KSV (VIMICO) 2025 Net Profit Jumps 56% to VND 1,908B on High Gold Prices

Overview

Tổng Công ty Khoáng sản TKV – CTCP (VIMICO, ticker: KSV), Vietnam’s largest gold and silver miner, reported 2025 audited results with net profit surging 56% year-on-year to VND 1,908 billion. Revenue increased 10% to VND 14,554 billion, supported by high gold and metal prices. A potential export ban on sulfuric acid from China could boost revenue from this by-product, while a rare earth subsidiary incurred significant costs.

Key Facts

• 2025 audited net profit: VND 1,908 billion, up 56% from 2024.
• 2025 revenue: VND 14,554 billion, up approximately 10% year-on-year.
• Average gold selling price: VND 2.5 billion per kg, up VND 758.8 million year-on-year.
• Gross profit margin: 24%, lifted by higher silver and zinc prices.
• Short-term debt: Reduced sharply from VND 2,186 billion to VND 1,291 billion by year-end 2025.
• Sulfuric acid production: Over 145,000 tons in 2025, with 2026 target above 128,000 tons.
• Rare earth subsidiary cost: Over VND 90 billion in additional expenses, contributing to a post-audit profit reduction.

What Happened

According to its audited consolidated financial statements for 2025, VIMICO (KSV) recorded revenue of VND 14,554 billion, a 10% increase from the previous year. Net profit reached VND 1,908 billion, a 56% surge. The company attributed the strong performance to higher selling prices for its key metal products. The average copper price rose by VND 32 million per ton to VND 262.2 million, while gold averaged VND 2.5 billion per kg. The article notes that rising silver and zinc prices directly contributed to a gross profit margin of 24%.

The report also highlighted the company’s sulfuric acid by-product, produced from capturing SO2 gas during metal smelting. VIMICO produced over 145,000 tons in 2025, generating revenue by supplying the fertilizer and chemical industries. Analysts are monitoring this segment due to market information suggesting China may ban sulfuric acid exports, which could boost prices and revenue for VIMICO. However, the audited results included a reduction of over VND 90 billion in profit due to additional costs at its subsidiary, Công ty Cổ phần Đất hiếm Lai Châu, following the termination of its rare earth mining project at Đông Pao mine in early 2026.

Market Context

KSV trades on the HOSE exchange. On April 10, 2026, the stock closed at VND 156, down 0.06% on volume of 32,400 shares. The 2025 results demonstrate resilience in the mining sector amid high commodity prices, though the stock’s recent flat performance may reflect investor caution over the rare earth subsidiary’s costs and broader market volatility. As a major player in Vietnam’s basic resources sector, KSV’s performance is closely tied to global metal price trends and domestic regulatory developments.

Strategic Significance

The results underscore VIMICO’s dual exposure to precious metal cycles and industrial by-products. The strong profit growth validates its integrated business model, where high-margin gold sales fund debt reduction and operational stability. The sulfuric acid segment represents a strategic hedge, transforming an environmental liability into a potential revenue stream, especially if China’s export restrictions tighten supply. However, the significant costs from the rare earth subsidiary highlight the risks in diversification efforts and regulatory challenges in Vietnam’s mining sector.

What to Watch

• 2026 quarterly earnings releases to track sulfuric acid sales volume and pricing impact from potential Chinese export policies.
• Updates on the operational status and financial restructuring of the rare earth subsidiary, Công ty Cổ phần Đất hiếm Lai Châu.
• Global gold and copper price trends, which directly influence KSV’s core profitability.
• Any official announcements from Chinese authorities regarding sulfuric acid export bans.
• KSV’s short-term debt levels in subsequent financial reports to assess ongoing financial health.