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Vietnam Oil and Gas Corporation Petrolimex (PLX, HoSE: PLX) is expected to post a loss of around VND 1,000 billion in the fuel segment in Q1 2026, according to updated information from ACBS. The company’s near-term under-cost operations are attributed to volatility in selling prices.
Despite an unfavorable start to the year, Petrolimex plans to maintain its full-year targets. The company expects sales volume of about 19.4 million cubic meters/tons, up 10% from the previous year. Consolidated revenue is forecast at around VND 315,000 billion, while pre-tax profit is expected at about VND 3,380 billion, down 5.6% compared with 2025.
To reduce the risk of supply disruptions, Petrolimex is implementing multiple measures to support stable operations. These include maintaining high inventory levels, actively seeking import sources, and strengthening cooperation with domestic refineries such as Dung Quất and Nghi Sơn. The company also plans to expand the blending of biofuels E5 and E10 as part of its longer-term strategy.
In the retail segment, Petrolimex continued to expand its network. Over the past year, it added 76 new petrol stations, bringing the total number of retail outlets to 2,831 nationwide. The company also won bids for nine pairs of rest stops on the North-South Expressway, gradually completing the service ecosystem.
In addition, Petrolimex is testing a truck-service station model to diversify revenue beyond gasoline, a move viewed as appropriate amid narrowing profit margins in the sector.
Petrolimex is also working to improve its free-float rate, which has not yet met the 10% minimum requirement. The company is considering selling treasury shares and gradually divesting state ownership to enhance liquidity and investor attractiveness.
ACBS notes that under a positive scenario—assuming more stable oil prices and reduced geopolitical tensions—Petrolimex’s profits could recover in subsequent quarters. For 2026, the projection indicates revenue could exceed VND 353,000 billion, up 14.1%, while after-tax profit could reach about VND 3,688 billion, up more than 21% year-on-year.
ACBS also highlights that Petrolimex maintains a stable financial base. ROE is expected to improve to 12% in 2026, and net debt/EBITDA is projected to continue trending downward.
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