Petrolimex Q2 Revenue Record, Profit Swing; PVOIL Loss

Overview

Petrolimex (PLX) reported a record quarterly revenue of VND 136,218 billion for Q2 2026, up 78% year-on-year, and swung to a net profit of VND 3,044 billion after a Q1 loss. In contrast, PVOIL (OIL) achieved record revenue of VND 90,003 billion but posted a net loss of VND 95 billion due to soaring costs. The diverging results highlight the impact of volatile oil prices on Vietnam’s fuel distributors.

Key Facts

• Petrolimex Q2 net revenue: VND 136,218 billion, +78% YoY, highest ever quarterly.
• Petrolimex Q2 net profit: VND 3,044 billion, versus Q1 loss of VND 662 billion.
• Petrolimex H1 revenue: VND 234,916 billion, +62.7% YoY; net profit VND 2,382 billion, +45.7% YoY.
• Petrolimex inventory at end-June: VND 20,618 billion (cost), with provisions of VND 439 billion.
• PVOIL Q2 revenue: VND 90,003 billion, 2.2x YoY; net loss of VND 95 billion.
• PVOIL H1 revenue: VND 134,867 billion, +85.5% YoY; net profit VND 476 billion, 2x YoY.
• PVOIL inventory at end-June: VND 5,920 billion, double from start of year; provisions rose to VND 231 billion.

What Happened

Petrolimex (PLX) released its consolidated financial statements for Q2 2026, showing a dramatic turnaround. After a loss-making Q1 due to oil price volatility and inventory provisions, the company posted a net profit of over VND 3,044 billion. Management attributed the improvement to a 12% increase in petroleum sales volume, reversal of inventory provisions, and proactive inventory management. Subsidiaries in aviation fuel, petrochemicals, gas, logistics, and insurance also contributed positively.

PVOIL (OIL) reported record revenue of VND 90,003 billion for Q2, but a net loss of VND 95 billion. The company cited higher cost of goods sold, financial expenses, and selling costs. Average Brent crude in Q2 was about $104.5 per barrel, up 54% YoY, raising import costs. Interest expenses increased due to higher rates and working capital needs, while financial income was insufficient to offset costs.

Market Context

PLX shares closed at VND 33,300 on August 2, 2026, on the HOSE. The stock has been under pressure from oil price swings and inventory risks. The Q2 profit recovery may support sentiment, but high inventory levels (VND 20,618 billion) and provisions remain a concern. OIL, also on HOSE, closed at VND 13,000. Its net loss in Q2, despite record revenue, reflects margin compression that could weigh on the stock. The broader Vietnamese energy sector is sensitive to global oil prices and domestic fuel pricing policies.

Strategic Significance

For PLX, the Q2 rebound demonstrates the benefits of disciplined inventory management and diversified business lines. The company’s ability to reverse losses quickly suggests operational resilience, but investors should monitor inventory provisions and oil price trends. For OIL, the loss highlights the vulnerability of pure-play fuel distributors to cost inflation and interest rate cycles. The contrasting results may lead to a re-rating of PLX relative to OIL, as PLX shows better risk management and earnings stability.

What to Watch

• Q3 2026 earnings reports for PLX and OIL, expected in October, to see if trends continue.
• Global oil price movements, especially Brent crude, and their impact on inventory valuations.
• Changes in domestic fuel pricing regulations or subsidies.
• PLX’s inventory levels and provision reversals in subsequent quarters.
• OIL’s cost management initiatives and any impact on margins.