Petrolimex Achieves Huge Profits in First Half of 2024

The Vietnam National Petroleum Group (Petrolimex) has reported a significant increase in profits for the first half of 2024, with the parent company’s after-tax profit reaching nearly VND1,530 billion, a 135% increase compared to the same period last year.

Petrolimex’s consolidated profit after tax for the first 6 months of 2024 reached nearly VND 2,420 billion, a 55% increase compared to the same period last year. The company attributes this success to stable and effective petroleum business activities, as well as an increase in sales output compared to the same period in 2023.

The stable supply of energy and world oil prices, which did not fluctuate as much as in previous years, also contributed to the impressive results. Additionally, the supply of gasoline from domestic refineries was stable, and traders imported gasoline according to plan, ensuring efficiency.

Financial operating profit increased compared to the same period last year, mainly due to higher profit dividends shared with subsidiaries and joint ventures. Business activities in other areas of the group were also stable and growing compared to the same period.

However, profits from subsidiaries trading in petrochemicals and jet fuel, which account for a large proportion of the Group’s non-petroleum profit structure, decreased in the first 6 months of the year compared to the same period. The divestment from PG Bank in the third quarter of 2023 also caused profits from joint ventures and associates in the first 6 months of 2024 to decrease compared to the same period.

As a leading enterprise in the Vietnamese petroleum market, Petrolimex occupies about 50% of the market share. The company has over 2,700 petrol stations and over 2,800 petrol stations belonging to agents, general agents, and franchisees nationwide.