- DPM announced Q4 2022 results with revenue of VND3.9tn (USD165mn; -23% YoY) and reported NPAT-MI of VND1.2tn (USD51mn; -27% YoY). In Q4 2022, revenue was flat QoQ, but reported NPAT-MI increased 20% QoQ due to a 10% QoQ decline in input gas prices (per our estimates).

- For 2022, DPM’s reported NPAT-MI hit a record high of VND5.6tn (USD237mn; +79% YoY). We attribute this robust result to a 44% YoY increase in urea ASP (per our estimates) and a 10% YoY increase in urea sales volume (per our estimates), which outweighed an 18% YoY increase in input gas prices (per our estimates).