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On May 8, 2026, DGC held an extraordinary general meeting to elect a new board of directors, select an auditing firm, and update some information related to the company’s business operations. The company has not yet released its business plan for 2026 due to the suspension of mining operations following the legal incident and recent fluctuations in input material prices. Therefore, we are temporarily suspending our rating of DGC shares and awaiting more specific information.
Q1 2026, DGC achieved revenue of VND 2,124 billion (-24.4% yoy), net profit decreased to VND 430 billion (-48.6% yoy). The decline in profit in Q1 2026 mainly came from (1) sharply increased input costs, and (2) the temporary suspension of operations at Mine 25. This forced DGC to import apatite ore with high cost. Specifically, the price of sulfur increased threefold compared to the same period last year, and the prices of electricity, coal, and ammonia all escalated.
