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DPM - Earnings beat our forecast despite modest volume - Earnings Flash

DPM posted stellar Q4 2021 results with revenue rising 163.5% YoY to VND5.1tn (USD221mn) and reported net profit surging 15x to VND1.6tn (USD71mn). These robust results were driven by 150.0% YoY and 6.6% YoY increases in average urea price and sales volume, respectively, which outweighed a 41.7% YoY hike in gas input cost, per our estimates. 


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