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In the first three months of 2026, Duc Giang Chemicals Joint Stock Company (DGC) reported consolidated net revenue of VND 2,125 billion, down 24% year-on-year. Consolidated after-tax profit reached VND 430 billion, falling 48.6% compared with Q1-2025.
The company attributed the results to higher input-material costs, including sulfur, electricity, coke, and ammonia. In particular, sulfur prices rose by more than threefold year-on-year. In addition, the temporary suspension of Khai Truong 25 operations meant the group had to rely entirely on imported ore and external purchases, increasing costs for yellow phosphorus.
MBS Research also cited rising shipping costs amid tensions in the Middle East, which reduced operating efficiency during the quarter.
With higher costs and lower revenue, MBS Research said DGC’s gross profit margin in Q1-2026 narrowed to 23%, down 11.9 percentage points year-on-year.
Net cash from operating activities was negative by more than VND 1,093 billion, compared with positive cash flow of VND 345 billion in the same period last year.
Cash decreased versus the start of the year as the company paid more than VND 1,139 billion in cash dividends to shareholders. The company’s “cash reserve” stood at VND 11.2 trillion, and its liquidity structure remained strong.
Despite weaker profits, DGC maintained a high-liquidity asset structure. Total assets were VND 18,093 billion as of 31/03/2026. Cash and cash equivalents totaled VND 11,255 billion, including VND 267 billion in cash and VND 10,988 billion in term deposits. These financial assets accounted for 62.2% of total assets and generated interest income of over VND 148 billion during the quarter.
The company said the ample cash position supports ongoing production and the execution of large investment projects without heavy debt pressure.
DGC is prioritizing investment in the Ngh Sơn chemical plant project in Thanh Hóa, with total investment of VND 2,400 billion. By the end of Q1 2026, construction-in-progress for the project reached VND 944.5 billion, up VND 226 billion from the start of the year.
In Dak Nong, the group’s plant project recorded work-in-progress costs of more than VND 60.3 billion.
Alongside investment activities, the company is reorganizing its senior management following prior legal disruptions. The board issued a resolution to convene an Extraordinary General Meeting of Shareholders on 08/05/2026 to consider dismissals and new appointments.
On the stock market, DGC closed at VND 53,600 on 29/04/2026, up 2.49% with a trading volume of 1.3 million shares.
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