As of Saturday morning, around 500 companies had released their Q1 results, according to financial data platform Wichart. Notably, several firms posted after-tax profit growth of up to 70-fold year-on-year.

A survey by The Investor showed that the strongest gains were concentrated in steel, construction materials, energy, power and industrial sectors.

Among the standout performers, Nha Be Steel JSC – VNSTEEL (UPCoM: TNB) recorded a nearly 70-fold increase in net profit to VND5.3 billion ($201,060).

Peer Vicasa Steel JSC (HoSE: VCA) posted a nearly 46-fold rise, though net profit reached just VND1.7 billion ($64,490) in the first three months.

Tipharco Pharmaceutical JSC (HNX: DTG) reported a 1,628% increase year-on-year in net profit to VND6 billion ($227,620), while Phu Yen Petroleum JSC (HNX: PPY) posted VND8.1 billion ($307,280), up 1,250%.

Construction firm Mien Dong JSC (HoSE: MDG) recorded net profit of VND26 billion ($986,340) in the quarter, up 819% year-on-year. Thien Quang Group JSC (HNX: ITQ) reported a more modest VND1.1 billion ($41,730) in profit, but still marked an 802% increase.

Vietnam Machinery Installation Development JSC (HoSE: VVS), operating in heavy transport, posted net profit of VND166.5 billion ($6.32 million), up 539%. Tin Viet Finance JSC (UPCoM: TIN) reported net profit riose 509% to VND461.5 billion ($17.51 million).

In the energy sector, PetroVietnam Power Nhon Trach 2 JSC (HoSE: NT2) posted net profit of VND180 billion ($6.83 million), up 387%, while PetroVietnam Coating JSC (HNX: PVB) saw earnings rise 383% to VND19.4 billion ($735,960).

Da Nang Building Materials VICEM JSC (HoSE: DXV) reported a 347% increase, although profit was modest at around VND100 million ($3,790). Wall Street Securities JSC (HNX: WSS) posted net profit of VND12.2 billion ($462,820), up 314%.

Among companies with profit growth above 200%, An Giang Agricultural and Food Import-Export JSC (HoSE: AFX) led with an increase of more than 286% to VND18 billion ($682,850).

Saigon-Quang Ngai Beer JSC (UPCoM: BSQ) posted VND32 billion ($1.21 million), up 256%, while Sao Vang Rubber JSC (HoSE: SRC) rose 250% to VND9.4 billion. CNG Vietnam JSC (HOSE: CNG) posted VND4.4 billion ($166,920), up 226%.

Masan Group reported net profit of more than VND1,245 billion ($47.23 million), up 217%, while MDF VRG Quang Tri JSC (UPCoM: MDF) posted VND2.1 billion ($79,670), up 211%.

In a lower growth bracket, Huong Giang Tourism JSC (UPCoM: HGT) reported VND5 billion in profit, up 175%. Hua Na Hydropower JSC (HoSE: HNA) posted VND94 billion ($3.57 million), up 135%.

Other firms including Nui Nho Stone JSC (HoSE: NNC) saw profit rise about 150% to VND40 billion, while Se San 4A Hydropower JSC (HoSE: S4A) reported VND47 billion ($1.78 million), up 161%.

Me Lin Steel JSC (HNX: MEL) posted VND2.4 billion, up 117%, and Thai Nguyen Non-Ferrous Metals JSC – Vimico (UPCoM: TMG) reported VND28 billion ($1.06 million), up 115%. Petrolimex Hanoi Trading and Transport JSC (HNX: PJC) posted VND15.1 billion in profit, up 107%.