Vietnam's plastics heavyweights Tien Phong, Binh Minh report profit surges

Tien Phong Plastic (HNX: NTP) recorded pre-tax profit of nearly VND949 billion ($36.04 million) in the first nine months of the year, exceeding its full-year target by 10.85%, while Binh Minh Plastic (HoSE: BMP) achieved record net profit of VND350 billion ($13.29 million) in Q3, surpassing its VND330 billion milestone set in the previous quarter.

According to its consolidated Q3 financial report, Tien Phong Plastic posted revenue of nearly VND1,659 billion ($63 million) in the quarter, up 37.75% year-on-year.

Cumulatively, nine-month revenue reached over VND5,023 billion ($190.73 million), up 27.36%, with product sales contributing ]more than VND4,869 billion, equivalent to 81.1% of the year's plan.

Pre-tax profit for Q3 came in at VND313.7 billion ($11.91 million), a 50% increase from the same period last year. Over nine months, pre-tax profit reached VND949 billion ($36.04 million), up 52% year-on-year and 10.85% above the company’s full-year target. Profit after tax exceeded VND790 billion ($30 million).

During the period, in addition to the increase in sales revenue, Tien Phong Plastic's financial revenue also increased by 89.7% over the same period, equivalent to an increase of VND22.17 billion, to VND 46.88 billion.

Financial expenses surged by 118.6%, equivalent to an increase of VND20.5 billion, to VND37.78 billion; sales and administrative expenses increased by 41.5%, equivalent to an increase of VND58.68 billion to VND200.19 billion, and other activities fluctuated insignificantly.

The company attributed its strong profit growth to higher sales revenue, lower raw material prices, and increased financial income from efficient management of cash and cash equivalents.

Tien Phong Plastic’s 2025 business plan targets VND6,000 billion ($227.83 million) in revenue and VND856 billion ($32.5 million) in pre-tax profit, along with VND378.6 billion in capital expenditures.

As of September 30, 2025, total assets rose 7.9% from the beginning of the year to over VND6,920 billion ($262.77 million), including VND2,896 billion in cash and short-term financial investments (41.8% of total assets); over VND1,327 billion in inventories (19.2%); and over VND1,229 billion in fixed assets (17.8%); and VND 782.9 billion in short-term receivables (11.3%).

A notable strength is the company’s VND2,679 billion in short-term term deposits, underscoring a strong cash position.

2024 was a record year for the company, with VND856 billion in consolidated pre-tax profit - the highest in its history - and revenue of VND5,532 billion, driven by nearly 110,000 tons of product sold, up 10%. Dividend payouts reached a record 45% of charter capital.

Chairman Dang Quoc Dung said: “Those figures reflect not only strong business performance but also shareholders’ confidence and the collective strength of our organization.”

“We are now approaching our VND6,000 billion revenue goal for 2025 and moving toward becoming a billion-dollar enterprise by 2035. Export expansion is among four key strategic pillars for Tien Phong Plastic’s long-term growth. Its products are already present in Japan, Australia, New Zealand, and Germany, and trademark protection has been secured in China, Myanmar, and Thailand.

“In the coming years, we aim to expand into Southeast Asia, where infrastructure demand mirrors Vietnam’s, and further into Ukraine, preparing for post-conflict reconstruction. We will continue partnering with leading groups like Iplex and Sekisui Chemical to co-develop new products and strengthen distribution. Our goal is not just revenue growth but to build a trusted Vietnamese brand with global standing, worthy of being the flagship of Vietnam’s plastics industry,” Dung emphasized.

Binh Minh Plastic breaks profit record again

Binh Minh Plastic's (HoSE: BMP) Q3 consolidated financial report shows net profit of VND350 billion ($13.29 million) in the quarter, surpassing the previous record of VND330 billion set in the prior quarter.

Q3 revenue grew 9% year-on-year to VND1,530 billion ($58.1 million). The gross profit margin reached approximately 48%, the highest level since the company became a subsidiary of Nawaplastic Industries (Thailand) in early 2018.

In addition to core manufacturing income, Binh Minh Plastic earned VND26 billion in interest income, up 32% year-on-year.

Despite higher financial, selling, and administrative expenses, the company still delivered double-digit profit growth, achieving the highest quarterly profit in its 48-year history.

For the first nine months of 2025, Binh Minh Plastic recorded VND4,220 billion ($160.24 million) in revenue and VND967 billion ($36.72 million) in net profit, up 19% and 27%, respectively, fulfilling nearly 92% of its full-year profit target.

According to SSI Research, Binh Minh’s growth was driven by recovering real estate and civil construction demand. The company focused on PVC products for civil and commercial construction, avoiding low-margin public projects, and maintaining a minimum net profit margin of 20%.

“This strategy may limit short-term market share growth but will strengthen Binh Minh Plastic’s position in the civil construction segment over time,” SSI Research commented.

SSI estimates that in 2025, Binh Minh Plastic will achieve VND5,490 billion in revenue and VND1,181 billion ($44.85 million) in net profit, 2% and 12% higher than management’s targets.

As of end-September 2025, the company’s total assets stood at VND3,970 billion, nearly 70% held as bank deposits. The company has VND1,125 billion in retained earnings.

Binh Minh Plastic maintains a tradition of high cash dividends. In 2024, it distributed 99% of profits, equivalent to a 119.9% payout ratio (VND11,990 per share). For 2025, the company has approved a plan to pay at least 50% of post-tax profit as dividends.

On the Hanoi Stock Exchange, NTP shares of Tien Phong Plastic closed Wednesday at VND66,100 ($2.5) apiece, while BMP shares of Binh Minh Plastic hit VND174,000 (($6.6) a unit on the Ho Chi Minh Stock Exchange.