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Quang Ngai Sugar (QNS VN) – H1 2026 – Vinasoy and Sugar Volume Drive Growth
Summary of H1 2026 results and outlook of Quang Ngai Sugar JSC (QNS VN)
- Net revenue rose 16.7% y/y to VND6,052bn. Growth was led by plant-based beverages (45.3% of revenue), with sales up 20.3% y/y, benefiting from the company’s consistent and proactive efforts to strengthen brand equity and expand into higher-end segments. Sales volume rose 10.2% y/y to 140mn liters, while a more premium product mix—particularly a ~50% y/y growth in the Veyo nut-milk line—lifted ASP by 9.1% y/y. In sugar segment (32.5% of revenue), volume reached 126k tons (+40.0% y.y) while ASP declined 16.9% y/y in line with lower global sugar prices, although prices have gradually recovered since the Q4/2025’s trough. Meanwhile, the company continued to deepen monetization across the sugar value chain, with bagasse-fired biomass power generation ramping up to near-full utilization and saw revenue rising 45.3% y/y.
- Blended gross margin widened to 34.0% (+1.2ppts y/y), as margin improvement in plant-based beverages and higher utilization of biomass capacity more than offset lower sugar profitability. SG&A expenses rose 49.8% y/y, reflecting continued substantial investment in marketing and stepped-up commercial spending. Still, higher net financial income largely cushioned the impact, with net profit rising 2.2% y/y to VND958bn.
- Ongoing investment across both core businesses, advancing the plant-based beverage franchise and greater value extraction from the sugar chain. As urbanization, modern retail expansion and rising demand for healthier, higher-quality products create favorable conditions for branded soymilk conversion and broader nut-milk adoption, the company continues to commit substantial resources to brand equity, product development and commercial execution. Most recently, QNS further underscored this direction through Vinasoy’s announcement of its new brand message, “Creating wholesome nutrition from soybeans and nuts”. For the sugar business, market conditions should gradually improve thanks to tighter global supply dynamic and domestic policy support. The company is also expanding and maintaining the country’s largest cane area, providing technological support to farmers, expanding biomass power capacity and developing ethanol production to capture more value from each ton of cane, thus enhancing feedstock security, cost competitiveness and profitability.
- For H2/2026, we expect revenue to maintain a robust growth. Plant-based beverage sales should remain solid with steady volume growth and higher ASP through product mix enhancement. Sugar sales volume is expected to stay resilient, backed by the current 2025/26 crushing season output, while profitability also improves as prices expected to recover.
Interested in QNS? Click here to read more of our previous analysis on QNS’s quarterly earnings.
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