PVOIL posts 74% jump in H1 revenue, targets aviation fuel market
PVOIL, a subsidiary of state-owned Petrovietnam, reported a sharp rise in revenue in the first half of 2026, driven by higher fuel sales volumes and an expanding retail network.
The fuel distributor said consolidated revenue reached about VND127.3 trillion ($4.84 billion), up 74% year-on-year and equivalent to around 83% of its full-year revenue target.
As a result, the company generated more than VND700 billion ($26.64 million) in revenue per day on average during the period.
PVOIL’s total fuel sales volume reached 3.464 million cubic meters in H1, up 22% year-on-year and equivalent to 56% of the year's target.
A PVOIL petrol station. Photo courtesy of the company.
The company also continued expanding its retail footprint, opening 87 new petrol stations during the period and completing nearly 70% of its store expansion plan for 2026. Its nationwide network now comprises 1,037 fuel stations.
In another milestone, PVOIL began nationwide distribution of E10 biofuel across its retail system from May 15, broadening its product portfolio in line with Vietnam’s energy transition strategy.
Under the business plan approved at its 2026 AGM, PVOIL targets revenue of VND150.7 trillion ($5.73 billion) this year, down 1% from 2025.
The company aims to post pre-tax profit of VND820 billion ($31.2 million) in 2026, up 25% from the previous year, while net profit is projected to rise around 30% to VND656 billion ($24.96 million).
Alongside its traditional petroleum business, PVOIL is accelerating plans to enter the aviation fuel market through its PV Aviation Energy brand.
The company said it is investing in technical infrastructure, specialized refuelling vehicles, and transit storage facilities that meet industry operating standards.
PVOIL expects to complete equipment installation by late Q2 or early Q3 of 2026, allowing it to proceed with licensing procedures for airport operations.
If the timeline remains on track, the company expects to generate its first revenue from Jet A1 aviation fuel sales in the final months of 2026, marking its expansion into the aviation fuel supply business.
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