Petrolimex posts nearly US$9 billion in first-half revenue
Petrolimex generated nearly VND235 trillion (US$9 billion) in net revenue during the first half of 2026, reinforcing its position as the country's largest listed company by revenue after reporting record quarterly sales and strong profit growth.
According to the group's consolidated financial statements, the net revenue increased 63% compared with the same period last year. The result exceeded the revenue reported by several of Vietnam's largest private corporations, including Vingroup, highlighting Petrolimex's dominant position in the domestic fuel distribution market.
In the second quarter, its revenue growth accelerated, reaching over VND136.2 trillion, up 78% year-on-year and marking the highest quarterly revenue in the group's history.
On average, the company's nationwide retail and distribution network generated more than VND1.3 trillion in revenue each day during the first half.
Despite the record sales, the group's profitability continued to reflect the low-margin nature of the fuel trading business.
Cost of goods sold totalled VND223.523 trillion, accounting for more than 95% of revenue and leaving a gross profit of VND11.392 trillion, equivalent to a gross margin of approximately 4.8%.
Petrolimex, however, improved its bottom line through tighter cost control and inventory management. Consolidated net profit after tax reached over VND2.3 trillion in the first six months, up 46% from a year earlier.
The second quarter delivered an even stronger earnings performance, with net profit after tax climbing 114% year-on-year to VND3.045 trillion, outpacing the growth in revenue and indicating improved operating efficiency.
Petrolimex attributed its strong first-half performance to four key drivers.
First, petroleum sales volume at the parent company increased 12% year on year, exceeding the group's business plan and helping lower fixed operating costs through higher throughput.
The group added that its fuel sourcing strategy and oil price risk management played an important role.
Careful inventory management aligned with global oil price movements helped minimise adverse market impacts, while the reversal of inventory write-down provisions booked at the end of the first quarter also supported earnings.
Meanwhile, subsidiaries delivered a substantial contribution, accounting for more than 65 per cent of the group's consolidated results.
During the first six months, Petrolimex Aviation Fuel reported a profit of VND352 billion, up 2.5 times from a year earlier, while Petrolimex Petrochemical Corporation (PLC) posted VND237 billion, nearly tripling its profit. Petrolimex Singapore and Petrolimex Laos together contributed VND385 billion, while Castrol BP Petco earned VND210 billion and Petrolimex Gas reported VND124 billion in profit.
In addition, the group said that its logistics, petroleum storage, insurance and other service businesses also made significant contributions to its business performance during the first half of 2026.
With the revenue, Petrolimex maintained a substantial lead over many of Vietnam's largest listed companies by sales. The figure surpassed Vingroup's first-half revenue of VND222.5 trillion and remained well ahead of other major listed enterprises, including PV Oil, Vinhomes, Hoa Phat Group, PetroVietnam Refining and Petrochemical (BSR), Mobile World Investment Corporation, PV GAS, Vietnam Airlines and Masan Group.
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