Petrolimex (PLX) 9M Revenue Hits VND373,226B, Reclaims Top Non-Financial Spot

Overview

Petrolimex (ticker PLX, HOSE) reported nine-month revenue of VND373,226 billion, up 64% year on year, reclaiming the top position among non-financial companies listed on the Vietnamese exchanges ahead of Vingroup (VIC) at VND372,500 billion. Pre-tax profit for the period reached VND4,688 billion, up 67%, with third-quarter pre-tax profit more than doubling. The result matters for PLX because it restores the fuel distributor’s revenue leadership after Vingroup overtook it in 2025, and because profit has already exceeded the full-year target after only nine months.

Key Facts

• 9M revenue of VND373,226 billion, up 64% year on year, an average of nearly VND1,400 billion per day.
• 9M pre-tax profit of VND4,688 billion, up 67% year on year.
• Q3 revenue of VND138,482 billion, up 66%; Q3 gross profit of VND7,303 billion, up 62%.
• Q3 pre-tax profit of VND1,790 billion, up 122%; after-tax profit of VND1,363 billion, up 93%; profit attributable to parent shareholders of VND1,241 billion.
• Q3 interest expense of VND257 billion within total financial costs of VND614 billion; selling expenses of VND5,271 billion and general and administrative expenses of VND389 billion.
• Revenue is roughly 1.8x Vinhomes (VHM) at VND202,586 billion, 2.2x Hòa Phát (HPG) at VND170,274 billion and 2.5x Thế Giới Di Động (MWG) at VND147,827 billion.
• PV OIL ranked third among non-financial companies with revenue of VND226,976 billion, followed by Vinhomes and Hòa Phát.

What Happened

According to newly published figures cited in the report, Tập đoàn Xăng dầu Việt Nam (Petrolimex) continued to lead the ranking of non-financial companies with the largest revenue on the stock market in the first nine months of the year. The company recorded net revenue of VND373,226 billion, an increase of 64% over the same period last year, equivalent to nearly VND1,400 billion of revenue per day. The figure was slightly above Vingroup’s VND372,500 billion, reversing the 2025 outcome in which Vingroup’s revenue first surpassed Petrolimex at more than VND330,000 billion versus roughly VND310,000 billion.

The article attributes the scale to strong third-quarter trading. Net revenue in the quarter reached VND138,482 billion, up 66%, and gross profit after cost of goods sold rose 62% to VND7,303 billion. Financial income was VND634 billion, up 18%, while financial costs rose to VND614 billion, of which VND257 billion was interest expense. After deducting expenses, Petrolimex reported pre-tax profit of VND1,790 billion, up 122%, and after-tax profit of VND1,363 billion, up 93%, of which VND1,241 billion was attributable to parent-company shareholders. The report does not state whether the figures are audited or whether they come from a specific regulatory filing.

Market Context

PLX closed at VND33,000 on 2 November 2026 on HOSE. The stock sits in the Energy and Oil & Gas sector, where revenue is closely tied to global product prices and domestic retail volumes rather than to margin expansion alone, so a 64% revenue increase should be read alongside the 67% profit increase rather than in isolation. The ranking also highlights the scale of the Vietnamese fuel distribution complex: Petrolimex, PV OIL and Bình Sơn Refining (BSR) all appear among the ten largest non-financial companies by revenue, alongside steel, retail and aviation names. The article notes that both Petrolimex and Vingroup have already exceeded their full-year 2025 revenue in the first nine months of 2026, a signal of broad nominal growth across the large-cap universe.

Strategic Significance

The core thesis for PLX is scale plus regulated retail margin: as the dominant fuel distributor, it converts volume and price into very large revenue with thin percentage margins, so the 122% jump in quarterly pre-tax profit is the more meaningful line than the headline revenue ranking. Beating the full-year profit plan in nine months gives the company room to absorb later price volatility or inventory losses, and it strengthens the case that the retail network and supply agreements are generating operating leverage. The competitive dynamic to watch is the gap with PV OIL, which posted VND226,976 billion of revenue, and with BSR, whose refining margins feed directly into Petrolimex’s cost base. The revenue leadership over Vingroup is largely a symbolic ranking and should not be treated as a valuation argument on its own.

What to Watch

• Full-year 2026 profit versus the annual plan, given that the nine-month figure already exceeds the target.
• Q4 revenue and gross margin as global product prices move, since inventory timing affects reported profit.
• Any disclosure on the source and audit status of the nine-month figures.
• Retail volume and market-share data relative to PV OIL.
• Refining margin trends at BSR, which feed into Petrolimex’s cost of goods sold.