--- title: BSR Posts Strong Q3 2026 Profit on Refining Crack Spread description: BSR reports Q3 2026 net profit of VND 8,969 billion as price differentials between refined products and crude oil widen compared to the prior-year period. url: https://ginity.vn/en/blog/bsr-record-q3-2026-profit-driven-by-refining-crack-spread canonical: https://ginity.vn/en/blog/bsr-record-q3-2026-profit-driven-by-refining-crack-spread markdown: https://ginity.vn/en/blog/bsr-record-q3-2026-profit-driven-by-refining-crack-spread.md language: en datePublished: 2026-10-31T00:00:00+07:00 dateModified: 2026-10-31T00:00:00+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 Posts Strong Q3 2026 Profit on Refining Crack Spread > BSR reports Q3 2026 net profit of VND 8,969 billion as price differentials between refined products and crude oil widen compared to the prior-year period. Gini · Companies & sectors · 2026-10-31 · https://ginity.vn/en/blog/bsr-record-q3-2026-profit-driven-by-refining-crack-spread _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Consolidated net profit of BSR reached VND 8,969 billion in Q3 2026, up sharply from VND 909 billion in Q3 2025. - BSR's consolidated gross margin in Q3 2026 expanded from 2.9% to 16.2% according to consolidated financial reports. - Cumulative 9M 2026 net revenue totaled VND 164,217 billion with net profit reaching VND 24,902 billion. - The Dung Quat expansion project with total investment of VND 36,397 billion signed its EPC contract in July 2026. Operating performance at BSR expanded across revenue and net income in the third quarter of 2026. A favorable widening in the price spread between refined transportation fuels and crude oil feedstocks supported corporate profit generation. Official disclosure published on October 30, 2026 by BSR on [24H Money](https://24hmoney.vn/news/bsr-lnst-quy-3-2026-dat-gan-9-000-ty-dong-c86a2852300.html) confirms that operating earnings expanded on favorable price differentials between finished fuels and crude oil feedstocks compared to the prior-year period. ## Q3 2026 Net Profit Climbs Alongside Refining Margins Market disclosures published on October 30, 2026 through [24H Money](https://24hmoney.vn/news/bsr-lnst-quy-3-2026-dat-gan-9-000-ty-dong-c86a2852300.html) indicate that BSR achieved consolidated net profit after tax of VND 8,969 billion in Q3 2026. Earnings data published on October 30, 2026 by [nmquan.vn](https://nmquan.vn/data/ma/BSR/bao-cao-tai-chinh) shows net revenue of VND 59,581 billion and net profit after tax of VND 8,969 billion in Q3 2026, up nearly tenfold from VND 909 billion delivered in Q3 2025. | Financial Metric (Consolidated) | Q3 2025 | Q3 2026 | Change (%) | | :--- | :--- | :--- | :--- | | Net revenue (VND billion) | 35,290 | 59,581 | +68.8% | | Gross profit (VND billion) | 1,009 | 9,651 | +856.5% | | Net profit after tax (VND billion) | 909 | 8,969 | +886.7% | | Gross profit margin (%) | 2.9% | 16.2% | +13.3 ppt | Source: BSR Q3 2026 consolidated financial statements. Quarterly accounting data published on October 30, 2026 on [nmquan.vn](https://nmquan.vn/data/ma/BSR/bao-cao-tai-chinh) document sequential financial performance in 2026. In the first quarter of 2026, BSR recorded net revenue of VND 45,920 billion and net profit after tax of VND 8,266 billion, preceding the third-quarter expansion to VND 59,581 billion in net revenue and VND 8,969 billion in net profit after tax. ```chart { "preset": "sector-columns", "label": "BSR Third Quarter Net Profit Comparison", "caption": "Consolidated net profit after tax for Q3 2025 and Q3 2026. Unit: VND billion. Source: BSR.", "params": { "values": [909, 8969], "labels": ["Q3 2025", "Q3 2026"], "unit": "VND billion", "highlight": 1 } } ``` ## Price Spread Dynamics Between Crude Oil and Products The refining crack spread measures the pricing differential that downstream refiners capture when processing crude petroleum feedstocks into marketable fuel grades. The crack spread quantifies the spread between the realization of finished distillates and the purchase cost of input crude feedstocks per barrel. $$\text{Refining Crack Spread} = \text{Refined Product Basket Price} - \text{Crude Oil Feedstock Cost}$$ BSR's consolidated gross margin in Q3 2026 expanded from 2.9% to 16.2% as reported on October 31, 2026 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). Financial reports published on October 31, 2026 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) indicate that cost of goods sold rose 46% in Q3 2026, well below the 69% increase in net revenue, which lifted consolidated gross profit to VND 9,651 billion from VND 1,009 billion recorded in the third quarter of 2025. ## Nine Month Results and Refinery Processing Volumes Cumulative financial figures published on October 31, 2026 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) show that BSR delivered net revenue of VND 164,217 billion (up 58% year-on-year) and consolidated net profit of VND 24,902 billion (11.6 times the 9M 2025 level). The company surpassed its full-year 2026 target within three quarters. Financial disclosures across domestic corporations during this reporting window are documented in the [Vietnam Q3 2026 corporate earnings rush](/en/blog/vietnam-q3-2026-corporate-earnings-rush-oct-30) and the [Vietnam fuel prices and energy stocks overview](/en/blog/vietnam-fuel-prices-oil-gas-stocks-oct-29-2026). Production figures published on October 16, 2026 by [PetroTimes](https://petrovietnam.petrotimes.vn/bsr-cung-co-noi-luc-mo-rong-khong-gian-tang-truong-746764.html) show that refinery output reached 6.15 million tonnes and sales volume totaled 6.08 million tonnes in 9M 2026 across the operating facilities of the Dung Quat refining complex. ## Dung Quat Refinery Expansion and Capacity Outlook Project disclosures published on July 10, 2026 by the [Vietnam Government Portal](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) outline that the Dung Quat refinery upgrade and expansion project commands a total capital investment of VND 36,397 billion, scaling nameplate capacity from 148,000 barrels per day to 171,000 barrels per day with planned commercial start in 2028. Project documentation published on July 10, 2026 by the [Vietnam Government Portal](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) confirms that both the EPC construction contract and the project management consultancy contract have been formally signed. The capital expenditure program enables the complex to diversify its feedstock crude basket and manufacture refined petroleum products complying with Euro V emissions standards upon planned commercial commissioning in 2028. ## Sources - HOSE: [Official Letter 7957/BSR-TCKT on Q3 2026 Financial Results](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) - Vietnam Government Portal: [EPC and PMC Contract Signing for Dung Quat Refinery Upgrade](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) - PetroTimes: [BSR Strengthens Core Operations and Market Footprint](https://petrovietnam.petrotimes.vn/bsr-cung-co-noi-luc-mo-rong-khong-gian-tang-truong-746764.html) (16/10/2026) - CafeF: [Dung Quat Refinery Delivers Robust 9M 2026 Financial Earnings](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) - 24HMoney: [BSR Documents Sharp Profit Expansion in Q3 2026](https://24hmoney.vn/news/bsr-lnst-quy-3-2026-dat-gan-9-000-ty-dong-c86a2852300.html) (30/10/2026) - nmquan.vn: [BSR Financial Statements and Performance Metrics](https://nmquan.vn/data/ma/BSR/bao-cao-tai-chinh) (30/10/2026) --- _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._