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In 2025, DPM achieved revenue of VND 16,564 billion (+22.7% yoy, 129% of plan, and 107% of ACBS’s forecast), and net profit of VND 1,095 billion (+97.7% yoy, 342% of plan, and 92% of ACBS’s forecast). The growth in business results was mainly due to high fertilizer prices and lower gas prices, resulting in improved profit margins.
In 2025, Urea and NPK fertilizer prices grew by approximately 4%, reaching average prices of VND 12,600/kg and VND 14,700/kg respectively in 2025. Urea segment continues to account for the majority of revenue and gross profit, representing approximately 57% of the overall structure.
Revenue from imported products increased sharply to VND 4,260 billion (+123% yoy), and profit from this segment also surged to VND 205 billion (+363% yoy). Although the profit margin was significantly lower than domestically produced products (4.8% compared to 22.2%), the growth in the imported product segment contributed significantly to DPM’s overall business performance growth.
For the year 2026, we forecast DPM’s revenue to reach VND 17,662 billion (+7% yoy) and net profit of VND 1,205 billion (+9% yoy). Using the discounted cash flow (DCF) method, the target price of DPM is VND 28,500/share by the end of 2026. Rating: OUTPERFORM.
