AsemconnectVietnam - Petrolimex (PLX) recorded a significant increase in net revenue compared to the same period last year; however, it reported a net loss due to escalating input costs and high provisions for inventory devaluation.

According to its Q1 2026 financial report, Petrolimex achieved net revenue of nearly VND98,700 billion, a 45% increase compared to the same period last year. However, unfavorable input cost trends, with the cost of goods sold increasing faster than revenue growth, reached nearly VND95,000 billion, a 48% increase. This resulted in a gross profit of only VND3,700 billion, a slight decrease compared to the same period, and simultaneously reduced the gross profit margin from 5.5% to 3.75%.
One of the factors with the biggest impact on business results is the provision for inventory devaluation of over VND6,300 billion. This is a significant amount of provision given the volatile global oil prices, which risked reducing inventory value compared to import prices.
Not only affected by cost of goods sold and provisions, other expenses also increased significantly. Financial revenue during the period reached VND363 billion, a decrease of 14% compared to the same period last year, while financial expenses increased by 32% to VND389 billion. Along with that, selling expenses increased by 19% to nearly VND4,000 billion, and administrative expenses increased by 25% to over VND329 billion.
The simultaneous increase in expenses while profit margins narrowed resulted in Petrolimex's after-tax profit being a loss of VND763 billion, compared to a profit of VND133 billion in the same period last year.
At the 2026 Annual General Meeting of Shareholders, Mr. Luu Van Tuyen, General Director of Petrolimex, stated that under normal circumstances, a shipment of refined oil would cost approximately $25-26 million. However, in March, the value of each shipment sometimes surged to $87 million. The price of refined oil increased by as much as $50/barrel on some days, with additional surcharges of $30-37/barrel. Diesel prices alone surged by 392% in March compared to the previous month, before plummeting rapidly in April, from around $292/barrel to approximately $140/barrel.
As a key player in the national petroleum supply system, Petrolimex must maintain large reserves to ensure market stability. When a large volume of goods arrived at ports in early March at very high prices, followed by a sharp drop in April and slowing demand, the Group was forced to record significant losses due to inventory buildup and price adjustments. PLX's financial report shows that, at the end of Q1/2026, the Group's total assets reached over VND106,000 billion, an increase of 23.5% compared to the beginning of the year. Of this, short-term assets accounted for a large proportion, nearly VND80,000 billion, an increase of 34%.
Notably, inventory surged to nearly VND30,000 billion, more than double the amount at the beginning of the year. This increase partly reflects the characteristics of a leading enterprise in the petroleum sector, requiring large reserves to ensure supply and serve energy security. However, large inventory also means higher risks when market prices fluctuate sharply, leading to pressure to make provisions as recorded during the period.
Regarding its asset structure, Petrolimex maintains a relatively solid liquidity base with cash and deposits exceeding VND21,000 billion, although this represents a 17% decrease compared to the beginning of the year.
The company's liabilities reached nearly VND77,200 billion, a 37% increase compared to the beginning of the year, primarily due to short-term debt. The report also shows a significant decrease in the balance of the Fuel Price Stabilization Fund, now standing at only VND1,100 billion from nearly VND3,100 billion at the beginning of the year.
N.Nga
Source: VITIC/Tinnhanhchungkhoan