---
title: "DGC Q3 2026 Results: Revenue and Gross Margin Analysis"
description: DGC Q3 2026 earnings show net revenue of VND 2,469.5 billion and consolidated net profit of VND 506.7 billion, with gross margin rebounding to 20.5%.
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datePublished: 2026-11-02T00:00:00+07:00
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# DGC Q3 2026 Results: Revenue and Gross Margin Analysis

> DGC Q3 2026 earnings show net revenue of VND 2,469.5 billion and consolidated net profit of VND 506.7 billion, with gross margin rebounding to 20.5%.

Gini · Companies & sectors · 2026-11-02 · https://ginity.vn/en/blog/dgc-q3-2026-financial-results-revenue-and-gross-margin

_Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_

## Key takeaways

- Consolidated net revenue in Q3 2026 reached VND 2,469.5 billion, declining 12.3% YoY against Q3 2025 but increasing 2.2% QoQ against Q2 2026.
- Consolidated net profit after tax in Q3 2026 was VND 506.7 billion (-37.0% YoY), while NPAT-MI rose 22.9% QoQ to VND 478.2 billion.
- Gross profit margin stood at 20.5% in Q3 2026, dropping 10.6 percentage points YoY from Q3 2025 but recovering 1.6 percentage points from 18.9% in Q2 2026.
- For the first 9 months of 2026, revenue totaled VND 7,009.5 billion and net profit reached VND 1,369.4 billion, while total assets stood at VND 16,513.9 billion as of September 30, 2026.

Duc Giang Chemicals Group JSC (ticker: DGC) has released its consolidated financial statements for the third quarter of 2026. The operating indicators illustrate a divergence between annual contraction and sequential recovery, consistent with the broader corporate trends examined in [corporate earnings divergence in Q3 2026](/en/blog/q3-2026-corporate-profit-picture-shows-sharp-divergence).

Although quarterly profitability decreased relative to the elevated baseline of Q3 2025, operating performance strengthened for the second consecutive quarter when compared against Q2 2026. Firm export pricing for refined derivatives and lower distribution expenses provided operational support during the period.

## Q3 2026 Revenue and Net Profit Performance

According to accounting disclosures published on the [DGC Investor Relations Portal](https://ducgiangchem.vn/cbtt-bao-cao-tai-chinh-quy-3-2026-va-giai-trinh-kem-theo/) on October 28, 2026, net revenue from goods sold and services rendered reached VND 2,469.5 billion in Q3 2026 (exact balance: VND 2,469,452,018,045). Compared to VND 2,816.7 billion recorded in Q3 2025, net revenue contracted by 12.3% (a decrease of VND 347.3 billion). However, measured against VND 2,415.0 billion in Q2 2026, revenue advanced 2.2% quarter over quarter.

According to Document No. 12/2026/CV-KT-DGC archived in the [DGC explanation filing](https://ducgiangchem.vn/wp-content/uploads/2026/10/20261028-DGC-Announcement-of-Q3-2026-FS-and-accompanying-explanation.pdf) on October 28, 2026, consolidated net profit after tax stood at VND 506.7 billion in Q3 2026 (exact balance: VND 506,681,350,271). This represents a 37.0% decline relative to VND 804.4 billion in Q3 2025. Net profit attributable to shareholders of the parent company registered VND 478.2 billion in Q3 2026, decreasing 36.4% YoY from VND 751.6 billion in Q3 2025, but expanding 22.9% QoQ from VND 389.0 billion in Q2 2026.

The financial table below outlines key consolidated performance metrics across comparative periods:

| Consolidated Financial Indicator | Q3 2025 | Q2 2026 | Q3 2026 | YoY Variance | QoQ Variance |
| :--- | :---: | :---: | :---: | :---: | :---: |
| Net Revenue (VND billion) | 2,816.7 | 2,415.0 | 2,469.5 | -12.3% | +2.2% |
| Cost of Goods Sold (VND billion) | 1,941.2 | 1,959.0 | 1,963.1 | +1.1% | +0.2% |
| Gross Profit (VND billion) | 875.5 | 456.0 | 506.4 | -42.2% | +11.0% |
| Gross Profit Margin (%) | 31.1% | 18.9% | 20.5% | -10.6 percentage points | +1.6 percentage points |
| Financial Income (VND billion) | 192.1 | 215.0 | 209.6 | +9.1% | -2.5% |
| Financial Expenses (VND billion) | 18.8 | 26.0 | 24.9 | +32.4% | -4.2% |
| Selling Expenses (VND billion) | 98.8 | 79.0 | 76.2 | -22.9% | -3.5% |
| General & Administrative (VND billion) | 45.5 | 52.0 | 49.0 | +7.6% | -5.8% |
| Profit Before Tax (VND billion) | 901.3 | 507.0 | 580.6 | -35.6% | +14.5% |
| Consolidated Net Profit (VND billion) | 804.4 | 425.0 | 506.7 | -37.0% | +19.2% |
| NPAT-MI (VND billion) | 751.6 | 389.0 | 478.2 | -36.4% | +22.9% |

