Gasoline giant earns nearly $9 billion after half a year, leaving a host of conglomerates behind
In the first six months of the year, Petrolimex brought in nearly VND 235,000 billion in revenue (equivalent to nearly $9 billion), far surpassing the figures of Vietnam's leading private conglomerates, providing the basis for a net profit of VND 2,382 billion.
Petrolimex achieved record revenue in Q2/2026. Photo: Hoài Bảo.
Vietnam National Petroleum Group - Petrolimex (HoSE: PLX) has just published its consolidated financial statements for the second quarter of 2026, recording a major breakthrough in scale.
Revenue far surpasses private conglomerates
Specifically, in the first six months, Petrolimex recorded total revenue from sales and service provision of VND 234,977 billion (equivalent to nearly $9 billion), up 63% year-over-year.
In the second quarter alone, revenue reached VND 136,253 billion, up 78%, the largest quarterly revenue the company has ever recorded.
On average, each day in the first half of 2026, Petrolimex's retail and distribution system brought in more than VND 1,300 billion in revenue.
If placed on the comparison scale, the six-month revenue scale of Petrolimex creates a completely different picture compared to Vietnam's leading conglomerates and enterprises.
10 enterprises with the largest revenue on the stock market in the first six months of 2026 (Znews compiled from Q2/2026 financial statements of enterprises, as of August 1, 2026)
Due to the specific characteristics of the fuel trading industry, Petrolimex's cost of goods sold accounts for a high proportion. In six months, cost of goods sold amounted to VND 223,523 billion, leaving gross profit of VND 11,392 billion, corresponding to a gross profit margin of about 4.8%.
However, thanks to cost savings and flexible inventory management, Petrolimex's consolidated after-tax profit for six months still reached VND 2,382 billion, up 46% year-over-year.
Notably, in the second quarter alone, consolidated after-tax profit reached VND 3,045 billion, up 114% compared to the second quarter last year.
According to Petrolimex's explanation, this positive result comes from four core factors. First, the parent company's petroleum trading output increased 12% year-over-year, exceeding the plan, helping reduce fixed costs.
Second is the management of supply sources and oil price risk. Cautious inventory balancing, closely following world market developments, helped the group minimize adverse impacts and also write back inventory devaluation provisions from the end of Q1.
Third is the breakthrough from the subsidiary chain. Specifically, member units contributed over 65% to the group's consolidated results. Among them, in six months, Petrolimex Aviation Fuel Joint Stock Company reported a profit of VND 352 billion (up 2.5 times); Petrolimex Petrochemical Corporation reached VND 237 billion (up 3 times); Petrolimex Singapore and Petrolimex Laos contributed VND 385 billion; Castrol BP Petco reached VND 210 billion; and Gas Petrolimex reached VND 124 billion.
Fourth, activities in logistics, warehouse operations, insurance, and services also contributed significantly to the group's business in the first six months of 2026.
Abundant cash, short-term borrowings sharply reduced
As of June 30, Petrolimex's total assets reached VND 87,876 billion, up more than VND 2,000 billion compared to the beginning of the year.
A prominent highlight in the group's financial picture is the cash flow structure. Petrolimex holds VND 6,324 billion in cash and cash equivalents, along with VND 11,460 billion in short-term bank deposits and VND 5,004 billion in long-term bonds. Total cash and financial deposits amounted to more than VND 22,780 billion, accounting for more than 25% of total assets.
Conversely, the group's short-term borrowings fell sharply from VND 18,085 billion at the beginning of the year to VND 10,059 billion as of June 30. Long-term borrowings remained low at VND 614 billion.
Net cash flow from operating activities in the first six months of 2026 reached a positive VND 1,224 billion, while in the same period of 2025 it was negative VND 356 billion.
Thủy Tiên
