DPM- Brief – [NONRATED] – 3Q25: Benefiting from Selling Prices
- In 3Q25, DPM recorded the revenue of VND3,729bn, +21.2%. In which:
- The growth was boosted by a strong increase in selling price (Urea products ~27% yoy, NPK products ~13% yoy), these was driven by a global positive trend.
- While sales volume of both main products reached ~234 thousand tonnes, -4.4% yoy (Urea: 186.647 tonnes, -11% yoy, NPK: 47.000 tonnes, +38% yoy). The slight decline in revenue was attributed to dealers’ proactive inventory buildup in previous, ahead of the VAT implementation and the impact of heavy rainfall during 3Q25.
- Gross profit recorded VND719bn, doubled compared to the same period, with gross margin reaching 19.3%, +7.6ppt yoy or 2.4ppt qoq, benefited by the selling price increase we analyzed above. As a result, net profit was VND239bn, +259% yoy.
Featured Analysis
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