*Source: [Q3 2026 Consolidated Financial Statements](https://ducgiangchem.vn/wp-content/uploads/2026/10/20261028-DGC-Q3-2026-Consolidated-Financial-statements.pdf) and [DGC Announcement of Q3 2026 Financial Statements and Accompanying Explanation Document](https://ducgiangchem.vn/wp-content/uploads/2026/10/20261028-DGC-Announcement-of-Q3-2026-FS-and-accompanying-explanation.pdf).*

> Chart: DGC Gross Profit Margin Across Recent Quarters. %. Q3 2025: 31.1; Q2 2026: 18.9; Q3 2026: 20.5.

According to data in the statutory [Q3 2026 Financial Statements](https://ducgiangchem.vn/wp-content/uploads/2026/10/20261028-DGC-Q3-2026-Consolidated-Financial-statements.pdf), cost of goods sold in Q3 2026 totaled VND 1,963.1 billion, increasing 1.1% compared to VND 1,941.2 billion in Q3 2025. Because revenue fell faster than production costs, consolidated gross profit decreased 42.2% YoY to VND 506.4 billion. Conversely, compared to Q2 2026, gross profit expanded 11.0% from VND 456.0 billion, demonstrating sequential operational progress.

According to accounting disclosures in the [Q3 2026 Financial Statements](https://ducgiangchem.vn/wp-content/uploads/2026/10/20261028-DGC-Q3-2026-Consolidated-Financial-statements.pdf), financial income reached VND 209.6 billion in Q3 2026, up 9.1% YoY from VND 192.1 billion in Q3 2025. Selling expenses in Q3 2026 dropped 22.9% YoY to VND 76.2 billion. Conversely, financial expenses increased 32.4% YoY to VND 24.9 billion (interest expenses totaled VND 15.4 billion), while administrative overhead rose 7.6% to VND 49.0 billion.

## Gross Margin Drivers and Cost Pressures

According to accounting entries in the [Q3 2026 Financial Statements](https://ducgiangchem.vn/wp-content/uploads/2026/10/20261028-DGC-Q3-2026-Consolidated-Financial-statements.pdf), consolidated gross margin settled at 20.5% in Q3 2026, down 10.6 percentage points from 31.1% in Q3 2025. Nevertheless, the metric rebounded 1.6 percentage points from 18.9% registered in Q2 2026. The interplay between operating overhead and raw material cost shifts is evaluated in [margins and cost structure](/en/blog/margins-cost-structure).

According to executive statements in the [DGC explanation filing](https://ducgiangchem.vn/wp-content/uploads/2026/10/20261028-DGC-Announcement-of-Q3-2026-FS-and-accompanying-explanation.pdf) on October 28, 2026, gross margin compression on an annual basis resulted from higher purchase prices for sulfur, metallurgical coke, ammonia, and electricity powering furnace facilities during the first 9 months of 2026. In addition, the operational pause at Mine 25 required DGC to procure commercial phosphate ore and imported rock, raising the unit production cost of yellow phosphorus (P4).

According to research published by [Vietcap Research](https://www.vietcap.com.vn/en/research-center/dgc-q3-2026-npat-mi-falls-36-yoy-but-rebounds-23-qoq-upside-potential-to-2026f-forecast-earnings-flash) on October 29, 2026, the sequential gross margin rebound of 1.6 percentage points from Q2 2026 was aided by realized pricing. The average selling price of yellow phosphorus in Q3 2026 increased 9% QoQ to roughly 5,400 USD per ton (up 28% YoY), while thermal phosphoric acid rose 9% QoQ to 1,400 USD per ton (up 32% YoY).

According to reporting by financial portal [CafeF](https://cafef.vn/hoa-chat-duc-giang-dgc-co-quy-thu-2-lien-tiep-loi-nhuan-tang-truong-so-voi-quy-truoc-188261030074930184.chn) on October 30, 2026, two consecutive quarters of QoQ profit growth highlight recovering demand within international electronics manufacturing ecosystems.

