1️⃣ Big surprise: from loss forecast → trillion profit
At the 2026 General Meeting of Shareholders, Petrolimex predicted:
Loss of about 1,000 billion VND in the first quarter
But in reality:
* Profit before tax: 1,012 billion VND
* Profit after tax: 736 billion VND
* Completely reversed compared to the loss of 1,893 billion in the same period in 2025
This is a very strong "steering move" in an industry with very thin profit margins
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2️⃣ Bottom line: profit margin increased dramatically
Revenue: 38,247 billion VND (almost flat)
But gross profit:
* Increased 7.5 times
* Reached nearly 3,400 billion VND
Gross profit margin:
* 2025: 1.2%
* 2026: 8.87%
This is an extremely rare level of improvement in the petroleum industry
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3️⃣ Why is there a "profit miracle"?
3 main factors:
1. Strong global oil price fluctuations
* Large input - output price difference
* Make good use of low-priced inventory
2. Optimize operations & inventory
* Better import management
* Benefit from market timing
3. Domestic price management mechanism
* Selling price adjustment delay helps improve short-term margin
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4️⃣ Strategic perspective 2026
Petrolimex's whole year plan:
* Output: >19.44 million m³ (+10%)
* Revenue: 315,000 billion VND
* Profit before tax: 3,380 billion VND
After the first quarter:
* Accomplished 12.2% of revenue
* Complete 30% profit
→ Profits are "ahead" of plan
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5️⃣ Warning of risks ahead ⚠️
Current high profits are not necessarily sustainable because:
* World oil prices fluctuate strongly (influenced by the Middle East)
* Profit margin of the petroleum industrylow
* Pricing policy is subject to change
If the price cycle reverses → profits can decrease rapidly
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6️⃣ Quick conclusion
Petrolimex has:
* “Spectacular escape”
* Make good use of price cycles
* Rare increase in profit margin
But:
*This may be a cyclical return, not a long-term trend
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QUICK SUMMARY
* Profit of 736 billion after tax
* Profit margin increased from 1.2% → 8.87%
* Completed 30% of profit plan after only 1 quarter
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#petrolimex #PLX #xangdau #ketqualanhdoanh #dautu #taichinh #lanhtevietnam #giadau #doanhnghiep #chungkhoan
