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Binh Minh Plastics (BMP VN) – Q3 2025 – Net Profit Up 27% Amid Construction Recovery
Summary of 9M 2025 results and outlook of Binh Minh Plastics JSC (BMP VN)
- Net revenue reached VND4,224bn (+18.5% y/y), driven by an 18.1% increase in sales volume as Vietnam’s broader economic activities and construction sector strengthened. BMP sold ~71,000 tons (PVC: ~92%; HDPE: ~5%; PPR: ~3%). Gross profit margin (GPM) rose to 45.8% (vs. 43.1% in 9M/2024) on an 11.7% drop in PVC input costs and 22.2% lower depreciation. Net profit grew 27.3% y/y to VND967bn, setting a record-high margin of 22.9%—BMP’s most profitable period to date.
- Vietnam’s plastic pipe industry remains on a solid growth trajectory, supported by strong GDP growth, rapid urbanization, and regulatory easing. Construction momentum, particularly in southern provinces, continues to strengthen as project approvals accelerate, economic activities increase, and interest rates remain low. These macro drivers underpin broad-based construction growth, especially in individual housing—the key demand source for BMP’s PVC pipes.
- PVC prices are expected to remain stable through Q4/2025 before edging up slightly to ~USD730/ton in 2026, although this level remains historically low. A gradual recovery in Chinese demand, combined with India’s imposition of anti-dumping duties, is likely to keep regional prices subdued but on a modest upward trajectory. This environment continues to support favorable conditions for PVC manufacturers.
- BMP’s dual growth strategy—consolidating its core residential business while expanding into infrastructure and agriculture—will continue to drive volume growth. In PVC and PPR, BMP strengthens its leadership through targeted marketing and its Singapore Green Building Council (SGBC) Leader certification, supporting premium pricing. Meanwhile, HDPE expansion positions the company to capture infrastructure demand, though through a more competitive pricing strategy. Over the longer term, revenue and net profit should keep rising, though margins will gradually normalize as PVC input prices recover and HDPE’s volume contribution increases.
- For FY2026, net margin is expected to remain strong despite modest margin compression from higher PVC input costs and greater HDPE contribution
Interested in BMP? Click here to read more of our previous analysis on BMP’s quarterly earnings.
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