Vietnam National Petroleum Group (Petrolimex) has submitted a written explanation of its reviewed financial statements for the first six months of 2026 to the State Securities Commission and the Ho Chi Minh Stock Exchange.

In the document, Petrolimex said the parent company recorded VND679 billion (US$25.7 million) in after-tax profit in the first half of 2026, down VND521 billion (US$19.7 million), or 43%, from the same period in 2025.

The decline was attributed to lower profit from financial activities, mainly due to adverse exchange-rate movements as well as lower dividends and profit distributions from subsidiaries, joint ventures and associates compared with the same period in 2025.

The petroleum business was also affected by fluctuations in global oil prices. During the first half of the year, oil prices moved sharply amid geopolitical tensions and the risk of supply disruptions, particularly in the Middle East and the Strait of Hormuz. As a result, the parent company’s profit from its petroleum business declined from the same period in 2025.

On a consolidated basis, Petrolimex posted VND2.39 trillion (US$90.6 million) in after-tax profit for the first six months of 2026, a sharp increase of VND755 billion (US$28.6 million), or 46%, year on year.

Petrolimex explained that although its petroleum business was affected by unfavorable factors, subsidiaries operating in specialized business segments and international markets continued to deliver positive results, making a significant contribution to the year-on-year increase in the group’s consolidated after-tax profit.

Several business segments recorded strong growth from a year earlier, including aviation fuel, lubricants and asphalt.

Earlier, in its explanation of the financial statements for the first quarter of 2026, Petrolimex said the parent company had recorded an after-tax loss of nearly VND1.1476 trillion (US$43.5 million). The result represented a 5,092% decline from its VND22.99 billion (US$871,000) profit in the first quarter of 2025.

On a consolidated basis, the group still posted an after-tax loss of nearly VND662.5 billion (US$25.1 million) in the first quarter. Compared with a profit of nearly VND210.8 billion (US$8 million) in the same period last year, the figure represented a decline of 414%.

Tam An