BMP announced its Q2 2023 results with revenue of VND1.3tn (USD56.6mn; -7% QoQ & -14% YoY) and NPAT-MI of VND295bn (USD12.5mn; +5% QoQ & +103%YoY).

The strong NPAT-MI growth in Q2 2023 was driven by gross margin expanding to a record high of 42.8% from an already high level of 38.5% in Q1 2023, which more than offset SG&A expenses on sales increasing to 15.1% vs 13.0% in Q1 2023 and 10.9% for full-year 2022. We mainly attribute the surge in gross margin to favorable input plastic prices and BMP’s continuing efforts in production optimization. 

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