- DPM released Q2 2022 results with revenue of VND5.0tn (USD218mn; +71.1% YoY) and recurring NPAT-MI of VND1.3tn (USD56mn; +172.1% YoY), which were driven by urea prices surging 85.5% YoY that outweighed a 50.5% YoY input gas cost hike.

- DPM’s NPAT-MI declined 39.5% QoQ in Q2 2022 as the average urea price and sales volume dropped 6.4% QoQ and 25.8% QoQ, respectively. Q2 2022 sales volume was weaker QoQ as urea demand was hurt by high prices. 

- H1 2022 revenue doubled YoY and NPAT-MI was up 5.3x YoY. These figures completed 69.3% and 89.7% of our respective full-year forecasts and beat our expectations mainly thanks to higher-than-expected urea prices.

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