HCMC – Binh Son Refining and Petrochemical JSC (BSR) reported a more-than-20-fold spike in first-quarter profit, citing higher oil prices and above-capacity operations at its refinery.
The company said its revenue reached nearly VND46.5 trillion, while its after-tax profit rose to roughly VND8.3 trillion, up 20.7 times from a year earlier, according to its quarterly financial statement.
The profit level puts BSR broadly in line with major Vietnamese lenders such as BIDV and Techcombank, which posted quarterly earnings of about VND8.2-8.8 trillion.
BSR attributed the strong performance to favorable global energy market conditions, with crude and refined product prices remaining high. The company also said it optimized operations and adjusted procurement, inventory and sales strategies in response to market movements.
The company’s Dung Quat Refinery was operating at 124-125% of designed capacity during the quarter, producing more than 1.99 million tons of products and helping stabilize domestic fuel supply.
The company said it paid more than VND3.95 trillion to the state budget in the period, remaining one of the largest budget contributors in Quang Ngai.
Despite ongoing volatility in global energy markets, BSR said it expects to maintain operational flexibility and a strong financial position to manage risks and sustain growth.
