DCM released Q1 2021 financial statements that were in line with the preliminary figures announced at the company’s AGM on April 27, 2021. More details on DCM’s AGM can be found in our AGM Note.DCM’s Q1 2021 revenue was VND1.9tn (USD80mn; +39.1% YoY) while its NPAT-MI reached VND151bn (USD6mn; +65.4% YoY), which was driven by an increase in urea prices and sales volume outweighing the impact of higher input gas costs. Q1 2021 average global urea price (Black Sea) rose 44% YoY and 30.5% QoQ.