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BSR said it activated an emergency situation following the latest escalation of the Middle East conflict. The company is closely monitoring the outlined scenarios and ensuring crude oil supply to operate at “very high” capacity until early July.
In its consolidated Q1/2026 financial statements, Bình Sơn Refining and Petrochemical Company (BSR) reported an inventory level at a record high of over VND 21,500 billion as of March 31. This was about VND 9,000 billion higher than at the start of the year.
BSR said the proactive stockpiling is intended to stabilize feedstock supply amid geopolitical factors in the Middle East that are directly affecting the global crude supply chain.
Within BSR’s inventory structure, purchased goods in transit increased from nearly VND 3,800 billion at the beginning of the year to over VND 9,100 billion by the end of Q1. This category accounted for more than 40% of total inventory value, reflecting ongoing disruptions in the global crude oil supply chain.
For Q1 2026, BSR reported first-quarter revenue of over VND 45,900 billion, up 44% year over year.
Diesel contributed nearly half of revenue at VND 21,180 billion. The two unleaded petrol grades RON 95 and RON 92 generated over VND 16,000 billion. Other revenue came from Jet A-1 aviation fuel, LPG, biodiesel, kerosene, and related products produced at the Dung Quất refinery in Quảng Ngãi Province, which BSR manages and operates.
BSR posted net profit after tax of VND 8,265 billion in Q1 2026, more than 20 times higher than the same period last year. The company said this is the highest quarterly profit in four years.
With the results, BSR has surpassed the annual net profit target of VND 2,162 billion approved at the annual shareholder meeting held last month.
BSR attributed the sharp profit increase to a spike in crude oil prices during the quarter, rising from around $67 per barrel in January to nearly $104 in March. In the same period last year, crude prices moved in the opposite direction, from $79 to $72.6 per barrel.
BSR manages the Dung Quất Refinery, Vietnam’s first refinery, which has been in commercial operation since 2009. The refinery has a designed capacity of about 6.5 million tonnes per year, with an investment of about $3 billion. It currently meets around 30% of domestic gasoline demand and often operates above design capacity to ensure supply.
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