--- title: "QNS Q3/2026: Soymilk Powers Revenue and Margin Growth" description: QNS posted Q3/2026 net revenue of VND 3,073 billion up 14.5% year-on-year, propelled by a 23.9% jump in soymilk sales to lift net profit to VND 450 billion. url: https://ginity.vn/en/blog/qns-soymilk-drives-growth-q3-2026 canonical: https://ginity.vn/en/blog/qns-soymilk-drives-growth-q3-2026 markdown: https://ginity.vn/en/blog/qns-soymilk-drives-growth-q3-2026.md language: en datePublished: 2026-10-28T00:00:00+07:00 dateModified: 2026-10-28T00:00:00+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: - QNS sources: - name: VNDIRECT Research url: https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-27/QNS_BCKQKD_20261027.1.pdf title: QNS Earnings Update Report October 27, 2026 - name: Vietcap Securities url: https://www.vietcap.com.vn/en/research-center/qns-q3-2026-pbt-up-20-yoy-on-soymilk-while-sugar-pbt-decline-narrows-to-15-yoy-earnings-flash title: QNS Q3/2026 PBT Up 20% YoY on Soymilk - Earnings Flash - name: CafeF Data url: https://cafef.vn/du-lieu/qns-3006775/qns-bao-cao-tai-chinh-quy-32026.chn title: QNS Consolidated Financial Statements Q3/2026 - name: Vietnam Government Portal url: https://baochinhphu.vn/gia-duong-cao-lich-su-co-tao-nen-thoi-diem-vang-cho-nganh-mia-duong-hoi-phuc-102231108154344056.htm title: Trade Defense Measures on Cane Sugar Products - name: National Statistics Office url: https://www.nso.gov.vn/du-lieu-va-so-lieu-thong-ke/2026/10/hoat-dong-doanh-nghiep-quy-iii-va-9-thang-nam-2026-tin-hieu-cai-thien-tu-san-xuat-dau-tu-va-thi-truong/ title: Enterprise Activity in Q3 and 9M 2026 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 --- # QNS Q3/2026: Soymilk Powers Revenue and Margin Growth > QNS posted Q3/2026 net revenue of VND 3,073 billion up 14.5% year-on-year, propelled by a 23.9% jump in soymilk sales to lift net profit to VND 450 billion. Gini · Companies & sectors · 2026-10-28 · https://ginity.vn/en/blog/qns-soymilk-drives-growth-q3-2026 _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - QNS recorded Q3/2026 net revenue of VND 3,073 billion, up 14.5% compared to the same period in 2025. - The Fami soymilk division generated VND 1,634 billion in revenue, up 23.9% to account for 53.2% of total sales. - Gross profit reached VND 1,086 billion in Q3/2026, lifting gross margin to 35.4%. - Net profit after tax rose 18.1% to VND 450 billion in Q3/2026, bringing nine-month profit to VND 1,407 billion. - QNS stock traded at a trailing P/E of 8.5x and a P/B of 1.5x on 28/10/2026. Quang Ngai Sugar Joint Stock Company (UPCoM ticker: QNS) reported solid third-quarter financial results driven by strength across its packaged consumer goods business in the Vietnamese [equity market](/en/topics/equity). According to consolidated financial statements released on 23/10/2026 through [CafeF Data](https://cafef.vn/du-lieu/qns-3006775/qns-bao-cao-tai-chinh-quy-32026.chn), QNS delivered [net revenue](/en/glossary/net-revenue) of VND 3,073 billion in Q3/2026, advancing 14.5% from VND 2,685 billion in Q3/2025. Net profit after tax expanded 18.1% year-on-year to VND 450 billion in Q3/2026 compared to VND 381 billion in Q3/2025. According to an earnings analysis published on 27/10/2026 by [VNDIRECT Research](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-27/QNS_BCKQKD_20261027.1.pdf), the primary catalyst behind this earnings expansion was the Vinasoy soymilk unit. A 23.9% jump in soymilk sales offset an 8.0% contraction in sugar division revenue as domestic sugar prices adjusted to global agricultural benchmarks. ## Q3 and 9M 2026 Financial Results Summary According to research published by [VNDIRECT Research](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-27/QNS_BCKQKD_20261027.1.pdf), gross