DCM released Q4 2021 results with revenue increasing 72.3% YoY to VND3.9tn (USD170mn) and net profit surging 4.2x YoY to VND1.1tn (USD48mn). These robust results were driven by a 146.5% YoY increase in average urea price, which outweighed a 50.1% YoY hike in input gas cost and an 11.4% sales volume decline, per our estimates. 

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