- DCM announced Q4 2022 results with revenue of VND4.5tn (USD189mn; +14.1% YoY) and NPAT-MI of VND1tn (USD43mn; -8.2% YoY). We attribute the discrepancy in revenue growth and decline in NPAT-MI to surging labor expenses (under COGS) and advertising expenses (under sales & marketing expenses), which outweighed VND123bn (USD5.2mn) of science fund reversal (under GA expenses).

- For 2022, DCM’s NPAT-MI hit a record high of VND4.3tn (USD181mn; +134.5% YoY). We attribute this strong result to 1) a 43.2% YoY increase in the average selling price of urea (per our estimates) and 2) 12.5% YoY increase in urea sales volume (per our estimates), which outweighed a 22.0% YoY increase in input gas price.