## 9-Month Picture and Financial Position

According to cumulative data in the [Q3 2026 Financial Statements](https://ducgiangchem.vn/wp-content/uploads/2026/10/20261028-DGC-Q3-2026-Consolidated-Financial-statements.pdf), DGC generated consolidated net revenue of VND 7,009.5 billion for the first 9 months of 2026, declining 17.7% from VND 8,521.4 billion in the prior-year period. Cost of goods sold totaled VND 5,558.3 billion, leaving gross profit at VND 1,451.2 billion, a 48.8% decline from VND 2,836.5 billion in the first 9 months of 2025. Gross margin for the first 9 months of 2026 was 20.7%, compared to 33.3% in the first 9 months of 2025.

According to financial figures reported by [Securities Investment News](https://www.tinnhanhchungkhoan.vn/hoa-chat-duc-giang-dgc-loi-nhuan-sau-thue-9-thang-giam-459-khi-khai-truong-25-van-dung-hoat-dong-post400420.html) on October 29, 2026, profit before tax in the first 9 months of 2026 reached VND 1,577.3 billion, declining 45.0% YoY from VND 2,865.5 billion. Net profit after tax stood at VND 1,369.4 billion in the first 9 months of 2026, contracting 45.9% YoY from VND 2,532.0 billion. Parent company net profit reached VND 1,267.1 billion (-47.3% YoY), yielding basic earnings per share of VND 3,136 compared to VND 5,948 in the first 9 months of 2025.

Regarding overall balance sheet dimensions, the standard distinction between consolidated and standalone corporate accounts is detailed on the [Vietnam Government News Portal](https://baochinhphu.vn/dn-lap-bao-cao-tai-chinh-hop-nhat-xac-dinh-tong-doanh-thu-the-nao-102260107101456065.htm) under statutory accounting rules. According to Code 270 in the [Q3 2026 Financial Statements](https://ducgiangchem.vn/wp-content/uploads/2026/10/20261028-DGC-Q3-2026-Consolidated-Financial-statements.pdf), total consolidated assets stood at VND 16,513.9 billion (exact balance: VND 16,513,854,048,720) as of September 30, 2026. Under Code 110, cash and cash equivalents totaled VND 230.2 billion (exact balance: VND 230,184,410,499) alongside term bank investments.

According to analysis by [Vietcap Research](https://www.vietcap.com.vn/en/research-center/dgc-q3-2026-npat-mi-falls-36-yoy-but-rebounds-23-qoq-upside-potential-to-2026f-forecast-earnings-flash) on October 29, 2026, total cash, cash equivalents, and short-term bank investments stood at approximately VND 9,700 billion as of September 30, 2026, down from VND 13,100 billion at the end of 2025. The cash reduction reflected VND 4,213 billion in cash dividend payouts distributed during the first 9 months of 2026.

According to cash flow disclosures in the [Q3 2026 Financial Statements](https://ducgiangchem.vn/wp-content/uploads/2026/10/20261028-DGC-Q3-2026-Consolidated-Financial-statements.pdf), net operating cash flow for the first 9 months of 2026 reached positive VND 755.6 billion. Short-term borrowings reported under Code 321 stood at VND 1,391.0 billion (exact balance: VND 1,390,995,453,742) as of September 30, 2026, fully supported by bank cash reserves.

## Key Projects and Operating Outlook

According to macroeconomic publications from the [National Statistics Office of Vietnam](https://www.nso.gov.vn/du-lieu-va-so-lieu-thong-ke/2026/10/thong-cao-bao-chi-tinh-hinh-kinh-te-xa-hoi-quy-iii-va-9-thang-nam-2026/) on October 06, 2026, industrial production and chemical exports maintained stable trajectories across the first 9 months of 2026, supporting external sales channels.

According to research data from [Vietcap Research](https://www.vietcap.com.vn/en/research-center/dgc-q3-2026-npat-mi-falls-36-yoy-but-rebounds-23-qoq-upside-potential-to-2026f-forecast-earnings-flash) on October 29, 2026, export revenue totaled approximately VND 5,900 billion during the first 9 months of 2026 (up 1% YoY), representing 84% of total group turnover. Domestic revenue was VND 1,100 billion, down 58% YoY on soft fertilizer demand.

According to trade volume data in [Vietcap Research](https://www.vietcap.com.vn/en/research-center/dgc-q3-2026-npat-mi-falls-36-yoy-but-rebounds-23-qoq-upside-potential-to-2026f-forecast-earnings-flash) on October 29, 2026, export volume of thermal phosphoric acid reached 43.6 thousand tons during the first 8 months of 2026 (+73% YoY), offsetting a 20% contraction in raw yellow phosphorus exports to 28.1 thousand tons.

