Retail giant Petrolimex posts Q1 profit growth of 51%

Vietnam's biggest gasoline retailer Petrolimex reported after-tax profit of VND667 billion ($28.43 million) in the first quarter of 2023, up 51% year-on-year, while Petrovietnam's subsidiary PVOil posted VND266 billion ($11.34 million), down 6%.

Petrolimex recorded net reveunue of VND67.43 trillion ($2.87 billion) in the quarter, up 0.6%, according to its financial statement.

By the end of Q1, Petrolimex's total assets had reached VND68.64 trillion ($2.9 billion), down nearly 8% compared to the beginning of the year. Of which, cash and cash equivalents fell by 22% to VND9 trillion ($383.55 million). Inventory accounted for the largest proportion in the asset with VND14.58 trillion ($621.4 million), down 15%.

On the Ho Chi Minh City Stock Exchange, Petrolimex (PLX) shares hit VND37,450 ($1.6) last Friday, the latest trading session.

PVOil, the country's second biggest gasoline retailer, recorded net revenue of VND20.54 trillion in Q1, down 13% year-on-year.

The company currently has a charter capital of VND10.34 trillion ($438.45 million), with 80.52% of its shares owned by state-run Petrovietnam.

PVOil said that sales volume and revenue increased in Q1, but expenses increased sharply, leading to a decrease in after-tax profit.

The firm, registered on the unlisted public company market UPCoM as OIL, saw its shares close last Friday at VND9,100 ($0.39).

In Vietnam, Petrolimex holds more than 50% of the retail gasoline market share, while the figure for PVOil is over 20%. The two businesses hold the largest number of gasoline sales points.

Petrolimex has 43 member units directly trading gasoline nationwide with 5,500 gas stations, while PVOil manages more than 600 gasoline stations and around 3,000 agents.