Vietnam National Petroleum stock: Profit rises as cash flow tightens

Vietnam National Petroleum reported a sharp improvement in its first nine months of 2026, but the fuel distributor continued to absorb substantial working capital. A report published by Vietnam.vn on Saturday, October 31, said consolidated revenue exceeded VND 373.2 trillion, up 64 percent from the same period a year earlier.

After-tax profit rose 60 percent to more than VND 3.75 trillion. Operating profit increased 69 percent to above VND 4.64 trillion, while gross profit reached nearly VND 18.6 trillion, an increase of about 38 percent. The figures point to stronger earnings momentum across the group's fuel distribution business.

Cash flow trails earnings growth

The earnings improvement was accompanied by a weaker operating cash position. Petrolimex generated negative operating cash flow of nearly VND 2.5 trillion in the first nine months, compared with a shortfall of nearly VND 1.16 trillion a year earlier.

Inventory movements reduced cash flow by more than VND 15.6 trillion, while changes in accounts payable added nearly VND 15.3 trillion. The divergence means that higher sales and profit have not translated fully into cash generation, leaving working-capital management an important issue for investors.

Fuel prices shape the outlook

Petrolimex's retail pricing remained relevant at the end of October. According to Vietnam.vn, the company priced E10RON95-V gasoline in Zone 1 at VND 26,530 per liter after the October 29 adjustment. The product was VND 820 per liter above its previous price, while commonly consumed E10RON95-III gasoline was listed at VND 25,730 per liter.

For shareholders, the combination of stronger margins and heavy inventory funding is more important than revenue growth alone. Future results will depend on domestic fuel pricing, product margins, demand and the speed at which working capital converts into cash.

Vietnam National Petroleum's business profile

Vietnam National Petroleum Group imports, exports and trades petroleum products in Vietnam and internationally. Its activities also include liquefied petroleum gas, lubricants, asphalt, chemicals, tanker transport, ports and financial services, according to the company profile published by Simply Wall St.

Headquartered in Hanoi, Petrolimex operates in the downstream petroleum market rather than crude-oil production. Its listed peers include PetroVietnam Transportation, Southern Gas Trading and Petrolimex Gas Corporation; Petrolimex is the larger, more diversified fuel-distribution group among these names.

Vietnam's stock market remains the broader backdrop for PLX investors; see Current market reports.

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