BSR announced robust Q1 2022 results with revenue of VND35tn (USD1.5bn; +65.3% YoY) and NPAT-MI of VND2.3tn (USD101mn; +25.2% YoY), which were driven by a robust recovery of crack spreads and slight increase of sales volume. In Q1 2022, BSR’s gasoline/diesel/jet fuel crack spreads soared 84%/4x/10x YoY to ~USD15.3/8.1/8.7 per barrel, which beat our expectations. 

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