining and petrochemical value chain.

Importantly, risk management has been identified as a strategic priority amid an increasingly complex market environment. BSR is continuously refining its regulatory framework and risk governance procedures - ranging from early risk identification to assessment and implementation of effective control measures - while also pushing forward with the digitalization of risk management systems. These efforts aim to safeguard operations and ensure the stable and efficient execution of its business plans and targets for 2025.

With a solid financial foundation, proactive governance capabilities, and a well-structured development strategy, BSR is well-positioned to enter a new growth phase, full of promise and breakthrough potential in 2025 and beyond.

BSR