Petrolimex H1 Revenue Hits VND 235T, Becomes Top on HOSE

Overview

Petrolimex (PLX), Vietnam’s largest fuel retailer, reported robust H1 2026 results with revenue surging 63% year-on-year to nearly VND 235,000 billion, making it the highest-revenue company on the Ho Chi Minh Stock Exchange (HOSE). Net profit attributable to parent shareholders rose 36% to VND 2,046 billion, supported by strong fuel demand and inventory gains. The company’s performance underscores its dominant position in the domestic petroleum distribution market.

Key Facts

• H1 2026 net revenue reached nearly VND 235,000 billion, up 63% YoY, completing 75% of the annual plan.
• Q2 2026 net revenue was over VND 136,200 billion, up 78% YoY; after-tax profit was VND 3,045 billion, up 114% YoY.
• H1 pre-tax profit reached VND 2,868 billion, up 43% YoY, achieving 85% of the full-year target.
• Parent shareholders’ after-tax profit for H1 was VND 2,046 billion, up 36% YoY.
• Total assets at June 30 stood at nearly VND 87,900 billion, up over VND 2,000 billion from the start of the year.
• Inventory at end-Q2 was over VND 20,000 billion (including VND 400 billion provision), down from nearly VND 30,000 billion at end-Q1.
• Total liabilities were over VND 58,700 billion, with financial debt at nearly VND 10,700 billion, 94% short-term.

What Happened

According to the consolidated financial statements for Q2 2026, Petrolimex recorded net revenue of over VND 136,200 billion, a 78% increase from the same period last year. After deducting costs, the company posted after-tax profit of VND 3,045 billion, up 114% YoY, with parent shareholders’ profit at VND 2,808 billion. For the first half, net revenue reached nearly VND 235,000 billion, up 63% YoY, averaging nearly VND 1,300 billion per day.

This performance allowed Petrolimex to surpass Vingroup to become the top revenue company on the exchange, with revenue double that of Vinhomes, Hòa Phát, and Thế Giới Di Động. The company’s pre-tax profit for H1 was VND 2,868 billion, up 43% YoY, achieving 85% of the annual profit target. The results were disclosed in the company’s financial statements, which also showed a significant increase in inventory due to geopolitical tensions in the Middle East, though inventory levels declined from the Q1 peak.

Market Context

PLX shares closed at VND 33,300 on July 31, 2026, reflecting a period of consolidation after the earnings release. The stock trades on HOSE, and the company’s strong fundamentals are set against a backdrop of rising global fuel prices and supply chain concerns. Petrolimex’s revenue leadership highlights its scale advantage in the oil and gas sector, which remains a key driver of the Vietnamese economy. The company’s ability to generate high revenue while managing inventory risks is a positive signal for investors tracking the energy sector.

Strategic Significance

Petrolimex’s H1 results demonstrate its resilience and operational efficiency in a volatile market. The company’s dominant market share in fuel distribution, combined with strategic inventory management, positions it well to capitalize on energy demand growth. The completion of 75% of revenue and 85% of profit targets in just half a year suggests strong full-year potential. For long-term investors, Petrolimex offers exposure to Vietnam’s energy consumption story, with potential for continued earnings growth if fuel prices remain supportive.

What to Watch

• Q3 2026 earnings release, expected in October, to see if revenue and profit momentum continues.
• Full-year 2026 results and whether the company exceeds its annual profit target.
• Changes in global oil prices and their impact on inventory valuations and margins.
• Any regulatory changes in fuel pricing or distribution policies that could affect Petrolimex’s operations.
• The company’s dividend policy and capital allocation, given its substantial retained earnings and undistributed profits.