Petrolimex recently submitted a report to the State Securities Commission and the Ho Chi Minh City Stock Exchange explaining its impressive financial performance in the first half of 2024.

Notably, the group’s parent company saw its after-tax profit surge to nearly VND 1,531 billion, compared to over VND 649 billion during the same period last year, marking an increase of nearly VND 881.6 billion.

Petrolimex’s consolidated after-tax profit for the first half of 2024 reached nearly VND 2,421 billion, up more than VND 862 billion compared to the first half of 2023.

Petrolimex attributed this remarkable profit growth to several key factors. The group reported that its core petroleum business remained stable and profitable, with sales volumes increasing compared to the same period in 2023.

This stability was underpinned by a steady global energy supply and stable oil prices, which contrasted with the volatility seen in previous years.

Additionally, the consistent output from domestic refineries ensured a reliable supply of petroleum, allowing distributors to adhere to their purchase plans and maintain operational efficiency.

Moreover, Petrolimex saw an increase in financial returns, particularly from higher dividends distributed by its subsidiaries and joint ventures, which significantly contributed to the overall profit increase.

According to the reviewed consolidated financial statements, the growth in after-tax profit was primarily driven by the effectiveness of the petroleum business. However, other sectors within the group also showed stability and growth compared to the same period last year.

Despite the overall profit increase, Petrolimex noted a decline in profits from its subsidiaries involved in petrochemical and aviation fuel businesses—two areas that contribute significantly to the group's non-petroleum profits. This decrease was attributed to market conditions in the first half of 2024 compared to the previous year.

Additionally, the divestment from PG Bank in the third quarter of 2023 led to a reduction in profits from joint ventures and associated companies in the first half of 2024 compared to the same period last year.

On the stock market, Petrolimex shares (PLX) closed at VND 48,600 per share on August 30, down VND 200 from the previous trading session.

Hanh Nguyen