Petrolimex (PLX) 9M2026 Profit VND4,688B, Beats 2026 Plan by 39%

Overview

Petrolimex (HOSE: PLX) reported 9M2026 pre-tax profit of VND4,688 billion, up 67% year on year and equal to 139% of its full-year 2026 profit plan, according to its consolidated Q3/2026 financial statements. Q3 pre-tax profit rose 122% to VND1,790 billion as revenue grew 66% on higher fuel prices and an 11% increase in sales volume.

Key Facts

• 9M2026 pre-tax profit: VND4,688 billion, +67% YoY; after-tax profit VND3,753 billion, +60%; attributable to parent shareholders VND3,278 billion, +55%.
• 9M2026 net revenue: VND373,226 billion, +64% YoY; gross profit +39% YoY.
• Q3/2026 net revenue: VND138,482 billion, +66% YoY; gross profit VND7,303 billion, +62%; pre-tax profit VND1,790 billion, +122%; after-tax profit VND1,363 billion, +93%.
• 9M2026 basic earnings per share: VND2,163.
• 2026 AGM plan: revenue VND315,000 billion and pre-tax profit VND3,380 billion; 9M results equal 118% of the revenue plan and 139% of the profit plan.
• Total assets at 30 September 2026: VND109,009 billion, +27% since the start of the year; cash and short-term investments VND28,407 billion, up VND2,758 billion; equity VND31,359 billion.
• Full-year 2025 comparison: revenue VND309,875 billion and pre-tax profit VND3,643 billion; 9M2026 already exceeds both.

What Happened

Tập đoàn Xăng dầu Việt Nam (Petrolimex), the country’s largest fuel distributor, published its consolidated Q3/2026 financial statements showing net revenue of VND138,482 billion for the quarter, up 66% from a year earlier. Gross profit rose 62% to VND7,303 billion, while financial income increased 18% to VND634 billion and financial expenses were VND614 billion, including VND257 billion of interest expense. Selling expenses and general and administrative expenses were VND5,271 billion and VND389 billion, respectively. Q3 pre-tax profit reached VND1,790 billion, up 122%, and after-tax profit VND1,363 billion, of which VND1,241 billion was attributable to parent shareholders.

For the nine months, Petrolimex said revenue growth mainly reflected a higher average fuel price environment and sales volume up more than 11%, alongside its role in ensuring market supply. Gross profit rose 39%, slower than the 64% revenue increase, but selling and administrative costs rose only 25%, supporting profit growth. The company said net profit per VND100 of revenue was about VND1, roughly unchanged from VND1.03 a year earlier. The 2026 annual general meeting had approved a revenue plan of VND315,000 billion and a pre-tax profit plan of VND3,380 billion, set when world oil prices were volatile and the company recorded a loss in Q1/2026. After nine months, Petrolimex has achieved 118% of the revenue plan and 139% of the pre-tax profit plan.

Market Context

PLX trades on the HOSE at VND34,000 per share as of 1 November 2026. The results place Petrolimex among the stronger performers in the Vietnamese energy and oil-and-gas sector for 2026, a year in which the company itself noted a first-quarter loss before a sharp recovery. The stock’s price context reflects a market that has already begun to price in the earnings recovery, and the 9M beat of the full-year plan by 39% provides a concrete earnings base against which the remainder of the year will be assessed.

Strategic Significance

The key strategic point is that Petrolimex has already exceeded its full-year profit target with a quarter to spare, which reduces the risk of a negative earnings surprise in Q4 and shifts attention to how the company deploys its balance sheet. Total assets rose 27% to VND109,009 billion and cash and short-term investments reached VND28,407 billion, giving the group room to fund its stated priorities: fuel supply security, investment in rest stops, petrol stations, terminals, ports and pipelines, and the stabilisation of E10 gasoline operations. The thin net margin of about 1% means profit is highly sensitive to volume and cost control rather than price alone, so the 25% increase in selling and administrative costs versus 39% gross profit growth is a meaningful operational signal.

What to Watch

• Q4/2026 and full-year 2026 financial statements, expected in early 2027, to confirm whether the 9M beat is sustained.
• Monthly fuel price adjustments and world oil price trends, given the company’s sensitivity to inventory and pricing.
• Progress on E10 gasoline blending, storage and distribution capacity, as flagged in the company’s outlook.
• Capital expenditure updates on rest stops, petrol stations, terminals, ports and pipeline projects.
• Any disclosure on the use of the VND28,407 billion cash and short-term investment balance, including dividends or debt reduction.