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Ha Bac Fertilizer and Chemicals Joint Stock Company (DHB) reported Q1 2026 net profit after tax of about VND 277 billion, up nearly 18 times year-on-year. The result is the highest quarterly profit since Q4 2023.
In the first quarter, DHB’s net revenue increased 21% to over VND 1.4 trillion. Gross profit rose 153% to VND 366 billion, while gross margin improved to 26%.
Cost dynamics also supported earnings. Financial costs fell by half to VND 35 billion, and selling expenses declined 39% to VND 20 billion. Administrative expenses rose only modestly, helping DHB deliver after-tax profit of more than VND 277 billion—nearly 18x the prior-year quarter.
DHB set a 2026 pretax profit target above VND 242 billion. According to the company’s reported figures, the Q1 results exceed the annual plan by more than 17%.
Despite the strong quarterly performance, DHB still carries cumulative losses of VND 1,863 billion. At year-end, total assets were about VND 5.55 trillion, down more than 4% from the start of the year. Fixed assets stood at VND 2.88 trillion, inventories at VND 519 billion, and readily available cash at around VND 580 billion.
DHB is a major player in Vietnam’s fertilizer industry. Its parent, Vietnam Chemicals Group, holds 97.66% of DHB’s shares. As a result, DHB is not classified as a public company under criteria requiring non-major shareholders to own more than 10%.
DHB has been listed on the market since July 2017. The stock traded around VND 12,000–13,000 per share in early 2022, with market capitalization near VND 3.5 trillion.
The company also announced it will hold its 2026 Annual General Meeting on the morning of April 29 in Bac Ninh.
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