Vietnam National Petroleum stock: Q3 profit doubles as sales rise
Published on 11/04/2026 at 02:52 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSPetrolimex earnings accelerate
- Third-quarter net profit more than doubled as revenue and fuel volumes increased.
- Nine-month revenue rose 64%, putting the group ahead of its full-year revenue and pretax-profit targets.
- Higher inventory and working-capital needs kept operating cash flow negative despite stronger earnings.
Vietnam National Petroleum reported a sharp improvement in third-quarter profitability, with net profit more than doubling from a year earlier as fuel sales and oil prices supported results. FILI reported the figures on November 3, 2026.
Profit growth outpaces costs
Petrolimex generated third-quarter revenue of nearly VND 138.5 trillion, up 66% year over year. Gross profit increased 62% to more than VND 7.3 trillion, while net profit exceeded VND 1.2 trillion and was roughly twice the prior-year level.
The company said stronger results reflected higher oil prices and greater fuel volumes. Sales volume increased 18%, helping spread fixed costs across more products, although selling, administrative and financial expenses also rose.
Nine-month targets already exceeded
For the first nine months, net revenue reached VND 373 trillion, up 64%. Pretax profit was nearly VND 4.7 trillion and net profit nearly VND 3.3 trillion, increases of 67% and 55%, respectively. Those results put Petrolimex 13% above its full-year revenue target and 39% above its planned pretax profit.
The balance sheet points to heavier working-capital demands. Inventory nearly doubled from the start of the year to about VND 29.3 trillion, while operating cash flow for the nine-month period was negative by nearly VND 2.5 trillion. Short-term borrowing also increased 47% to VND 26.6 trillion.
Fuel pricing remains a key factor
On November 1, Petrolimex adjusted fuel prices across its Vietnamese distribution network after a government resolution set the special consumption tax on gasoline at zero through March 31, 2027. The company said the adjustment followed global refined-product prices and the applicable regulatory pricing formula, according to its official announcement.
Business model and competition
Vietnam National Petroleum operates a broad fuel distribution network in Vietnam and also has activities in lubricants, liquefied petroleum gas, aviation fuel, storage and transport services. The group serves retail customers through Petrolimex stations and related dealers across the country. Its competitive set includes PVOIL in fuel distribution and Binh Son Refining and Petrochemical, or BSR, in Vietnam's petroleum market; Petrolimex is more focused on nationwide downstream distribution than BSR's refining specialization.
Vietnam National Petroleum at a glance
- Company: Vietnam National Petroleum Group, also known as Petrolimex
- Ticker: PLX
- Home exchange: Ho Chi Minh Stock Exchange
- Latest reported period: Third quarter and first nine months of 2026
- Core business: Fuel distribution and related energy services in Vietnam
