Vietnam's chemicals major Duc Giang amasses $427 mln in cash and deposits

By Huu Bat, Chau Anh
Wed, April 23, 2025 | 11:09 am GMT+7

Duc Giang Chemicals Group (DGC), a key player in Vietnam's chemical industry, held up to over VND11.1 trillion ($426.94 million) in cash and short-term deposits by end-Q1/2025.

This represents a 5.6% increase from the beginning of the year and accounts for more than 68% of the company's total assets, according to its latest financial report.

Duc Giang posted net revenue of VND2.81 trillion ($108.1 million) for Q1, up 17.8% year-on-year.

The company reported strong growth across all business segments, with fertilizer revenue rising 19%, diammonium phosphate (DAP) surging 37%, and detergent and cleaning product increasing 14.7%. Revenue from yellow phosphorus and H3PO4 grew 13%.

The cost of goods sold rose by only 13.1% compared to Q1/2024, trailing the revenue growth rate, resulting in a gross profit of nearly VND980.2 billion ($37.7 million), up nearly 28%.

After deducting expenses, Duc Giang recorded a net profit of nearly VND837 billion ($32.19 million) in the three months, up nearly 19%.

Some products of Duc Giang Chemicals Group. Photo courtesy of the company.

Some products of Duc Giang Chemicals Group. Photo courtesy of the company.

For 2025, the company targets consolidated revenue of VND10.39 trillion ($399.66 million) and a net profit of VND3 trillion ($115.4 million).

With the results achieved in Q1, Duc Giang has completed over 27% of its revenue target and nearly 28% of its profit projection for the year.

Its balance sheet showed that the company held assets of over VND16.52 trillion ($635.54 million) as of March 31, 2025, up 4.39% from the start of the year.

Regarding the capital structure, its liabilities amounted to VND2.2 trillion ($84.63 million), an increase of over 3.8%, of which short-term debt made up the bulk, totaling VND2.14 trillion ($82.33 million), a rise of over 4%.

Short-term financial borrowings and tax liabilities stood at VND1.08 trillion ($41.55 million), up nearly 25%.

At its 2025 AGM on March 31, the company said it intends to allocate VND1.2 trillion ($46.77 million) to the Duc Giang Nghi Son chemicals complex project in the central province of Quang Ngai, VND40 billion ($1.56 million) to expand the Tia Sang battery plant in the northern port city of Hai Phong, and VND50 billion ($1.95 million) to complete the Dak Nong alcohol factory.

Duc Giang also plans to repair and upgrade a detergent factory in the northern province of Hung Yen, expand the Dinh Vu warehouse in Hai Phong city to facilitate solvent imports, and expand an existing apatite quarry by an additional 1,000 hectares in the northern province of Lao Cai.

Notably, Duc Giang is venturing into the real estate sector with a 5.4-hectare apartment project in Long Bien district, Hanoi, and a social housing project on three hectares of the Tia Sang battery plant land.

On the Ho Chi Minh Stock Exchange (HoSE), DGC closed Tuesday at VND84,900 ($3.27) apiece.

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