--- title: "BSR: Q3 2026 Financial Results and Crack Spread Drivers" description: BSR posted VND 8,969 billion in Q3 2026 net profit as refining crack spreads widened and the Dung Quat refinery operated above designed capacity. url: https://ginity.vn/en/blog/bsr-q3-2026-financial-results-crack-spread-drivers canonical: https://ginity.vn/en/blog/bsr-q3-2026-financial-results-crack-spread-drivers markdown: https://ginity.vn/en/blog/bsr-q3-2026-financial-results-crack-spread-drivers.md language: en datePublished: 2026-11-02T00:00:00+07:00 dateModified: 2026-11-02T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: equity name: Companies & sectors url: https://ginity.vn/en/topics/equity tickers: - BSR sources: [] publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # BSR: Q3 2026 Financial Results and Crack Spread Drivers > BSR posted VND 8,969 billion in Q3 2026 net profit as refining crack spreads widened and the Dung Quat refinery operated above designed capacity. Gini · Companies & sectors · 2026-11-02 · https://ginity.vn/en/blog/bsr-q3-2026-financial-results-crack-spread-drivers _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - BSR posted consolidated net profit after tax of VND 8,969 billion in Q3 2026, up 9.87 times from VND 909 billion in Q3 2025. - Widening crack spreads lifted diesel DO to 67.3 USD per barrel and Jet A-1 to 60.7 USD per barrel in Q3 2026, driving the bulk of gross earnings. - The Dung Quat refinery ran at an average utilization rate of 124% of designed capacity during the first 9 months of 2026, producing 6.15 million tonnes. - The VND 36,397 billion Dung Quat expansion project signed its EPC contract in July 2026, targeting an expanded processing capacity of 171,000 barrels per day. Binh Son Refining and Petrochemical JSC (BSR) released its financial statements for Q3 2026, showing revenue and margin expansion. Widening regional refining margins and high utilization at the Dung Quat refinery formed the foundation for operating earnings during the period. The financial performance in Q3 2026 extends the positive trajectory outlined in [BSR Q3 refining crack spread](/en/blog/bsr-record-q3-2026-profit-driven-by-refining-crack-spread). According to BSR consolidated financial statements, this marks the third consecutive quarter in 2026 with net profit exceeding VND 7,000 billion, adding balance sheet reserves ahead of upcoming multi-year capital projects. ## Q3 2026 Net Profit Reaches VND 8,969 Billion According to consolidated financial data reported by [CafeF](https://cafef.vn/nha-may-loc-dau-3-ty-usd-cua-viet-nam-lan-dau-tien-lai-ngay-1-ty-usd-chi-sau-9-thang-doanh-thu-xang-e10-tang-1900-lan-188261030225946407.chn) on October 31, 2026, BSR posted net revenue of VND 59,581 billion in Q3 2026, an increase of 69% compared with VND 35,290 billion in Q3 2025. Cost of goods sold rose 46% year-on-year in Q3 2026, trailing revenue growth and lifting gross profit to VND 9,651 billion, up 9.56 times from VND 1,009 billion in Q3 2025. Gross margin expanded from 2.9% to 16.2% over the same period. After deducting selling and administrative overhead, BSR generated profit before tax of VND 10,072 billion and consolidated net profit after tax of VND 8,969 billion in Q3 2026, according to [CafeF](https://cafef.vn/nha-may-loc-dau-3-ty-usd-cua-viet-nam-lan-dau-tien-lai-ngay-1-ty-usd-chi-sau-9-thang-doanh-thu-xang-e10-tang-1900-lan-188261030225946407.chn). Compared with VND 909 billion recorded in Q3 2025, net profit grew by 886.7% (or 9.87 times). On a parent company basis, document No. 7957/BSR-TCKT submitted to the [Ho Chi Minh Stock Exchange (HOSE)](https://staticfile.hsx.vn/Uploads/UploadDocuments/2510048/20261030%20-%20BSR%20-%20Giai%20trinh%20loi%20nhuan%20sau%20thue%20Quy%203%20nam%202026.pdf) on October 30, 2026 reported parent company net profit of VND 8,974 billion in Q3 2026. | Consolidated Metric | Q3 2025 | Q3 2026 | Q3 YoY Change | 9M 2026 Total | | :--- | :--- | :--- | :--- | :--- | | Net Revenue (VND billion) | 35,290 | 59,581 | +69% | 164,217 | | Gross Profit (VND billion) | 1,009 | 9,651 | +856.5% | 27,917 | | Gross Margin (%) | 2.9% | 16.2% | +13.3 percentage points | 17.0% | | Profit Before Tax (VND billion) | 1,050 | 10,072 | +859.2% | 27,980 | | Net Profit After Tax (VND billion) | 909 | 8,969 | +886.7% | 24,902 | | Production Volume (million tonnes) | 1.95 | 2.05 | +5% | 6.15 | *Source: Compiled from BSR financial filings and HOSE disclosure dated October 30, 2026.