Steel, oil and gas drive Q1 profit surge among listed firms

Steel, oil and gas drive Q1 profit surge among listed firms

Q1 earnings jumped 34.2 per cent year-on-year as non-financial sectors – led by steel and oil and gas services – powered growth

Vinamilk was among the best performers in Q1, with pre-tax profit exceeding VNĐ3 trillion and post-tax profit reaching nearly VNĐ2.5 trillion, up 55 per cent year-on-year. — Photo markettimes.vn

Profits at listed firms surged in the first quarter of 2026, led by strong gains in steel and oil and gas-related industries as commodity prices and a cyclical recovery boosted non-financial sectors.

According to data compiled by FiinGroup, as of April 24, a total of 431 listed companies and banks – representing 28.9 per cent of total market capitalisation – had released financial statements or preliminary estimates for first-quarter results.

Combined net profit rose 34.2 per cent year-on-year.

Non-financial firms were the main driver, posting profit growth of 63.9 per cent, while financial institutions recorded a more moderate increase of 19 per cent.

Key contributors included steel, retail, personal goods, fertilisers, oil and gas services, dairy and beer, all benefiting from favourable price trends and improving demand.

Basic resources – which include steel – saw profit surge by 156.7 per cent year-on-year, while oil and gas posted growth of 74.9 per cent, supported by favourable commodity prices and improved industry cycles.

Leading steelmaker Hoa Phat Group (HPG) reported strong results, with Q1 revenue reaching VNĐ53.3 trillion and post-tax profit exceeding VNĐ9 trillion, up 40 per cent and 170 per cent year-on-year, respectively.

A standout in the oil and gas segment, PetroVietnam Gas Joint Stock Corporation (GAS) reported Q1 revenue of VNĐ38 trillion, up 48 per cent year-on-year.

Within the consumer segment, dairy producer Vinamilk (VNM) and brewer Sabeco (SAB) reported sharp profit increases of 55 per cent and 56 per cent, respectively, largely due to a low comparison base in the same period last year.

Vinamilk's Q1 pre-tax profit exceeded VNĐ3 trillion, while post-tax profit reached nearly VNĐ2.5 trillion, up 55 per cent year-on-year.

Meanwhile, Sabeco reported post-tax profit of around VNĐ1.25 trillion in Q1, up 56 per cent year-on-year.

Despite the strong quarterly performance, both firms maintained cautious full-year outlooks, citing a slow recovery in consumer demand and rising input costs, which have yet to be fully reflected in earnings.

In contrast, the information technology sector saw net profit decline by 13.2 per cent year-on-year, mainly due to a 13.6 per cent drop at FPT Corporation.

However, the decline was largely attributed to an accounting change, as FPT shifted its recognition of FPT Telecom (FOX) from full consolidation to the equity method starting in 2026. Excluding this technical adjustment, FPT’s core profit still rose by around 16.3 per cent. 

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