BSR – Brief – [NONRATED] – 4Q24: Difficulties remain

4Q24 volume inched up 4% yoy per our estimates, at 2.1mn tonnes. Yet, revenue declined 14% yoy to VND36tn. 4Q24 gross profit turned positive but still poorly performed due to unfavorable crack spreads. 4Q24 NPAT was negative at -VND89bn.