According to its Q3 financial statements, BSR, the operator of Vietnam's first oil refinery Dung Quat, posted net revenue of VND59.58 trillion ($2.31 billion) in Q3, up 68.8% year-on-year.

Cost of goods sold rose at a slower pace, increasing 45.6% to VND49.93 trillion ($1.94 billion), lifting gross profit to VND9.65 trillion ($374.59 million) from VND1.01 trillion ($39.16 million) a year earlier.

Gross margin expanded to 16.2%, from 2.86% in the same period last year.

Financial income rose 85.4% year-on-year to VND1.03 trillion ($39.78 million), while financial expenses remained broadly stable at VND163 billion ($6.33 million).

As a result, BSR recorded a net profit of VND8.97 trillion ($348.12 million), nearly 10 times the VND908.6 billion ($3.53 million) reported in Q3/2025.

BSR attributed the strong performance largely to wider price spreads between refined products and crude oil. Average Brent crude prices reached $97 per barrel in Q3, up by $27.93 per barrel from a year earlier. The stronger product-to-crude price spread helped revenue grow faster than production costs.

For the first nine months of 2026, BSR posted net revenue of VND164.22 trillion ($6.37 billion), up 58% year-on-year. Net profit reached VND24.9 trillion ($966.54 million), nearly 12 times the level recorded in the same period last year.

The results have already exceeded the company's full-year 2026 targets. Nine-month revenue was 6.5% above the year's target, while net profit was more than 11.5 times the planned figure.

The strong performance coincided with a significant shift in BSR's product mix.

According to its financial statement notes, revenue from E10 RON95 petrol reached VND9.08 trillion ($352.27 million) in the first nine months of 2026, more than 1,900 times than a year earlier. The sharp increase followed Vietnam's nationwide rollout of E10 petrol from June 1, 2026.

Despite the changes in its petrol portfolio, diesel remained BSR's largest revenue contributor. Sales of DO 0.05S diesel generated VND74.42 trillion ($2.89 billion) in January-September, accounting for over 45% of total revenue.

Liquefied petroleum gas (LPG), however, weighed on performance. Revenue from the segment reached VND7.11 trillion ($276.12 million), but its cost of goods sold amounted to VND7.25 trillion ($281.56 million), resulting in a gross loss of around VND140 billion ($5.43 million). The segment recorded gross profit of nearly VND497 billion ($19.29 million) a year earlier.

As of September 30, BSR's total assets stood at VND120.14 trillion ($4.66 billion), up 41.1% from the beginning of the year. Total liabilities reached VND36.61 trillion ($1.42 billion), up 48.6% from the beginning of 2026.

BSR shares closed down 2.95% to VND26,300 ($1.02) each on Tuesday.