QTP – Earnings review – [BUY] – 4Q25: One-off income lifts earnings sharply

In 4Q25, QTP’s revenue reached VND2,953bn, up 2% yoy, mainly driven by (i) the recognition of VND663bn in foreign exchange income and (ii) an estimated 15% yoy increase in production, in a context where electricity consumption remained stable during 4Q25, despite (iii) an 11% yoy decline in the average selling price.

Gross profit amounted to VND955bn, surging 346% yoy, with the GM expanding to 32.3% (+24.9%p yoy). This sharp improvement was largely attributable to the aforementioned one-off income.

As a result, NPAT rose significantly to VND655bn (+323% yoy), supported by: (1) a substantial improvement in GM; (2) financial income increasing to VND15bn (+184% yoy, equivalent to an additional VND11bn), despite (3) a sharp rise in corporate income tax expense to 11.4x yoy, as the applicable tax rate increased to 20% in 2025.