X-Stock | VIP: Q3 2025 earnings update

EARNINGS UPDATE

Q3 2025 results: VIP recorded net revenue of VND 163 billion (+1% YoY) and NPAT-MI of VND 16 billion (-25% YoY).

1. Revenue was broadly unchanged compared with 2024, as the company no longer benefited from the low-base effect seen in 1H2024.
2. NPAT-MI -25% YoY, mainly due to:

•  SG&A expenses increasing by 85% YoY, with the SG&A-to-revenue ratio reaching 18% (+8 percentage points YoY) due to additional market survey expenses related to the company’s plan to invest in new oil/chemical tankers.
• Financial income increased by +36% YoY, supported by the company’s adjustment of deposit maturities within its cash deposit portfolio.

9M 2025 results: VIP recorded net revenue = VND 462 billion (+9% YoY) and NPAT-MI of VND 79 billion (+25% YoY). The improvement was driven by: (1) cost savings after the Petrolimex 16 vessel became fully depreciated; and (2) new time charter contracts signed at improved rates compared with the 2024 level.

BSC’S ASSESSMENT

We note that revenue was flat after growing by 14% YoY in Q2 2025, mainly because time charter contracts, which are typically renewed every July, were adjusted downward amid a -7% YTD decline in one-year time charter rates for product/chemical tankers.

Meanwhile, new vessel investment progress has fallen short of expectations, as the company has not yet completed its plan to add oil/chemical tankers of below 50,000 DWT by the expected timeline of late Q3 to early Q4 2025. This has delayed the timing of revenue contribution from new vessels and weighed on the company’s growth outlook for 2026F.