Petrolimex (PLX) Q1 2026 Net Loss of VND 662B, Record Inventory of VND 30 Trillion

Overview

Petrolimex (PLX), Vietnam’s largest fuel distributor, reported a net loss of VND 662 billion in Q1/2026, compared to a profit of VND 211 billion in the same period last year. The loss was driven by record inventory of nearly VND 30 trillion and a sharp increase in goods in transit to over VND 10 trillion, as global fuel prices experienced extreme volatility. The company’s revenue rose 45% to VND 98.7 trillion, but gross profit remained flat due to soaring cost of goods sold.

Key Facts

• Net loss of VND 662 billion in Q1/2026, versus net profit of VND 211 billion in Q1/2025.
• Revenue reached VND 98.7 trillion, up 45% year-on-year, the highest in 13 years.
• Inventory hit a record VND 30 trillion as of March 31, 2026, up VND 16 trillion from the start of the year.
• Goods in transit surged to VND 10 trillion from VND 1.5 trillion at the beginning of 2026.
• Provision for inventory devaluation stood at VND 6.5 trillion.
• Global diesel prices spiked to USD 292/barrel in March 2026 before falling to USD 140/barrel in April.
• Import surcharges reached USD 30-37 per barrel, an all-time high, according to Petrolimex CEO Luu Van Tuyen.

What Happened

Petrolimex (PLX) released its Q1/2026 consolidated financial statements, revealing a net loss of VND 662 billion, a sharp reversal from the VND 211 billion profit in Q1/2025. The company attributed the loss to unprecedented volatility in global refined fuel prices, with daily swings of USD 20-50 per barrel. CEO Luu Van Tuyen, speaking at the annual general meeting on April 24, noted that import costs for a 40,000-ton tanker surged from USD 25-26 million to USD 85-87 million.

The company’s inventory reached a record VND 30 trillion, including VND 10 trillion of goods in transit, as Petrolimex continued to import fuel to maintain national energy security despite peak prices. The cost of goods sold rose sharply, compressing gross profit to VND 3.7 trillion, nearly flat year-on-year. Petrolimex also set aside VND 6.5 trillion in provisions for inventory devaluation.

Market Context

PLX shares closed at VND 40,000 on April 15, 2026, down 0.5% with volume of 2.68 million shares. The stock has faced pressure from the weak Q1 results and concerns over inventory losses. As a major component of the VN-Index and the sole listed fuel distributor on HOSE, PLX’s performance is closely watched by investors as a proxy for the energy sector. The broader market has been volatile amid global commodity price swings and domestic fuel price adjustments.

Strategic Significance

The Q1 loss underscores the structural challenge Petrolimex faces as a state-mandated fuel importer and distributor. The company must maintain high inventory levels to ensure national energy security, even during periods of extreme price volatility. The inability to fully pass through import costs to retail prices, due to government price controls, creates periodic earnings shocks. Long-term investors should monitor regulatory developments regarding fuel pricing mechanisms and the company’s hedging strategies to mitigate such risks.

What to Watch

• Q2 2026 earnings release for signs of inventory normalization and margin recovery.
• Government decisions on fuel price adjustments and subsidy mechanisms.
• Global crude and refined product price trends, especially diesel and gasoline.
• Petrolimex’s hedging activities and inventory management disclosures.
• Any changes in import surcharges or supply chain disruptions.