According to project accounting under Code 242 in the [Q3 2026 Financial Statements](https://ducgiangchem.vn/wp-content/uploads/2026/10/20261028-DGC-Q3-2026-Consolidated-Financial-statements.pdf), construction in progress stood at VND 1,452.8 billion (exact balance: VND 1,452,797,094,469) as of September 30, 2026. Based on analytical estimates by [Vietcap Research](https://www.vietcap.com.vn/en/research-center/dgc-q3-2026-npat-mi-falls-36-yoy-but-rebounds-23-qoq-upside-potential-to-2026f-forecast-earnings-flash) on October 29, 2026, cumulative disbursements for the Nghi Son Chemical Complex Phase 1 reached roughly VND 1,400 billion as of September 30, 2026, representing 59% of the initial VND 2,400 billion capex envelope.

## Sources

- Duc Giang Chemicals Group JSC: [Q3 2026 Consolidated Financial Statements](https://ducgiangchem.vn/wp-content/uploads/2026/10/20261028-DGC-Q3-2026-Consolidated-Financial-statements.pdf) (October 28, 2026)
- Duc Giang Chemicals Group JSC: [Announcement of Q3 2026 Financial Statements and Accompanying Explanation Document](https://ducgiangchem.vn/wp-content/uploads/2026/10/20261028-DGC-Announcement-of-Q3-2026-FS-and-accompanying-explanation.pdf) (October 28, 2026)
- Duc Giang Chemicals Group JSC: [Q3 2026 Financial Statements Release and Explanation Portal](https://ducgiangchem.vn/cbtt-bao-cao-tai-chinh-quy-3-2026-va-giai-trinh-kem-theo/) (October 28, 2026)
- National Statistics Office of Vietnam: [Socio-economic Statistical Release for Q3 and 9M 2026](https://www.nso.gov.vn/du-lieu-va-so-lieu-thong-ke/2026/10/thong-cao-bao-chi-tinh-hinh-kinh-te-xa-hoi-quy-iii-va-9-thang-nam-2026/) (October 06, 2026)
- Vietnam Government News Portal: [Statutory Guidance on Consolidated Financial Statements and Revenue Recognition Principles](https://baochinhphu.vn/dn-lap-bao-cao-tai-chinh-hop-nhat-xac-dinh-tong-doanh-thu-the-nao-102260107101456065.htm) (January 07, 2026)
- Vietcap Research: [DGC Q3 2026 Earnings Flash Report](https://www.vietcap.com.vn/en/research-center/dgc-q3-2026-npat-mi-falls-36-yoy-but-rebounds-23-qoq-upside-potential-to-2026f-forecast-earnings-flash) (October 29, 2026)
- CafeF: [Duc Giang Chemicals Logs Second Consecutive Quarter of QoQ Profit Growth](https://cafef.vn/hoa-chat-duc-giang-dgc-co-quy-thu-2-lien-tiep-loi-nhuan-tang-truong-so-voi-quy-truoc-188261030074930184.chn) (October 30, 2026)
- Securities Investment News: [Duc Giang Chemicals 9M Profit Drops Amid Mine 25 Operational Suspension](https://www.tinnhanhchungkhoan.vn/hoa-chat-duc-giang-dgc-loi-nhuan-sau-thue-9-thang-giam-459-khi-khai-truong-25-van-dung-hoat-dong-post400420.html) (October 29, 2026)

## Frequently asked questions

### How did Duc Giang Chemicals perform in Q3 2026 compared to Q3 2025?

In Q3 2026, DGC recorded consolidated net revenue of VND 2,469.5 billion, down 12.3% YoY from VND 2,816.7 billion in Q3 2025. Consolidated net profit after tax fell 37.0% YoY to VND 506.7 billion due to higher raw material procurement costs and the operational suspension of Mine 25.

### What factors drove the QoQ profit recovery in Q3 2026 for DGC?

Compared to Q2 2026, net profit attributable to parent shareholders rose 22.9% as the average selling price of yellow phosphorus (P4) climbed 9% to around 5,400 USD per ton and thermal phosphoric acid increased 9% to 1,400 USD per ton, lifting gross margin from 18.9% to 20.5%.

### What is DGC financial position and capital expenditure status as of September 30, 2026?

As of September 30, 2026, DGC held total consolidated assets of VND 16,513.9 billion with total cash and deposits estimated at roughly VND 9,700 billion by Vietcap. Cumulative capex allocated to the Nghi Son Complex Phase 1 reached VND 1,400 billion.

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_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._