* For the cumulative 9-month period of 2026, data published by [CafeF](https://cafef.vn/nha-may-loc-dau-3-ty-usd-cua-viet-nam-lan-dau-tien-lai-ngay-1-ty-usd-chi-sau-9-thang-doanh-thu-xang-e10-tang-1900-lan-188261030225946407.chn) on October 31, 2026 showed net revenue of VND 164,217 billion, up 58% year-on-year. Cumulative consolidated net profit reached VND 24,902 billion in 9M 2026, 11.6 times the VND 2,147 billion recorded in 9M 2025. Measured against the annual shareholder target of VND 2,162 billion, BSR completed 11.5 times its full-year guidance within 9 months of 2026. This performance aligns with the broader sector dispersion discussed in the overview on [Q3 2026 corporate earnings divergence](/en/blog/q3-2026-corporate-profit-picture-shows-sharp-divergence). ## Crack Spread Expansion Drives Operating Margins According to document No. 7957/BSR-TCKT reported by [24HMoney](https://24hmoney.vn/news/bsr-lnst-quy-3-2026-dat-gan-9-000-ty-dong-c86a2852300.html) on October 30, 2026, Dated Brent crude prices averaged 97.00 USD per barrel in Q3 2026, rising by 27.93 USD per barrel compared with Q3 2025. Second, the spread between refined petroleum product prices and crude input expanded over the same quarterly comparison. The refining crack spread measures the theoretical margin generated by converting a barrel of crude into saleable refined fuels: $$\text{Refining Crack Spread} = \text{Refined Product Basket Price} - \text{Crude Input Cost}$$ When market product spreads widen, complex refineries capture higher gross margins on each processed barrel: $$\text{Gross Profit Margin} = \frac{\text{Gross Profit}}{\text{Net Revenue}} \times 100\%$$ According to BSR Q3 2026 figures reported by [CafeF](https://cafef.vn/nha-may-loc-dau-3-ty-usd-cua-viet-nam-lan-dau-tien-lai-ngay-1-ty-usd-chi-sau-9-thang-doanh-thu-xang-e10-tang-1900-lan-188261030225946407.chn), with net revenue of VND 59,581 billion and gross profit of VND 9,651 billion, the company registered a gross margin of 16.2% in Q3 2026, compared to 2.9% in Q3 2025. According to market pricing data from [Tin nhanh Chung khoan](https://www.tinnhanhchungkhoan.vn/co-phieu-can-quan-tam-ngay-3010-post400446.html) on October 29, 2026, middle distillate margins gained substantial ground during Q3 2026. The diesel DO crack spread averaged 67.3 USD per barrel in Q3 2026, representing a 224% year-on-year surge relative to Q3 2025. The Jet A-1 crack spread reached 60.7 USD per barrel in Q3 2026, up 231% year-on-year. In contrast, the RON95 gasoline crack spread stood at 30.3 USD per barrel in Q3 2026, rising 142% compared to Q3 2025. ## Product Slate Breakdown and Diesel Profit Contribution Product breakdown data for the first 9 months of 2026 published by [CafeF](https://cafef.vn/nha-may-loc-dau-3-ty-usd-cua-viet-nam-lan-dau-tien-lai-ngay-1-ty-usd-chi-sau-9-thang-doanh-thu-xang-e10-tang-1900-lan-188261030225946407.chn) on October 31, 2026 demonstrates that diesel DO remains the largest contributor to revenue and gross profits. Diesel DO 0.05S generated revenue of VND 74,415 billion during 9M 2026, contributing over 45% of total consolidated net turnover. According to 9M 2026 segment figures from [CafeF](https://cafef.vn/nha-may-loc-dau-3-ty-usd-cua-viet-nam-lan-dau-tien-lai-ngay-1-ty-usd-chi-sau-9-thang-doanh-thu-xang-e10-tang-1900-lan-188261030225946407.chn), the cost of goods sold for diesel DO was VND 55,577 billion, yielding a gross profit of VND 18,838 billion. This single product line accounted for 67% of BSR's total consolidated gross profit in 9M 2026, achieving a segment gross margin of 25.3%. > Chart: 9M 2026 Gross Profit by Main Product. VND billion. DO Diesel: 18,838; RON95 Petrol: 2,985; Jet