PVS H1 2026 Profit Up 33% to VND 820B, Hits 83% of Full-Year Target

Overview

PVS (Tổng Công ty Cổ phần Dịch vụ Kỹ thuật Dầu khí Việt Nam) announced estimated H1 2026 consolidated revenue of VND 18,020 billion (+29% YoY) and after-tax profit of VND 820 billion (+33% YoY), achieving 83% of its full-year profit target. The company also unveiled an ambitious 5-year revenue plan of VND 210-220 trillion, driven by major offshore projects and international expansion.

Key Facts

• H1 2026 consolidated revenue: VND 18,020 billion (+29% YoY)
• H1 2026 after-tax profit: VND 820 billion (+33% YoY)
• H1 2026 pre-tax profit: VND 1,012 billion (+21% YoY)
• Full-year 2026 targets: revenue VND 33,000 billion, after-tax profit VND 990 billion
• H1 2026 achievement: 55% of revenue target, 83% of profit target
• Q2 2026 revenue: VND 9,321 billion (+26% YoY); Q2 pre-tax profit: VND 385 billion (+21% YoY)
• 5-year revenue plan (2026-2030): VND 210-220 trillion, 39% higher than previous guidance of VND 150-160 trillion

What Happened

PVS released estimated H1 2026 business results, showing strong double-digit growth across all key metrics. The company attributed the performance to its core segments: oil & gas mechanical services, renewable energy, and industrial construction, which generated VND 11,385 billion in revenue (+29% YoY). Traditional service lines also performed well, with vessel services revenue up 66% to VND 1,529 billion, supported by fleet presence in the Middle East and Malaysia. FSO/FPSO services contributed VND 1,421 billion, with near-100% utilization rates.

During Q2 2026, PVS signed the EPCIC contract for Su Tu Trang 2B, commenced construction of the CGF jacket, launched the Lac Da Vang topside, and handed over the FSO PTSC Lac Da Vang for offshore deployment. Management also outlined a more aggressive 5-year revenue target of VND 210-220 trillion for 2026-2030, citing potential FID for the Ca Voi Xanh gas project in 2027, reconstruction demand in the Middle East, and rising energy security concerns.

Market Context

PVS shares closed at VND 38,300 on July 19, 2026, on HOSE. The stock has been supported by robust earnings momentum and positive sector tailwinds from rising oil prices and increased offshore investment. The oil & gas services sector in Vietnam is benefiting from major upstream projects like Block B, Ca Voi Xanh, and Su Tu Trang, as well as the government’s push for renewable energy, including offshore wind. PVS’s strong H1 performance and upgraded 5-year outlook reinforce its position as a key beneficiary of Vietnam’s energy transition and regional oil & gas development.

Strategic Significance

PVS’s H1 results and long-term revenue plan underscore its strategic pivot from traditional oil & gas services to a broader energy services platform encompassing offshore wind and international EPC projects. The company’s involvement in major gas-to-power projects (Block B, Ca Voi Xanh) and its growing presence in the Middle East provide multi-year revenue visibility. The 39% upward revision to the 5-year revenue target signals management confidence in securing large-scale contracts, particularly in offshore wind and overseas markets. For investors, PVS offers exposure to Vietnam’s energy infrastructure buildout and the global offshore services cycle.

What to Watch

• Final H1 2026 audited financial statements (expected August 2026)
• FID decision on Ca Voi Xanh project (target 2027)
• Progress on Block B and Su Tu Trang 2B EPC contracts
• New contract wins in Middle East and offshore wind segments
• Q3 2026 business update and any revision to full-year guidance