Operator of Vietnam’s first oil refinery sees Q1 profit fall 31%
Binh Son Refining and Petrochemical JSC (BSR), the operator of the first oil refinery in Vietnam – Dung Quat, reported an after tax profit of nearly VND1.12 trillion ($44 million) in the first quarter of 2024, down 31% year-on-year.
In its freshly released Q1/2024 consolidated financial statement, the firm, listed on the Ho Chi Minh Stock Exchange as BSR, said it recorded net revenue of VND30.7 trillion ($1.21 billion), down 10%.

The Dung Quat oil refinery in Quang Ngai province, central Vietnam. Photo courtesy of Petrovietnam.
Explaining the Q1 business results, BSR said the Dung Quat oil refinery temporarily stopped production for the fifth general maintenance from March 15 to May 1.
In addition, although crude oil prices in Q1/2024 rose year-on-year, the crack spread (the difference between the purchase price of crude oil and the sale price of finished products) was lower than the same period last year.
As of March 31, 2024, BSR's total assets stood at nearly VND75 trillion ($2.95 billion), down more than 13% compared to the beginning of the year. Of which, short-term assets dropped 16% to nearly VND56.71 trillion, mainly due to a 47% decrease in inventory to VND8.21 trillion ($322.64 million), while short-term receivables plunged 46% to VND8.1 trillion.
BSR's total liabilities were VND16.95 trillion ($666.5 million), down 42% from the beginning of the year. Of which, loans and financial leases were VND8.96 trillion, down VND2 trillion, and short-term payable expenses hit VND2 trillion, an increase of VND1.42 trillion.
BSR is aiming for total consolidated revenue of VND95.3 trillion ($3.68 billion), pre-tax profit of VND1.29 trillion ($50.72 million), and after-tax profit of VND1.15 trillion this year.
The company also plans to pay nearly VND10.6 trillion ($416.8 million) to the state budget.
Securities broker Mirae Asset Vietnam estimated that BSR's revenue in 2024 will decrease by about 11% to VND131.2 trillion ($5.16 billion), assuming the average Brent oil price is $87 per barrel (up 6% from 2023). Its after-tax profit is estimated at VND8.25 trillion ($324.4 million).
According to the broker, as BSR is currently in a short-term uptrend, investors can consider a short-term trading strategy, buying BSR shares in the price range of VND19,700-20,000 ($0.79) apiece and taking profit at VND22,000. In the long term, the BSR price is expected to reach VND24,100.
Another broker, Phu Hung Securities, said that BSR's 2024 business results will decrease significantly compared to 2023 because the refinery was under major maintenance for about 50 days. Its net revenue and after-tax profit are expected to reach VND124.8 trillion ($4.9 billion) and VND5.11 trillion ($200.9 million), down 15.3% and 40% year-on-year, respectively.
Closing Wednesday, BSR stood at VND19,300 ($0.76) per share.
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