Vietnam top fuel retailer Petrolimex sees H1 net profit up 59% on rising sales

Petrolimex, the biggest fuel distributor in Vietnam, posted an audited consolidated net profit of VND2,279 billion ($91.62 million) in H1/2024, rising 59% year-on-year, thanks to higher sales.

Net revenue increased 11.6% year-on-year to VND148.67 trillion ($5.98 billion) in H1, according to its audited consolidated quarterly financial statement.

The firm attributed the earnings growth to growing sales volumes; stable fuel supplies and world oil prices; and steady fuel supplies from domestic oil refineries.

Profits from subsidiaries that operate in the group’s non-oil businesses expanded in the six-month period, it added.

However, the group’s divestment from PGBank in Q3/2023 caused profits from affiliates to decline in H1/2024.

Petrolimex’s earnings per share improved to VND1,626 (6.5 U.S. cents) in H1/2024, from VND1,078 in H1/2023.

The group’s total assets stood at VND74,700 billion ($3 billion) as of June 30, down 6.2% from end-2023.

Petrolimex, which stands for Vietnam National Petroleum Group, now has a network of 5,500 gas stations nationwide, enabling it to control over 50% of the country’s fuel retail market.

This year, the group aims for a pretax profit of VND2.9 trillion ($116.6 million) on revenue of VND188 trillion, down 26% and 32% year-on-year, respectively.

Shares of Petrolimex, listed on the Ho Chi Minh Stock Exchange, slid 0.4% to VND48,600 ($1.95) apiece last Friday.