A-1 Fuel: 2,928. According to product accounting data reported by [CafeF](https://cafef.vn/nha-may-loc-dau-3-ty-usd-cua-viet-nam-lan-dau-tien-lai-ngay-1-ty-usd-chi-sau-9-thang-doanh-thu-xang-e10-tang-1900-lan-188261030225946407.chn), Jet A-1 aviation fuel delivered VND 11,332 billion in revenue and VND 8,404 billion in cost of goods sold in 9M 2026, generating VND 2,928 billion in gross profit at a 25.8% gross margin. Gasoline lines yielded lower profit margins: unleaded RON95 produced revenue of VND 27,326 billion and gross profit of VND 2,985 billion (10.9% margin), while E5 RON92 biofuel posted VND 22,399 billion in revenue and VND 2,037 billion in gross profit (9.1% margin). Commercial adoption of E10 RON95 biofuel advanced following national policy implementation on June 1, 2026. According to [CafeF](https://cafef.vn/nha-may-loc-dau-3-ty-usd-cua-viet-nam-lan-dau-tien-lai-ngay-1-ty-usd-chi-sau-9-thang-doanh-thu-xang-e10-tang-1900-lan-188261030225946407.chn) on October 31, 2026, BSR generated VND 9,076 billion from E10 RON95 in 9M 2026, rising from VND 4.7 billion in 9M 2025. Combined biofuel turnover from E5 and E10 reached VND 31,475 billion in 9M 2026, representing 19% of total net sales. ## Utilization Rates and Dung Quat Expansion Timeline Operational stability enabled BSR to capture favorable regional price spreads throughout the period. According to market analysis from [Tin nhanh Chung khoan](https://www.tinnhanhchungkhoan.vn/co-phieu-can-quan-tam-ngay-3010-post400446.html) on October 29, 2026, the Dung Quat refinery operated at an average capacity utilization of 124% during 9M 2026. According to operational updates reported by [PetroTimes](https://petrovietnam.petrotimes.vn/bsr-cung-co-noi-luc-mo-rong-khong-gian-tang-truong-746764.html), cumulative production volume reached 6.15 million tonnes in 9M 2026, up 5% from 9M 2025. Total sales volume reached 6.08 million tonnes over the same 9-month timeframe, matching the 5% year-on-year growth. Domestic crude oil accounted for 88% of refinery feedstock in 9M 2026, limiting exposure to international freight rate fluctuations. Regarding capital expenditure, BSR is advancing the Dung Quat Refinery Upgrade and Expansion Project. According to government filings published by [Bao Dien Tu Chinh Phu](https://baochinhphu.vn/ky-ket-hop-dong-epc-va-pmc-thuoc-du-an-nang-cap-mo-rong-nha-may-loc-dau-dung-quat-102260710161128994.htm) on July 10, 2026, total investment capital is VND 36,397 billion (approximately 1.489 billion USD). The investment will raise crude processing capacity from 148,000 barrels per day to 171,000 barrels per day, meeting Euro V emissions standards. According to contract details published by [Bao Dien Tu Chinh Phu](https://baochinhphu.vn/ky-ket-hop-dong-epc-va-pmc-thuoc-du-an-nang-cap-mo-rong-nha-may-loc-dau-dung-quat-102260710161128994.htm), BSR signed EPC and project management contracts on July 9, 2026 with an execution timeline of 37 months, pointing to commercial commissioning in 2028. According to [PetroTimes](https://petrovietnam.petrotimes.vn/bsr-cung-co-noi-luc-mo-rong-khong-gian-tang-truong-746764.html) on October 16, 2026, ground leveling works reached 90% completion as of early October 2026. ## Balance Sheet Liquidity and Operating Cash Flow Balance sheet reserves expanded alongside accumulated operating cash flow. According to analysis published by [Tin nhanh Chung khoan](https://www.tinnhanhchungkhoan.vn/co-phieu-can-quan-tam-ngay-3010-post400446.html) on October 29, 2026, cash, cash equivalents, and short-term bank deposits totaled VND 53,776 billion as of June 30, 2026, representing 51% of total assets. Equity accounted for 71% of total capital resources on the same date. A conservative debt structure helps reduce the weighted average cost of capital in industrial processing, as explored in the valuation framework for [EV/EBITDA multiple analysis](/en/blog/ev-ebitda-multiple-valuing-capital-intensive-companies). According to balance sheet data reported by [CafeF](https://cafef.vn/nha-may-loc-dau-3-ty-usd-cua-viet-nam-lan-dau-tien-lai-ngay-1-ty-usd-chi-sau-9-thang-doanh-thu-xang-e10-tang-1900-lan-188261030225946407.chn) on