profit for Q3/2026 rose 24.7% year-on-year to VND 1,086 billion from VND 871 billion in Q3/2025. Consolidated [gross margin](/en/glossary/gross-margin) widened by 2.9 percentage points to 35.4% in Q3/2026 from 32.4% in Q3/2025, supported by soymilk reaching 53.2% of total sales. According to corporate filings published on [CafeF Data](https://cafef.vn/du-lieu/qns-3006775/qns-bao-cao-tai-chinh-quy-32026.chn) for the first nine months of 2026, cumulative net revenue reached VND 9,125 billion, an increase of 15.9% over VND 7,872 billion recorded in 9M 2025. Nine-month profit before tax rose 9.3% year-on-year to VND 1,639 billion. Cumulative net profit after tax reached VND 1,407 billion in 9M 2026, up 6.7% from VND 1,319 billion in 9M 2025, fulfilling 93.1% of the full-year corporate target set by management. | Financial Metric | Q3/2025 | Q3/2026 | YoY Change | 9M 2025 | 9M 2026 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Revenue (VND billion) | 2,685 | 3,073 | 14.5% | 7,872 | 9,125 | 15.9% | | - Soymilk division | 1,318 | 1,634 | 23.9% | 3,596 | 4,373 | 21.6% | | - Sugar division | 947 | 871 | -8.0% | 2,635 | 2,836 | 7.6% | | - Other divisions | 420 | 569 | 35.4% | 1,641 | 1,916 | 16.8% | | Gross Profit (VND billion) | 871 | 1,086 | 24.7% | 2,573 | 3,144 | 22.2% | | Gross Margin (%) | 32.4% | 35.4% | 2.9 pp | 32.7% | 34.4% | 1.7 pp | | SG&A Expenses (VND billion) | 495 | 671 | 35.4% | 1,225 | 1,765 | 44.1% | | Financial Income (VND billion) | 103 | 217 | 110.5% | 128 | 229 | 79.3% | | Profit Before Tax (VND billion) | 441 | 529 | 20.1% | 1,499 | 1,639 | 9.3% | | Net Profit After Tax (VND billion) | 381 | 450 | 18.1% | 1,319 | 1,407 | 6.7% | | Net Margin (%) | 14.2% | 14.6% | 0.4 pp | 16.7% | 15.4% | -1.3 pp | Source: Compiled from QNS financial statements on [CafeF Data](https://cafef.vn/du-lieu/qns-3006775/qns-bao-cao-tai-chinh-quy-32026.chn) and research by [VNDIRECT Research](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-27/QNS_BCKQKD_20261027.1.pdf). The volume recovery achieved by QNS mirrored broader consumption trends across Vietnam. According to data published on 06/10/2026 by the [National Statistics Office](https://www.nso.gov.vn/du-lieu-va-so-lieu-thong-ke/2026/10/hoat-dong-doanh-nghiep-quy-iii-va-9-thang-nam-2026-tin-hieu-cai-thien-tu-san-xuat-dau-tu-va-thi-truong/), consumer goods retail sales expanded steadily through the third quarter of 2026, providing positive tailwinds for staple beverage manufacturers. ## Fami Soymilk Retains Over 80% Market Share According to an equity report released on 27/10/2026 by [VNDIRECT Research](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-27/QNS_BCKQKD_20261027.1.pdf), the soymilk business delivered a strong performance during the third quarter. Soymilk division revenue climbed 23.9% year-on-year to VND 1,634 billion in Q3/2026. Sales volume rose 16.4% year-on-year to 85 million liters in Q3/2026. Average selling prices rose 6.4% year-on-year to approximately VND 19,200 per liter in Q3/2026 as product mix shifted toward premium offerings with added nutrients. According to calculations published on 23/10/2026 by [Vietcap Securities](https://www.vietcap.com.vn/en/research-center/qns-q3-2026-pbt-up-20-yoy-on-soymilk-while-sugar-pbt-decline-narrows-to-15-yoy-earnings-flash), the gross margin of the soymilk division reached 48.3% in Q3/2026. Favorable procurement costs for imported raw soybeans in 9M 2026 provided a stable cost base that supported operating margins across the Vinasoy unit. According to figures published by [VNDIRECT Research](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-27/QNS_BCKQKD_20261027.1.pdf) for the nine-month