PVOIL (OIL) 2026 AGM: Leadership Change, Record 2025 Results, HOSE Listing Plan

Overview

PVOIL (OIL) held its 2026 Annual General Meeting on April 24, reporting record 2025 results and approving leadership changes, including a new Chairman. The company targets higher profit in 2026 and plans to list on HOSE in 2027.

Key Facts

• 2025 consolidated revenue: 151.6 trillion VND, exceeding the annual plan by 56%.
• 2025 pre-tax profit: 654 billion VND.
• 2025 sales volume: over 6 million cubic meters/tons (record high).
• New retail stations added in 2025: 117, bringing total to nearly 1,000.
• 2026 targets: revenue 150.7 trillion VND, pre-tax profit 820 billion VND.
• New Chairman elected: Duong Manh Son (representing parent Petrovietnam).
• Plan to transfer listing from UPCOM to HOSE in 2027.
• EV charging stations to be installed at 60% of retail network; over 1,000 battery swap cabinets for electric motorcycles planned.

What Happened

On April 24, 2026, PetroVietnam Oil Corporation (PVOIL, ticker OIL) held its Annual General Meeting in Ho Chi Minh City. The company reported record 2025 results: revenue of 151.6 trillion VND (56% above plan) and pre-tax profit of 654 billion VND, despite challenges from falling oil prices and natural disasters. Sales volume reached a record 6 million cubic meters/tons, and 117 new retail stations were added.

For 2026, PVOIL targets revenue of 150.7 trillion VND and pre-tax profit of 820 billion VND. Key initiatives include ensuring crude supply for refineries, expanding international trading, rolling out E10 gasoline across the system from April 2026, and starting Jet A-1 fuel sales in Q4 2026. The company also plans to install EV charging stations at 60% of its retail network and deploy over 1,000 battery swap cabinets for electric motorcycles.

The AGM approved leadership changes for the 2026-2031 term: Cao Hoai Duong was removed as Chairman (per Petrovietnam’s request), and Duong Manh Son was elected Chairman. Nguyen Mau Dung joined the Board, and Nguyen Ngoc Nam joined the Supervisory Board. The new Board also appointed Le Vinh Van as Head of the Supervisory Board.

Market Context

OIL closed at 15,000 VND on April 15, 2026, up 0.68% with volume of 2.9 million shares. The stock trades on UPCOM. The oil and gas sector has been under pressure from global oil price volatility, but PVOIL’s record results and growth plans provide a positive narrative. The planned HOSE listing in 2027 could improve liquidity and valuation.

Strategic Significance

The leadership change, with Duong Manh Son from parent Petrovietnam taking the chair, signals continued strategic alignment with the state-owned group. The 2026 targets imply a 25% increase in pre-tax profit, driven by new business lines (Jet A-1, E10) and non-fuel services. The HOSE listing plan aims to enhance access to capital and investor visibility, potentially supporting long-term growth.

What to Watch

• Q1 2026 earnings release to assess progress toward the 820 billion VND profit target.
• Implementation timeline for Jet A-1 fuel sales starting Q4 2026.
• Rollout of EV charging infrastructure and battery swap cabinets.
• Regulatory approval and timeline for HOSE listing in 2027.
• Global oil price trends and their impact on PVOIL’s margins.