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PAT Vietnam Phosphate and Apatite Joint Stock Company (ticker PAT) reported Q1 2026 results with net revenue of nearly VND 422 billion, down 3% year-on-year. Despite a modest revenue decline, costs rose sharply: cost of goods sold increased by more than 13% due to higher input materials, compressing gross profit to about VND 58 billion, roughly half of the level in the prior year.
Other income increased 24% to nearly VND 13 billion, while financing costs fell by 15% to just over VND 2 billion. Selling expenses and administrative expenses also declined, dropping 32% and 33%, respectively, compared with Q1 2025. As a result, PAT’s pre-tax profit reached over VND 50 billion, down 48% year-on-year.
In its filing, PAT attributed the 3% year-on-year revenue decline to the yellow phosphorus selling price, which did not change much. At the same time, production costs rose 14% year-on-year due to higher input materials, contributing to the sharp profit contraction versus the prior period.
On May 13, 2026, PAT plans to hold an extraordinary general meeting to elect four new members to the Board of Directors and one member to the Supervisory Board. The agenda also includes dismissing Chairman Đào Hữu Huyền and three other directors in connection with ongoing criminal proceedings, as referenced by the Investigation Police Department – Ministry of Public Security. The company also proposed dismissing Ms. Phạm Thị Bích, Head of the Supervisory Board, for similar reasons.
According to current disclosures, Đức Giang Chemicals (ticker DGC) controls PAT through its wholly owned subsidiary Đức Giang - Lao Cai Chemical Joint Stock Company. As of end-2025, Đức Giang Lao Cai Co., Ltd. held 51% of PAT. In addition, Mr. Đào Hữu Duy Anh and Mr. Đào Hữu Huyền together hold 16.72% of PAT.
For 2025, PAT reported net revenue of VND 1,923 billion and net profit after tax of VND 347 billion. The company has not yet published audited financial statements for 2025 and has filed information regarding late submission.
PAT stated that on March 17, 2026, the Police Investigation Agency announced charges related to environmental pollution, violations of regulations on exploration and resources exploitation, and accounting violations that caused serious consequences. The case involves Đức Giang Group (DGC) and related units, including PAT.
PAT said the investigation is ongoing, and many accounting documents have been sealed and seized by the Investigation Police. As a result, the company cannot complete the 2025 annual financial audit yet.
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