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In Q1 2026, DHB reported positive quarterly results that sparked a stock rally. After the release, DHB shares surged and reached the daily ceiling at 14,700 dong per share. Liquidity also increased sharply, with matched trading volume rising from thousands of shares to several hundred thousand. Prior to the announcement, the stock had already accelerated, with the share price doubling over roughly the previous two months.
DHB’s Q1 results showed net revenue of VND 1,405 billion, up 21% year-on-year. Cost of goods sold increased by only 3% to VND 1,039 billion. As a result, gross profit jumped to VND 366 billion—more than 2.5 times the year-ago level—and gross margin improved from 12.5% to 26%.
Financial revenue reached VND 5 billion, up strongly versus the same period last year, while financial costs fell 47% to VND 35 billion. Selling expenses declined 39% to VND 20 billion, and administrative expenses were nearly flat at VND 34 billion.
Pre-tax profit in Q1 reached VND 284 billion, up 18 times from VND 16 billion in the same period last year. Net profit after tax stood at VND 227 billion, nearly 15 times higher, marking the highest level in the last nine quarters.
For 2026, DHB set targets of revenue at VND 4,875 billion and pre-tax profit at VND 242 billion. Based on Q1 results, the company surpassed its annual profit target by roughly 17%.
Despite the strong earnings, DHB still carried cumulative losses of VND 1,863 billion. As of end-Q1, total assets were about VND 5,550 billion, down more than 4% from the start of the year. Fixed assets were VND 2,880 billion, inventories were VND 519 billion, and cash and cash equivalents were VND 580 billion.
DHB is one of Vietnam’s major fertilizer companies. Vietnam National Chemical Group (Vinachem) is the parent company, holding 97.66% of charter capital. With this ownership structure, DHB no longer meets the conditions to be a publicly listed company, as non-controlling interest is under 10%.
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