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Duc Giang Chemicals reported Q1 2026 net profit of VND 430 billion, down 49% year-on-year and the lowest level since Q3 2021. The company attributed the decline to disruptions at its raw-material mine, which was shut down for investigation.
In its Q1 financial report, Duc Giang Chemicals posted net revenue of VND 2,125 billion, down 24% from the same period last year. Semi-finished products remained the largest revenue contributor, accounting for 99% of sales, or VND 2,122 billion. The company mainly sells products related to yellow phosphorus, chemicals and detergents.
Gross margin narrowed from 34.8% to 23%, the lowest in six years. The company said cost of goods sold declined by only 10%, while finance costs and selling expenses decreased and administrative costs increased. As a result, after-tax profit fell to VND 430 billion, down 49% versus Q1 2025.
Net profit attributable to parent company shareholders decreased 49% to VND 409 billion, also the lowest since Q3 2021.
In a filing with HoSE, Duc Giang Chemicals said the quarterly drop was driven by lower revenue alongside sharply higher input costs, including sulfur, electricity, coke and ammonia. The company also stated that Khai Truong 25 was halted at the start of the year for investigation, forcing it to rely on all imported ore and additional purchases, which increased the cost of yellow phosphorus compared with 2025.
On March 17, the Police Investigation Agency of the Ministry of Public Security charged and remanded Chairman Dao Huu Huyen and his son Dao Huu Duy Anh (former Vice Chairman and CEO) for violations related to dumping and illegal mining. Khai Truong 25 in Lao Cai province has been halted since then.
Vietcap Securities noted that Duc Giang Chemicals currently self-supplies apatite ore from Khai Truong 19B and 25 at costs below market price. Khai Truong 25 began mining in 2022, with an approved reserve of about 2 million tons (ore type 1). As of March 31, total assets were VND 18,093 billion, down 7.5% from year-end.
Bank deposits fell from VND 13,106 billion to VND 11,255 billion, still representing 62% of total assets.
Duc Giang Chemicals has not yet published its audited 2025 financial statements, which is 30 days late. The company said it submitted explanations to the State Securities Commission and HoSE and requested an extension to file.
The company also requested postponement of this year’s annual general meeting scheduled for June 30, pending the outcome of an extraordinary shareholder meeting on May 8 and the release of the 2025 audited financial statements.
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