A Business with Revenue Far Surpassing Vingroup, Doubling That of The Gioi Di Dong, Hoa Phat, and Vietnam Airlines…

Vietnam Petroleum Group (Petrolimex – code PLX) has just announced its second-quarter financial report with net revenue reaching over VND 77,000 billion, a slight increase of nearly 5% compared to the same period in 2024, and the highest since Q4 2022. On average, the largest retail petroleum enterprise in Vietnam is estimated to have earned about VND 850 billion per day in the past quarter.

Compared to the record high achieved three years ago, Petrolimex’s Q2 revenue is still about VND 7,000 billion short. However, this figure is enough to help Petrolimex regain its position as the champion on the stock exchange floor in terms of revenue after losing it to Vingroup in the first quarter of this year.

In fact, Petrolimex’s Q2 revenue far surpassed that of Vingroup (VND 46,325 billion) and was double that of many other well-known enterprises such as The Gioi Di Dong (VND 37,620 billion), Hoa Phat (VND 36,286 billion), and Vietnam Airlines (VND 28,361 billion).

In the second quarter, Petrolimex’s gross profit reached VND 5,134.7 billion, up 11.5% from VND 4,605.6 billion in the same period last year, with a gross profit margin increasing from 6.3% to 6.7%. After expenses, the consolidated after-tax profit reached VND 1,368 billion, up 6.3% compared to 2024, and the highest since Q4 2022.

In the first six months of the year, Petrolimex recorded consolidated net revenue of VND 144,915 billion, down 2.5% compared to the same period in 2024, achieving 58% of the yearly plan. Pre-tax profit reached over VND 1,996 billion, down 32.5% compared to the same period last year, completing 62% of the yearly plan. After-tax profit reached VND 1,579 billion, down 34.8% compared to 2024.

As of the end of Q2, Petrolimex’s consolidated total assets reached VND 87,411 billion, up 7.6% from the beginning of the year. Short-term assets stood at VND 66,275 billion, up 11.3% from the beginning of the year, accounting for 75.8%. Of this, inventory accounted for VND 16,800 billion, an increase of over VND 1,000 billion from the beginning of the year. Long-term assets were recorded at VND 21,136 billion, down 2.2% from the beginning of the year, accounting for 24.2% of total assets.

According to a recent analysis by Vietcap Securities, from January 1, 2026, the government plans to implement a policy of using 100% bio-fuel E10 nationwide. Petrolimex and PV OIL are the only two enterprises that have been equipped to pilot the blending and retail of E10 since August 1, 2025. Other distribution enterprises will have to buy back E10 from PLX or OIL, or invest in new infrastructure. Petrolimex can also provide E10 blending services for a fee.