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HOSE has decided to move Duc Giang Chemical Joint Stock Company (DGC) from warning to controlled status, effective May 13, 2026. The decision follows the filing of DGC’s 2025 audited financial statements more than 30 days late compared with the deadline.
DGC had previously been placed on warning for late financial statement filings connected to an investigation involving Chairman Dao Huu Huyen and Deputy Chairman Dao Huu Duy Anh (Huyen’s son). Company documents were seized as part of the probe.
In a related clarification, DGC said it is taking steps to select a new auditor for the 2025 financial statements at an Extraordinary General Meeting of Shareholders scheduled for May 8. After the auditor is finalized, the company will conduct the audit and publish required information, expected in Q2 2026.
On April 24, DGC signed a settlement to end the 2025 audit service contract with PwC Vietnam. DGC will also hold an Extraordinary General Meeting on May 8, 2026 in Hanoi to approve the dismissal of board members for the 2024–2029 term who are under investigation, including Chairman Dao Huu Huyen, Vice Chairman Dao Huu Duy Anh, and board member Pham Van Hung. The company will appoint three new board members for the remainder of the term.
DGC reported Q1 2026 revenue of around VND 2.1 trillion, down 24% year-on-year (YoY) and 22% quarter-on-quarter (QoQ). The figure represents 16% of VCSC’s 2026 full-year forecast.
After-tax profit attributable to owners of the parent was about VND 409 billion, down 49% YoY and 34% QoQ, equivalent to 13% of the forecast. VCSC said the result fell below expectations due to weaker sales and significantly narrower gross margins.
For Q1 2026, VCSC estimates DGC’s P4 ASP at approximately USD 4,370/ton and TPA ASP at about USD 1,045/ton. DGC has not yet disclosed segment details.
Gross margin declined to 23.0% from 34.9% in Q1 2025. VCSC’s 2026 forecast for gross margin is 26.7%.
Reported factors behind the margin decline include prolonged ore shortages, reduced supply from self-mined ore due to the halt of the 25th exploration site, and higher input costs such as sulfur, electricity, coke, and ammonia.
SG&A to revenue increased 6.9% as revenue declined faster. Selling expenses fell 14% YoY due to lower logistics costs, while administrative costs rose 21% YoY due to higher labor and other costs.
Cash and equivalents and short-term investments decreased to VND 11.3 trillion (down 14% from end-2025) but remained high.
DGC has not yet published its 2025 audited financial statements. The stock has been in warning since April 23, 2026.
If delays continue, the stock could face stronger sanctions, including a potential move to controlled status or trading restrictions. Under HOSE-Index rules, index component adjustments can occur during periods when a stock is in controlled status.
At the close on May 6, DGC rose 5.28% to VND 55,800 per share. In March 2026, DGC and VND fell off the USD 1 billion club.
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