Binh Minh Plastics Achieves Record Profit Under Thai Ownership

Binh Minh Plastics (BMP), a leading Vietnamese plastic manufacturer, has achieved a record after-tax profit of VND 367 billion (approximately USD 14.4 million) in the second quarter, a significant milestone under the management of its Thai shareholder. The company's revenue also saw a notable increase. According to BMP's Q2 financial report, revenue reached nearly VND 1,320 billion (approximately USD 51.8 million), an increase of over 9% compared to the same period last year. Gross profit after deducting the cost of goods sold was approximately VND 617 billion, resulting in a gross profit margin of about 46.7%. The company also recorded financial revenue of over VND 28 billion, up nearly 11%, primarily from interest on deposits, as it held nearly VND 1,600 billion (approximately USD 62.7 million) in savings. Operating expenses trended downwards during the period. Selling expenses were significantly reduced, while financial and corporate management costs saw slight increases. Cumulatively, BMP's after-tax profit stood at over VND 367 billion, an improvement of more than 11% compared to Q2 2025. This marks a record quarterly profit for the company. For the first half of the year, the company's revenue reached nearly VND 2,777 billion (approximately USD 109 million), with an after-tax profit of over VND 671 billion (approximately USD 26.3 million). These figures represent increases of 3% and 9%, respectively, compared to the first six months of the previous year. BMP has set a revenue target of VND 6,053 billion (approximately USD 237 million) and an after-tax profit target of VND 1,278 billion (approximately USD 50.2 million) for the current year. Currently, the company has achieved approximately 46% of its revenue target and over 52.5% of its profit plan. With over 50 years of operation, Binh Minh Plastics was formerly a state-owned enterprise and is recognized as one of Vietnam's leading plastic manufacturers, known for its range of household and high-tech products used in numerous national projects. In 2018, Nawaplastic, a member of Thailand's SCG Group, gained controlling stakes by acquiring 24.2 million BMP shares from the State Capital Investment Corporation (SCIC). SCG's subsidiary had become a major shareholder in the largest listed plastic enterprise since 2012. It is estimated that Nawaplastic has invested a total of approximately VND 2,750 billion (approximately USD 107.8 million) to acquire its current stake in BMP. Favorable business conditions have enabled Binh Minh Plastics to maintain a consistent history of cash dividend payouts. Since the Thai shareholder's investment, the company has distributed profits to shareholders with payout ratios ranging from a minimum of 20% to a maximum of 126%. The total accumulated dividends paid out from 2012 to date amount to over VND 3,200 billion (approximately USD 125.5 million), indicating that Nawaplastic has recouped approximately 18.5% of its investment solely through dividends. Furthermore, on the stock exchange, Binh Minh Plastics shares were trading at VND 151,600 (approximately USD 5.95) per unit as of last weekend. This means the value of BMP shares held by SCG's subsidiary is now over VND 6,800 billion (approximately USD 266 million), 2.5 times the initial capital invested.