Reporting at the General Meeting, Mr. Luu Van Tuyen, General Director of Petrolimex, said that in 2025, amid strong fluctuations in the energy market due to geopolitics, oil prices, and the energy transition trend, the Group still completed and exceeded its business targets.

Exceeding business targets

The General Meeting considered the 2025 profit distribution plan with total after-tax profit of nearly VND 1,967 billion. Of which, Petrolimex plans to allocate more than VND 408 billion to the development investment fund, and at the same time pay dividends at a rate of 12%, equivalent to about VND 1,524 billion.

Entering 2026, Petrolimex sets a target output of about 19.4 million m³/tons, up 10% compared to 2025; consolidated revenue is expected to reach VND 315,000 billion. Pre-tax profit is planned at VND 3,380 billion, reflecting a cautious orientation in the context of continued market volatility.

The Board of Directors said that 2026 will be a pivotal year in the new development strategy, with a focus on comprehensive transformation based on three pillars: digital transformation, green transition, and organizational model transformation. Petrolimex is oriented to develop into a modern energy group, gradually participating more deeply in the clean energy sector and new business models.

In addition, the Group continues to improve governance quality, optimize the distribution system, develop value-added services at petrol stations, and strengthen its leading position in the petroleum business market.

Efforts to maintain petroleum supply

At the General Meeting, shareholders asked the Presidium what solutions the Group has to both ensure stable petroleum supply and maintain business efficiency in the context of current volatility and high oil prices.

Chairman of the Board of Directors Pham Van Thanh said that developments in the Middle East recently have not only pushed up oil prices but also put pressure on supply sources, logistics costs, and supply capacity for the entire market, as petroleum is an essential commodity and an input for many different industries.

In this situation, Petrolimex has been proactive, not waiting until the market becomes difficult to respond, but acting early and from a distance. It has implemented directives from the Politburo, the Prime Minister, and ministries and sectors on ensuring supply in all circumstances. As a large corporation and market leader in petroleum supply, providing fuel for the economy, people, and businesses, the Group has synchronously implemented many solutions such as maintaining high inventory levels and working with dozens of global suppliers to ensure petroleum supply.

In practice, during times of fuel market crises, it becomes clear that Petrolimex’s greatest advantage is not market share, but real infrastructure capacity, operational capability, and the ability to shoulder the responsibility of ensuring national energy security.

With nearly 50% domestic market share, more than 2,800 directly owned petrol stations, over 5,000 retail points across the system, total storage tank capacity of more than 2.2 million m³, nearly 600 km of pipeline, and a fleet with total deadweight tonnage of over 500,000 DWT, Petrolimex has the foundation to keep the supply chain uninterrupted in all situations.

When the market fluctuates, Petrolimex’s role is to keep the economy’s petroleum supply stable, not to focus on short-term benefits. But this does not contradict shareholder interests; on the contrary, it is precisely the ability to maintain the market, maintain supply, and maintain trust in difficult times that creates Petrolimex’s long-term position, reputation, and value.

The problem is not only responding to short-term volatility, but more importantly, viewing this crisis as a strategic warning. A sustainable energy security structure must not rely solely on situational responses but must be based on diversified supply sources, strong reserves, and efficient energy use.

Q1/2026 may incur losses of up to VND 1,000 billion due to Middle East conflict impacts

Regarding how the Middle East conflict will affect the company’s business results in 2026:

General Director Luu Van Tuyen said: Since February 28, developments in the Middle East involving conflicts between the United States, Israel, and Iran have caused highly unusual oil price fluctuations. Brent oil prices increased sharply, and refined product prices also fluctuated at unprecedented levels.

Historically, there were times when oil prices increased by up to USD 50 per barrel in a single day. Market surcharges for some products also reached USD 30–35, even USD 37 per barrel, and at times refined oil prices reached around USD 292 per barrel. In addition, market fees increased sharply compared to February, at times exceeding 300%. However, by April, prices began to decline, currently down to around USD 140 per barrel. These are highly unusual and unprecedented fluctuations, which have greatly affected business results.

With such erratic fluctuations in oil prices, petroleum business results in Q1 may record losses of more than VND 1,000 billion. However, other sectors still achieved positive results.

“We determine that this is a difficult period, but the Board of Directors is determined to make maximum efforts to ensure shareholder interests. Although profits may not be as high as in 2025, the Group still maintains its targets and has reported to the Ministry of Finance, while continuing to implement solutions to complete the annual plan,” General Director Luu Van Tuyen said.