period, cumulative soymilk revenue reached VND 4,373 billion, up 21.6% from VND 3,596 billion in 9M 2025. In terms of competitive positioning, the flagship Fami brand maintained an estimated market share above 80.0% in the packaged paper-carton soymilk category in Vietnam throughout 9M 2026, preserving a substantial lead over competing plant-based drinks. ## Sugar Division Volume Offsets Lower Selling Prices In contrast to the expansion in packaged beverages, the sugar business navigated price headwinds. According to data reported by [VNDIRECT Research](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-27/QNS_BCKQKD_20261027.1.pdf), sugar division revenue contracted 8.0% year-on-year to VND 871 billion in Q3/2026 from VND 947 billion in Q3/2025. Domestic sugar selling prices averaged VND 14,000 per kg in Q3/2026, down 11.0% year-on-year. However, sales volume rose 3.0% year-on-year to 62,000 tonnes in Q3/2026, partially shielding top-line numbers. On a nine-month basis, figures from [VNDIRECT Research](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-27/QNS_BCKQKD_20261027.1.pdf) indicate cumulative sugar revenue reached VND 2,836 billion in 9M 2026, up 7.6% from VND 2,635 billion in 9M 2025, as cumulative volume climbed 25.0% year-on-year. According to commentary from [Vietcap Securities](https://www.vietcap.com.vn/en/research-center/qns-q3-2026-pbt-up-20-yoy-on-soymilk-while-sugar-pbt-decline-narrows-to-15-yoy-earnings-flash), the pre-tax profit decline for the sugar segment narrowed to 15.3% in Q3/2026 compared to contractions exceeding 40.0% during the first half of 2026, suggesting domestic prices began stabilizing after August 2026. Institutional protections remain active for domestic processors. According to records from the [Vietnam Government Portal](https://baochinhphu.vn/gia-duong-cao-lich-su-co-tao-nen-thoi-diem-vang-cho-nganh-mia-duong-hoi-phuc-102231108154344056.htm), anti-dumping and countervailing duty rates of 47.64% imposed on Thai sugar between 2021 and 2026, alongside anti-circumvention rules covering five ASEAN nations, continue to safeguard domestic refiners such as the An Khe mill operated by QNS in Gia Lai province. ## Selling Expenses Rose 35% on Marketing Push Operating expenditures expanded during the quarter as the company reinvested in market outreach. According to financial statements on [CafeF Data](https://cafef.vn/du-lieu/qns-3006775/qns-bao-cao-tai-chinh-quy-32026.chn), selling and administrative expenses reached VND 671 billion in Q3/2026, up 35.4% from VND 495 billion in Q3/2025. SG&A costs represented 21.8% of net revenue in Q3/2026 compared to 18.4% in Q3/2025. According to cost breakdowns detailed by [VNDIRECT Research](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-27/QNS_BCKQKD_20261027.1.pdf), promotional, trial, and sampling expenses increased 67.3% year-on-year in Q3/2026, sales agent commissions climbed 198.4%, and freight costs rose 35.4% amid higher transport tariffs. This expenditure was cushioned by deposit interest income rising 113.2% year-on-year to VND 149 billion in Q3/2026, comfortably exceeding interest expense of VND 59 billion. ## P/E Ratio of 8.5x Trades at Discount to Peers In secondary trading on the UPCoM exchange, QNS shares were priced at VND 50,200 per share on 28/10/2026 according to market data from [CafeF Data](https://cafef.vn/du-lieu/qns-3006775/qns-bao-cao-tai-chinh-quy-32026.chn), corresponding to a market capitalization of approximately VND 17,920 billion. From a valuation perspective, the trailing twelve-month [P/E ratio](/en/glossary/pe) stood at 8.5x on 28/10/2026 based on calculations by [VNDIRECT Research](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-27/QNS_BCKQKD_20261027.1.pdf). The [P/B ratio](/en/glossary/pb) stood at 1.5x on 28/10/2026 based on book value reported in third-quarter financial disclosures. By comparison, the peer average P/E ratio across listed Vietnamese FMCG producers ranged between 14.0x and 16.5x in October 2026, placing QNS at a noticeable valuation discount. | Valuation Metric | QNS | Vinamilk (VNM) | Masan Consumer (MCH) | Sabeco (SAB) | FMCG Industry Average | | :--- | :--- | :--- | :--- | :--- | :--- | | Exchange | UPCoM | HOSE | UPCoM | HOSE | - | | Trailing P/E (x) | 8.5 | 16.0 | 17.2 | 15.4 | 15.2 | | P/B (x) | 1.5 | 4.1 | 5.0 | 2.3 | 3.0 | | 9M 2026 ROE (%) | 24.5% | 25.8% | 31.2% | 16.5% | 21.0% | | Dividend Yield (%) | 7.0% | 5.6% | 4.5% | 6.0% | 5.2% | Source: Compiled from trading records as of 28/10/2026 on [CafeF Data](https://cafef.vn/du-lieu/qns-3006775/qns-bao-cao-tai-chinh-quy-32026.chn) and Ginity calculations. The lower valuation multiple reflects cyclical fluctuations tied to agricultural sugar markets. Even so, the return on equity for QNS reached 24.5% in 9M 2026 according to VNDIRECT Research estimates. The company held net cash and short-term bank deposits exceeding VND 5,000 billion as of 30/09/2026 according to [CafeF Data](https://cafef.vn/du-lieu/qns-3006775/qns-bao-cao-tai-chinh-quy-32026.chn), underpinning a dividend yield of 7.0% in 2026. ## Raw Material Exposure and Competitive Pressures While consumer momentum remains favorable, operational oversight centers on three primary risk factors: - **Global soybean prices and exchange rates:** Raw soybeans depend on overseas shipments from North and South America. According to risk assessments from [VNDIRECT Research](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-27/QNS_BCKQKD_20261027.1.pdf), adverse weather patterns in harvest areas or USD/VND fluctuations during Q4/2026 could raise input costs if forward hedges expire. - **Cross-border sugar smuggling:** Despite existing trade defense duties, international-domestic price gaps in October 2026 could incentivize illicit sugar inflows along the southwestern border. According to analysis from [Vietcap Securities](https://www.vietcap.com.vn/en/research-center/qns-q3-2026-pbt-up-20-yoy-on-soymilk-while-sugar-pbt-decline-narrows-to-15-yoy-earnings-flash), informal sugar supplies could dampen pricing recoveries for domestic refiners. - **Alternative beverage competition:** Although holding over 80.0% of the packaged soymilk category in 9M 2026 according to VNDIRECT Research, QNS contends with adjacent beverage categories including oat milk, yogurt drinks, and fresh dairy, requiring persistent advertising allocations. ## Sources - VNDIRECT Research: [QNS Earnings Update Report October 27, 2026](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-27/QNS_BCKQKD_20261027.1.pdf) (27/10/2026) - Vietcap Securities: [QNS Q3/2026 PBT Up 20% YoY on Soymilk - Earnings Flash](https://www.vietcap.com.vn/en/research-center/qns-q3-2026-pbt-up-20-yoy-on-soymilk-while-sugar-pbt-decline-narrows-to-15-yoy-earnings-flash) (23/10/2026) - CafeF Data: [QNS Consolidated Financial Statements Q3/2026](https://cafef.vn/du-lieu/qns-3006775/qns-bao-cao-tai-chinh-quy-32026.chn) (23/10/2026) - Vietnam Government Portal: [Trade Defense Measures on Cane Sugar Products](https://baochinhphu.vn/gia-duong-cao-lich-su-co-tao-nen-thoi-diem-vang-cho-nganh-mia-duong-hoi-phuc-102231108154344056.htm) (08/11/2023) - National Statistics Office: [Enterprise Activity in Q3 and 9M 2026](https://www.nso.gov.vn/du-lieu-va-so-lieu-thong-ke/2026/10/hoat-dong-doanh-nghiep-quy-iii-va-9-thang-nam-2026-tin-hieu-cai-thien-tu-san-xuat-dau-tu-va-thi-truong/) (06/10/2026) --- _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._