According to consolidated financial statements for the third quarter, Binh Son Refining and Petrochemical JSC, or BSR, recorded net revenue of more than VND 59.58 trillion, up 69% from the same period last year. Vietnam Oil and Gas Group, or PV GAS, reported revenue of more than VND 39.708 trillion, an increase of over 11%.
Profit at both companies grew faster than revenue. BSR's cost of goods sold rose by about 45%, below its revenue growth. Gross profit increased from VND 1.008 trillion to VND 9.65 trillion, while its gross margin rose from 2.9% to 16.2%.
PV GAS posted gross profit of nearly VND 6.219 trillion, up almost 52%. Its gross margin rose from 11.5% to 15.7%.
After expenses and taxes, BSR reported more than VND 8.968 trillion in net profit for the third quarter, nearly 10 times the figure from a year earlier. It was the company's highest quarterly profit on record. PV GAS posted nearly VND 4.569 trillion in net profit, up almost 75% from the third quarter of 2025.
BSR attributed the strong result mainly to higher oil prices than a year earlier. Average Brent crude in the third quarter was about $97 per barrel, $27.93 above the year-earlier level. The gap between refined-product prices and crude oil prices also widened sharply.
PV GAS also said its profit rose because of favorable oil-price movements and higher gas sales. Average Brent crude during the quarter was about $97 per barrel, compared with $69 a year earlier. Sales of dry gas and LNG increased by about 24% year on year.
In the first nine months, BSR recorded more than VND 164.216 trillion in revenue, up 58% year on year. Net profit reached nearly VND 24.902 trillion, 11.6 times the figure from the same period in 2025. The company achieved about 11.5 times its full-year net profit target of VND 2.162 trillion after nine months.
PV GAS recorded nearly VND 120.977 trillion in revenue during the first nine months, up more than 32%. Net profit reached nearly VND 13.595 trillion, an increase of more than 33%. The company completed over 85% of its annual revenue plan and about 151% of its profit target.
Dry gas and LNG remained PV GAS's largest source of revenue. They generated nearly VND 68.804 trillion in the first nine months, up about 51% year on year, and accounted for almost 57% of total revenue from goods and services.
LPG revenue exceeded VND 46.066 trillion, up almost 3%. CNG revenue fell by about 5% to nearly VND 816 billion.
As of September 30, BSR's total assets stood at nearly VND 120.135 trillion, about 41% higher than at the start of the year. Its bank deposits exceeded VND 58.6 trillion.
Total borrowings and finance leases were nearly VND 13.525 trillion, all short-term debt. Equity exceeded VND 83.525 trillion, including nearly VND 27.822 trillion in undistributed net profit.
PV GAS had total assets of more than VND 105.02 trillion as of September 30, about 12% higher than at the start of the year. Bank deposits exceeded VND 50.8 trillion, or about 48% of total assets.
Sources: Dân Trí
