Petrolimex (PLX) Posts Q1/2026 Net Loss of VND 622B Despite Record Revenue

Overview

Petrolimex (PLX), Vietnam’s state-owned petroleum distributor, reported a consolidated net loss of VND 622 billion in Q1/2026, despite achieving record quarterly revenue of VND 98.7 trillion. The loss was primarily attributed to abnormal global oil price volatility following the outbreak of military conflict between the US, Israel, and Iran on February 28, 2026, which caused severe disruptions in the petroleum supply chain.

Key Facts

• Petrolimex reported a net loss of VND 622 billion in Q1/2026, compared to a profit in the same period last year.
• Revenue reached a record VND 98.7 trillion, the highest quarterly figure in 13 years.
• The petroleum trading segment alone posted a loss of VND 930 billion in Q1/2026.
• Other business segments remained stable and grew 15% year-on-year.
• In March 2026, Petrolimex’s sales volume hit 1.134 million cubic meters/tons, up 13% month-on-month and 20% year-on-year.
• Spot prices for finished gasoline (RON95) peaked at USD 170/barrel on March 23, 2026, while diesel (DO 50ppm) peaked at USD 292/barrel on April 2, 2026.
• Petrolimex increased inventory to nearly 1 million cubic meters/tons, 1.3 times the required reserve, to ensure supply.

What Happened

According to an explanation letter sent to the Ho Chi Minh City Stock Exchange (HoSE) by Petrolimex’s Chief Accountant, Pham Van Quang, the company’s petroleum trading segment incurred a loss of VND 930 billion in the first three months of 2026, while other segments remained stable and posted a 15% increase year-on-year. The primary cause was abnormal and unprecedented volatility in global oil prices following the outbreak of military conflict between the US, Israel, and Iran on February 28, 2026.

In March 2026, prices surged sharply, with average finished gasoline (RON95) at USD 137/barrel (170% of the same period last year) and diesel (DO 50ppm) at USD 192/barrel (222% of the same period). Spot premiums reached as high as USD 35-40/barrel for diesel and USD 12-15/barrel for gasoline, far above the normal USD 2.5-3/barrel. To fulfill the government’s directive on ensuring national energy security, Petrolimex increased imports and maintained elevated inventories, absorbing supply shortages from smaller traders.

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 earnings miss. As a state-owned enterprise listed on HoSE, PLX is a bellwether for Vietnam’s energy sector. The broader market has been volatile amid geopolitical tensions and rising global oil prices, which have impacted margins across the petroleum distribution chain.

Strategic Significance

The Q1 loss underscores the vulnerability of Vietnam’s petroleum distribution model to external price shocks, despite PLX’s dominant market position. The government’s mandate to prioritize supply security over profitability forces PLX to absorb losses during periods of extreme volatility. Long-term, this may prompt policy discussions on cost-pass-through mechanisms or strategic reserves. PLX’s ability to manage inventory and hedging strategies will be critical to mitigating future risks.

What to Watch

• Q2/2026 earnings release for signs of recovery as oil prices have moderated since late March.
• Any government policy adjustments to petroleum pricing or compensation mechanisms for state-owned distributors.
• PLX’s hedging activities and inventory management disclosures in upcoming quarterly reports.
• Geopolitical developments in the Middle East affecting oil supply and price stability.
• Changes in PLX’s dividend policy or capital allocation given the loss.