Petrolimex Q1/2026 Revenue Hits VND 98.7T, Highest in 13 Years, but Net Loss of VND 662B

Overview

Petrolimex (PLX) reported consolidated Q1/2026 net revenue of nearly VND 98,700 billion, up 45% year-on-year and the highest quarterly revenue in 13 years. However, the company recorded a net loss of VND 662 billion, compared to a net profit of VND 211 billion in Q1/2025, due to soaring global oil prices and supply chain costs. The loss marks the weakest quarterly profit in 25 quarters since Q1/2020.

Key Facts

• Q1/2026 net revenue reached VND 98,700 billion, up 45% YoY and the highest since Q2/2013.
• Net loss of VND 662 billion, versus net profit of VND 211 billion in Q1/2025.
• Gross profit was nearly flat at VND 3,700 billion, as cost of goods sold surged.
• The petroleum business (parent company and 34 domestic subsidiaries) posted a loss of VND 930 billion, compared to a loss of VND 11 billion in Q1/2025.
• Global RON95 gasoline averaged USD 137/barrel in March 2026, 170% of the year-ago average and 178% of February 2026.
• DO 50ppm diesel averaged USD 192/barrel in March 2026.
• Petrolimex targets 2026 consolidated revenue of VND 315,000 billion and pre-tax profit of VND 3,380 billion (-5.6% YoY).

What Happened

On May 4, Petrolimex released its consolidated Q1/2026 financial statements. The company had previously warned shareholders and the public to be cautious about unverified information circulating regarding its results. Despite record revenue, the company attributed the net loss to the “unprecedented” volatility in global oil prices following the outbreak of military conflict between the US, Israel, and Iran on February 28, 2026. In its official explanation, Petrolimex stated that while profit from other business activities rose 15% YoY, the core petroleum business incurred a loss of VND 930 billion due to soaring global product prices and surging supply chain premiums, compounded by the company’s mandate to ensure national energy security by maintaining elevated inventory levels.

Market Context

PLX closed at VND 40,000 on April 15, 2026, down 0.50% with volume of 2.68 million shares. The stock trades on HOSE. The Q1 loss represents a sharp reversal from the prior year’s profit and is the worst quarterly result in over six years. The broader energy sector in Vietnam has been under pressure from global oil price spikes, but Petrolimex’s loss highlights the specific risk faced by state-owned petroleum distributors that are required to absorb supply cost shocks to maintain domestic supply stability.

Strategic Significance

Petrolimex’s Q1 loss underscores the structural tension between its commercial operations and its role as a national energy security pillar. The company’s mandate to hold inventory at 1.3 times the regulatory minimum and to purchase spot cargoes at prices up to three times normal levels during supply crises directly impacts profitability. While the company’s non-petroleum businesses remain stable, the core distribution segment is exposed to exogenous geopolitical shocks. The 2026 full-year profit target of VND 3,380 billion implies a significant recovery in subsequent quarters, contingent on global oil price normalization.

What to Watch

• Q2/2026 earnings release, expected in August 2026, to assess whether the loss narrows.
• Global oil price trends, particularly RON95 and DO 50ppm benchmarks, and any easing of geopolitical tensions.
• Petrolimex’s inventory levels and any changes to regulatory minimum stock requirements.
• Management commentary on the 2026 full-year guidance during the next shareholder update.
• Potential government compensation or policy adjustments for national energy security costs.