Surging Tungsten Prices Propel MSR to Record-High Profit

The second quarter of 2026 marked a breakthrough for Masan High-Tech Materials Corporation (MSR), as the company reported the highest after-tax profit in its operating history. The exceptional performance reflects both the sharp rise in global tungsten prices and the effectiveness of the company’s strategy to expand mining operations and deepen mineral processing.

According to the company’s latest financial results, MSR’s profit after corporate income tax (NPAT Pre-MI) reached VND 1,666 billion in the second quarter of 2026, soaring from VND 6 billion in the same period last year. This represents the highest quarterly profit since the company commenced operations and exceeds the combined profits generated in all previous years.

For the first six months of 2026, after-tax profit totaled VND 2,202 billion, equivalent to approximately 88% of the company’s full-year profit target, positioning MSR to significantly outperform its 2026 business plan.

The primary driver of this remarkable growth was the tungsten market. As a strategic material widely used in high-tech industries—including artificial intelligence (AI), semiconductors, defense, and energy—tungsten has experienced unprecedented demand worldwide.

During the second quarter, MSR posted net revenue of VND 8,138 billion, more than five times higher than the same period in 2025. Revenue for the first six months reached VND 11,131 billion, up 270% year over year. Tungsten alone contributed VND 7,594 billion in quarterly revenue and VND 10,042 billion during the first half of the year, making it the company’s primary growth engine.

According to MSR, the average Fastmarkets Ammonium Paratungstate (APT) high price—the benchmark for the global tungsten market—reached US$3,245/mtu during the second quarter, more than six times higher than a year earlier, and remained at US$3,250/mtu at the end of June. The record-high tungsten price played a decisive role in boosting both revenue and profitability.

In addition to favorable market conditions, the company’s operating efficiency improved significantly. Following the renewal and amendment of its mining license in February 2026, MSR processed 708,000 tonnes of ore during the second quarter, up 29% year over year and 62% quarter over quarter. Increased utilization of internally mined ore—which delivers higher profit margins than externally purchased concentrate—has continued to strengthen the company’s profitability.

The improvement was also reflected in EBITDA, which climbed to VND 2,492 billion in the second quarter, an increase of 337% from the same period last year. EBITDA for the first six months reached VND 3,542 billion, up 263% year over year.

Alongside production growth, MSR continues to strengthen its long-term development platform. The company is advancing both the Nui Phao Expansion Project and the Nui Chiem Project, which are expected to add approximately 115 million tonnes of potential mineral resources and extend the mine’s operating life by an estimated 20 to 30 years.

In downstream processing, MSR has enhanced the utilization of its refining facilities, diversified third-party concentrate supply sources, and established a strategic partnership with GB Innovation to expand its tungsten oxide production capacity to 8,000 tonnes per year by 2027.

The company’s financial position also continued to improve. As of June 30, 2026, its net debt-to-EBITDA ratio had fallen to 2.1x, ahead of schedule. Management expects the ratio to decline well below its year-end target of approximately 1.7x. Should tungsten prices remain at current levels, MSR aims to achieve a net cash position during 2027–2028, laying the foundation for future cash dividend payments.

At the same time, MSR is accelerating preparations for a potential transfer of its stock listing to the Ho Chi Minh City Stock Exchange (HOSE), a move expected to broaden its investor base and enhance flexibility in raising capital for long-term strategic initiatives.

MSR’s second-quarter 2026 results underscore the company’s ability to capitalize on growing global demand for strategic materials while demonstrating the effectiveness of its investment strategy in mining expansion, downstream processing, and operational optimization. With tungsten expected to remain a critical raw material for high-tech supply chains, the company appears well positioned to sustain its growth momentum in the years ahead.

Source: Baothainguyen