- 2023-04-27T00:00:00
- Company Research
- DPM announced Q1 2023 results with revenue of VND3.3tn (USD138.3mn; -44% YoY) and reported NPAT-MI of VND260bn (USD11.0mn; -88% YoY).
- We attribute the weak results to a 44% YoY decrease in urea average selling prices, 19% YoY decrease in urea sales volume and 2% YoY increase in input gas price (per our estimates). In addition, we attribute the higher input gas price to an increased tariff (as the average fuel oil price dropped 26% YoY).
- We note that Q1 2023 sales & marketing expenses and general & administrative expenses were lower than expected, completing 21% and 17% of our respective full-year forecasts and helping to offset lower-than-expected financial income (13% of our full-year forecast).
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