Petrolimex (PLX) Q1 2026 Net Loss of VND 662B, Worst in 25 Quarters

Overview

Petrolimex (PLX) reported a net loss of over VND 662 billion in Q1 2026, its worst quarterly performance in 25 quarters, due to a VND 930 billion loss from petroleum trading. The loss was driven by global oil price spikes following the escalation of the Middle East conflict in late February 2026. Revenue rose 45% year-on-year to VND 98,700 billion, but cost of goods sold surged, squeezing gross profit.

Key Facts

• Petrolimex (PLX) reported a net loss of VND 662 billion in Q1 2026, compared to a net profit of VND 211 billion in Q1 2025.
• Revenue rose 45% year-on-year to VND 98,700 billion, the highest in 13 years.
• Gross profit was nearly flat at VND 3,700 billion, as cost of goods sold increased sharply.
• The petroleum trading segment (parent company and 34 domestic subsidiaries) recorded a loss of VND 930 billion, versus a loss of VND 11 billion in Q1 2025.
• Inventory value reached a record high of nearly VND 30,000 billion as of March 31, 2026, up VND 16,000 billion from the start of the year.
• Global refined gasoline (RON95) prices averaged 137 USD/barrel in March 2026, 170% higher than the same period last year, peaking at 170 USD/barrel.
• Global diesel (DO 50ppm) prices averaged 192 USD/barrel in March 2026, 222% higher year-on-year, peaking at 292 USD/barrel.
• Petrolimex maintained inventory at 1.3 times the minimum required level, and purchased spot cargoes at prices up to three times normal levels.

What Happened

Petrolimex (PLX) released its consolidated Q1 2026 financial statements on May 4, 2026, revealing a net loss of VND 662 billion, the lowest quarterly profit in 25 quarters. The company attributed the loss primarily to a VND 930 billion loss from its petroleum trading operations, which includes the parent company and 34 domestic subsidiaries. This compares to a loss of only VND 11 billion in the same period last year.

In an explanatory note, Petrolimex stated that the loss was driven by extraordinary volatility in global fuel markets following the escalation of the Middle East conflict on February 28, 2026. Refined product prices and supply chain surcharges surged unpredictably. In March 2026, the average price of RON95 gasoline reached 137 USD/barrel, peaking at 170 USD/barrel, while diesel (DO 50ppm) averaged 192 USD/barrel, peaking at 292 USD/barrel. Prices then reversed sharply in late March and early April. To ensure supply, Petrolimex purchased spot cargoes at prices up to three times normal levels and maintained inventory at 1.3 times the regulatory minimum.

Market Context

PLX shares closed at VND 40,000 on April 15, 2026, down 0.50% with volume of 2.68 million shares. The stock has likely been under pressure due to the anticipated loss, which was flagged by management at the annual general meeting on April 24, 2026, where CEO Lưu Văn Tuyển warned of a potential VND 1,000 billion loss from petroleum trading in Q1. PLX is listed on HOSE and is a component of the VN30 index. The broader energy sector has been affected by global oil price swings, but PLX’s loss is company-specific due to its exposure to spot market purchases and inventory holding costs.

Strategic Significance

The Q1 loss highlights Petrolimex’s vulnerability to sudden global oil price spikes, given its role as Vietnam’s largest petroleum importer and distributor. The company’s decision to maintain high inventory levels and buy expensive spot cargoes to ensure domestic supply reflects its strategic priority of energy security over short-term profitability. This may reassure regulators and consumers but raises questions about risk management and hedging practices. The loss also underscores the impact of geopolitical events on Vietnam’s energy sector and the challenges of operating in a volatile global market.

What to Watch

• Q2 2026 earnings release, expected in August 2026, to see if the loss reverses with lower global prices.
• Any changes in Petrolimex’s hedging or inventory management policies disclosed in future filings.
• Updates on the Middle East conflict and its impact on global oil prices.
• Potential government intervention or subsidies to stabilize domestic fuel prices.
• Management commentary on the sustainability of dividends and capital expenditure plans.