Enterprise

DCM Profits Surge 2.7x Year-on-Year, Achieving 200% of Annual Plan in 9 Months

PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo or Ca Mau Fertilizer, HOSE: DCM) reported robust earnings in Q3/2025, closely aligning with preliminary estimates. Over the first nine months, the company’s cumulative profit surged by 45%, surpassing its full-year target by an impressive 200%.

Administrator

2 November, 2025

DCM’s Q3/2025 Business Targets

Source: VietstockFinance

In Q3, DCM achieved nearly VND 3.1 trillion in net revenue, a 16% increase year-over-year. Meanwhile, the cost of goods sold rose slightly to VND 2.3 trillion. After deductions, gross profit reached VND 657 billion, up 75%. Gross margin significantly improved from 14.2% to nearly 22%.

Financial revenue tripled compared to the same period last year, hitting VND 129 billion, offsetting a 100% surge in financial expenses (recorded at VND 28 billion). Despite rising selling and administrative costs, substantial gross profit enabled DCM to report a net profit of VND 328 billion, 2.7 times higher than the previous year.

According to the company’s explanation, this growth primarily stems from revenue increasing faster than the cost of goods sold.

For the first nine months, the fertilizer giant recorded over VND 12.4 trillion in revenue, a 35% increase; net profit exceeded VND 1.5 trillion, growing by 45%. These results equate to 89% of the revenue target and 200% of the post-tax profit plan approved by the 2025 Annual General Meeting.

Cà Mau Fertilizer estimates VND 1.7 trillion in profit after nine months, prepares to rename the company

However, it’s worth noting that DCM often sets conservative targets and then exceeds them, as seen in previous years. CEO Văn Tiến Thanh shared at the AGM that the cautious planning reflects the strategy inherited from the parent group (PVN). Annually, DCM must develop scenarios based on oil and urea price forecasts to determine revenue and profit. Yet, actual market conditions often differ significantly from projections.

Source: VietstockFinance

As of September, DCM’s total assets reached VND 16.5 trillion, a 5% increase year-to-date, with over VND 13.5 trillion in current assets (up 5%). Cash and deposits, though down 23%, still stood at nearly VND 6.9 trillion, generating VND 236 billion in deposit interest for the nine months (up 10% year-over-year). Inventory surged 56%, reaching nearly VND 4.6 trillion.

On the capital side, total liabilities rose slightly to over VND 5.95 trillion, while total debt and finance lease obligations (short and long-term) increased 48% year-to-date to nearly VND 2 trillion, primarily due to higher short-term borrowing.

In recent developments, DCM plans to hold an Extraordinary General Meeting on November 5, 2025, at its Ho Chi Minh City office. The agenda includes renaming the company from “Cà Mau Petroleum Fertilizer JSC” to “PetroVietnam Cà Mau Fertilizer Corporation JSC.”

The company stated that the name change supports its strategy to expand production, broaden its agricultural and fertilizer value chain, and reflect its parent-subsidiary model. It also aims to enhance brand recognition and align with plans to grow its agricultural, chemical, and logistics ecosystem.

The rename is expected to facilitate M&A activities, market share expansion, and export growth.

Additionally, the meeting will address amendments to gas purchase agreements for PM3 CAA and Cái Nước Block 46, transferring all rights and obligations from PetroVietnam (PVN) to PV GAS.

Châu An

– 11:02 01/11/2025