GVR Q1 net profit rises 85%, rubber production-led revenue boosts results, shares surge

Vietnam Rubber Group (GVR) reported Q1 2026 results led by its rubber production and trading business, with net profit after tax rising 85% year-on-year. The company posted net revenue of over 8,845 billion dong, up 56% compared with the same period last year.

Revenue mix and operating performance

In the revenue structure, the rubber production and trading segment accounted for the largest share, contributing 84% of total revenue and bringing in over 7,411 billion dong, up 72% year-on-year. By contrast, the real estate and infrastructure segment declined 19% year-on-year to 204 billion dong.

After deducting financing costs, gross profit reached 2,337 billion dong, up 43% year-on-year. Gross margin narrowed to 26%.

Costs, financing items and other income

Revenue from financing activities was nearly 260 billion dong, up 10% year-on-year. Financing costs fell 32% year-on-year to 58 billion.

Selling and administrative expenses increased by 24% and 26%, respectively.

Other income rose sharply, tripling to 1,134 billion. Within this, proceeds from rubber tree disposals and other disposals contributed more than 700 billion, while compensation receipts were nearly 380 billion.

Profit growth and progress versus targets

As a result, net profit after tax reached 2,513 billion dong, up 85% year-on-year and the highest in 21 quarters since Q4 2020.

With the strong first-quarter performance, GVR said it has achieved 45% of its annual profit target after just the first quarter. For 2026, the company expects total revenue and other income to approach 33,800 billion dong, up 4.2% from last year, while net profit after tax is forecast at 5,560 billion dong, down 7.3%.

Balance sheet and cash position

As of March 31, 2026, GVR’s total assets were 87,179 billion dong, up 1% from the start of the year. The company held nearly 25,900 billion dong in cash and cash equivalents, including about 17,000 billion dong in time deposits with less than 12 months maturity. Undistributed after-tax profits stood at over 9,422 billion dong.

Market reaction

GVR shares surged on May 4, with the stock price hitting the ceiling at 36,050 dong per share. Market capitalization surpassed 144,000 billion dong.