Dung Quat refinery operator reports $519 mln profit in 9 months

Binh Son Refining and Petrochemical Company, the operator of Vietnam's first oil refinery Dung Quat, recorded an after-tax profit of VND12,899 billion ($519.4 million) in the first nine months of the year, 3.2 times year-on-year.

The company, registered on the Unlisted Public Company Market (UPCoM) as BSR, earned VND126,717 billion ($5.1 billion) in net revenue during this period, up 90%.

In the third quarter of 2022, BSR reported net revenues and after-tax profits of VND39,567 billion ($1.59 billion) and VND455 billion ($18.32 million), up 124% and down 3% year-on-year, respectively.

Its Q3 profit dropped sharply compared to the first two quarters of the year, especially the second quarter when profits soared to more than VND10,000 billion ($402.7 million).

By September 30, BSR's total assets was VND74,243 billion ($2.99 billion), an increase of VND7,447 billion ($230 million) compared to the beginning of the year.

Its total cash was VND19,140 billion ($770.7 million), while bank deposits were VND7,384 billion ($297.3 million). Inventories were up 33% compared to the beginning of the year, at VND13,821 billion ($556.5 million).

On the UPCom, the BSR share closed Wednesday’s session at VND17,400 ($0.7).