Fuel retail giant Petrolimex’s net profit nearly doubles in 2023

Fuel retail giant Petrolimex reported a consolidated net profit of VND2.8 trillion ($114.64 million) in 2023, up 94% year-on-year.

Its consolidated revenue, however, slipped 10% year-on-year to VND274 trillion ($11.22 billion), according to the company's freshly released financial statement.

Compared to its plan approved by the 2023 annual general shareholder meeting, Petrolimex, listed on the Ho Chi Minh Stock Exchange (HoSE) as PLX, beat the revenue and profit targets by 44% and nearly 22%, respectively.

The business results were attributed to the positive performance in the first two quarters and the profit made through its divestment from PG Bank in the third quarter.

Petrolimex's total assets as of December 31, 2023 had increased by more than 6% compared to the beginning of the year to nearly VND79 trillion ($3.23 billion). They included over VND13.4 trillion of cash and cash equivalents and VND16.54 trillion in financial investments, up 15.28% and 133% year-on-year, respectively.

The company held short and long-term bank deposits worth more than $1.1 billion.

In addition, its inventory at the end of 2023 was VND14.63 trillion ($598.98 million), down 15.08% year-on-year; while fixed assets were VND13.66 trillion ($559.26 million), down 4.4%.

Petrolimex’s short-term debt increased by 7% to nearly VND49 trillion ($2 billion) in 2023, of which short-term debt accounted for more than VND19 trillion, 41% more than at the beginning of the year. Long-term debt decreased by 21% to VND647 billion ($26.49 million).

According to the financial statement, the retailer’s net revenue reached nearly VND68.7 trillion ($2.8 billion) in Q4/2023, down more than 12.4% over the same period in 2022. Its net profit was VND764.2 billion ($31.3 million), down nearly 46% year-on-year.

PLX closed the last trading session of the lunar year 2023 (February 7) at VND34,750 ($1.42) per share.