October 31, 2026, short-term customer receivables stood at VND 22,865 billion as of September 30, 2026, up 78% from the beginning of 2026. Receivables from Vietnam National Petroleum Group (Petrolimex) totaled VND 8,509 billion and receivables from PetroVietnam Oil Corporation stood at VND 4,999 billion, combining for 59% of trade credit. According to cash flow disclosures from [CafeF](https://cafef.vn/nha-may-loc-dau-3-ty-usd-cua-viet-nam-lan-dau-tien-lai-ngay-1-ty-usd-chi-sau-9-thang-doanh-thu-xang-e10-tang-1900-lan-188261030225946407.chn), despite working capital absorption of VND 18,976 billion from receivables growth, net operating cash flow reached positive VND 14,483 billion in 9M 2026, improving from VND 267 billion recorded in 9M 2025. ## Cyclical Risk Factors and 2027 Maintenance Outlook Refining profitability remains exposed to commodity market volatility. Swings in product crack spreads and international crude benchmarks can narrow processing margins in future quarters if regional fuel supply expands. According to briefing details reported by [PetroTimes](https://petrovietnam.petrotimes.vn/bsr-cung-co-noi-luc-mo-rong-khong-gian-tang-truong-746764.html) on October 16, 2026, BSR plans to undertake its 6th Turnaround (TA6) maintenance campaign at Dung Quat in 2027. The shutdown will last approximately 30 to 32 days, which will moderate annual throughput compared with the high output baseline of 2026. According to capital restructuring plans reported by [PetroTimes](https://petrovietnam.petrotimes.vn/bsr-cung-co-noi-luc-mo-rong-khong-gian-tang-truong-746764.html), Petrovietnam is preparing to divest 2.13% of BSR charter capital to meet public company ownership structure requirements before March 11, 2027. Operating performance in Q3 2026 has strengthened BSR's liquid reserves. Refining margin trends and progress on the Dung Quat expansion project remain primary focal points for 2026 to 2028. ## Sources - HOSE: [BSR: Explanation of Q3 2026 Net Profit After Tax Compared to Prior Period](https://staticfile.hsx.vn/Uploads/UploadDocuments/2510048/20261030%20-%20BSR%20-%20Giai%20trinh%20loi%20nhuan%20sau%20thue%20Quy%203%20nam%202026.pdf) (30/10/2026) - Bao Dien Tu Chinh Phu: [Signing EPC and PMC Contracts for Dung Quat Refinery Expansion Project](https://baochinhphu.vn/ky-ket-hop-dong-epc-va-pmc-thuoc-du-an-nang-cap-mo-rong-nha-may-loc-dau-dung-quat-102260710161128994.htm) (10/07/2026) - CafeF: [Vietnam 3 Billion USD Oil Refinery Reports First 1 Billion USD Profit After 9 Months, E10 Revenue Surges 1900-Fold](https://cafef.vn/nha-may-loc-dau-3-ty-usd-cua-viet-nam-lan-dau-tien-lai-ngay-1-ty-usd-chi-sau-9-thang-doanh-thu-xang-e10-tang-1900-lan-188261030225946407.chn) (31/10/2026) - PetroTimes: [BSR Reinforces Internal Strength, Expands Growth Runway](https://petrovietnam.petrotimes.vn/bsr-cung-co-noi-luc-mo-rong-khong-gian-tang-truong-746764.html) (16/10/2026) - Tin nhanh Chung khoan: [Stocks in Focus on October 30](https://www.tinnhanhchungkhoan.vn/co-phieu-can-quan-tam-ngay-3010-post400446.html) (29/10/2026) - 24HMoney: [BSR: Q3 2026 Net Profit Approaches VND 9,000 Billion](https://24hmoney.vn/news/bsr-lnst-quy-3-2026-dat-gan-9-000-ty-dong-c86a2852300.html) (30/10/2026) ## Frequently asked questions ### What were BSR's key financial results in Q3 2026? In Q3 2026, BSR recorded consolidated net revenue of VND 59,581 billion and net profit after tax of VND 8,969 billion, supported by a gross margin expansion to 16.2%. ### What drove BSR's profit expansion during the first 9 months of 2026? The performance was driven by international crack spreads widening across middle distillates such as diesel DO and Jet A-1 fuel, combined with a 124% refinery utilization rate. ### What is the timeline for the Dung Quat refinery expansion project? The VND 36,397 billion project finalized its EPC contract in July 2026 with an execution duration of 37 months, aiming for commercial operations in 2028. --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._