PV OIL posts sharp Q1 2026 profit on low-cost inventory as April oil-price decline weighs on margins and adds risk to the full-year outlook.

PV OIL reported a sharp rise in first-quarter 2026 profit, supported by low-cost inventory, but a downtrend in oil prices since April is beginning to pressure margins and cloud the full-year outlook.

Q1 2026 results: profit surge on low-cost inventory

PV OIL, Vietnam Oil and Gas Corporation – PV OIL JSC (PV OIL; ticker OIL), announced Q1 2026 earnings with strong growth. According to ACBS estimates, quarterly pre-tax profit approached 600 billion VND, up about 14.5 times year on year.

The company attributed the jump mainly to effectively leveraging low-cost inventory as retail fuel prices rose sharply.

Margin support fades as oil prices weaken

The benefit appears temporary. As the quarter moved into Q2, support began to fade. From April, the decline in oil prices narrowed margins clearly.

For the cumulative first four months of 2026, PV OIL recorded pre-tax profit of around 196 billion VND, with revenue of 70,700 billion VND, indicating a slowdown compared with Q1.

2026 targets: growth planned, but key provision not included

For its 2026 business plan, PV OIL targets revenue of 150,000 billion VND and pre-tax profit of 820 billion VND, representing growth of more than 25% versus the prior year.

However, the plan excludes a provision of about 150 billion VND related to the Phu Tho biofuel project, which could materially reduce actual results.

Supply strategy and biofuel push

To secure supply, PV OIL said it has proactively engaged with domestic refineries including Dung Quat and Nghi Son, while also broadening import sources.

The company continues to push biofuels E5 and E10 to meet market demand and align with energy transition trends.

Jet A1 and EV charging: areas of expansion

A bright spot in PV OIL’s strategy is the Jet A1 aviation fuel segment. The company expects to obtain retail licenses at major airports including Tan Son Nhat, Noi Bai, and Phu Quoc this year.

PV OIL also expanded cooperation with VinFast to deploy EV charging stations, which currently cover about 600 of 1,000 fuel stations.

Outlook and market reaction

Longer term, PV OIL expects to complete provisioning in 2026 to lay the groundwork for moving its listing from UPCoM to HoSE in 2027, which is expected to improve transparency and liquidity.

Despite the Q1 breakout, analysts said it is not yet a solid foundation for the full year. The oil industry is highly sensitive to global oil price movements, meaning PV OIL’s profits could swing sharply if the price downtrend persists.

Stock performance

On the stock market, as of the close on 24/04/2026, PV OIL shares traded around 14,700 VND per share, slightly up from the previous session. Compared with the early-March peak, the price has fallen about 38%, dragging the company’s market capitalization to around 15,203 billion VND.