Petrolimex Petrochemicals reports losses for the first time in 17 years.

Hóa dầu Petrolimex lần đầu thua lỗ sau 17 năm - Ảnh 1. — Petrolimex Corporation reports record losses in the last quarter of 2025 - Photo: PLC

Petrolimex Petrochemical Corporation (PLC) unexpectedly reported a loss of 85 billion VND in the last quarter of the year - the lowest result since it began publishing financial reports and the first time the company has returned to losses after 17 consecutive years of profits (since the fourth quarter of 2008).

Net revenue for the period decreased by 6%, falling below VND 2,000 billion. Gross profit also declined by 17%, to VND 202 billion, narrowing the gross profit margin to around 10%.

Meanwhile, business management expenses increased ninefold compared to the same period last year, reaching 60 billion VND; selling expenses increased by 10%, reaching nearly 194 billion VND.

According to the explanation, the negative results mainly stemmed from Petrolimex Chemical Company Limited, which incurred a loss of nearly 117 billion VND. The reason was the continuous downward trend in the prices of petroleum-based chemical products, while operating and financial costs remained high.

In addition, businesses must also set aside provisions for inventory devaluation and provisions for doubtful receivables.

For the full year, PLC achieved net revenue of VND 7,774 billion, an increase of 12% compared to 2024. However, due to cost pressures, after-tax profit decreased by 69%, to only nearly VND 14 billion - the lowest level since the company began publicly disclosing its finances.

In terms of revenue structure, the asphalt segment continues to play a leading role with nearly 3,900 billion VND, accounting for more than half of the total revenue. The other two segments, chemicals and lubricants, each brought in over 1,900 billion VND.

In 2025, PLC set a target of over 140 billion VND in pre-tax profit. With the current result of 57 billion VND, the company has only completed approximately 41% of its plan.

At the end of the year, total assets remained around 3,900 billion VND. Of this, cash and bank deposits amounted to nearly 1,120 billion VND; inventory and short-term receivables combined totaled approximately 2,000 billion VND.

Notably, outstanding loans increased by 18% compared to the beginning of the year, exceeding 2,000 billion VND, all of which were short-term loans. The company had to pay over 100 billion VND in interest last year, also an increase of over 18%.

Shareholder equity reached over 1,200 billion VND, accounting for nearly one-third of total capital, including 808 billion VND in contributed capital, 377 billion VND in development investment fund, and nearly 14 billion VND in undistributed profits.

Established in 1994, PLC is currently a subsidiary of Vietnam National Petroleum Group (Petrolimex). The company operates in the fields of lubricants, chemicals, and asphalt.

According to Vietcap's analysis, PLC has maintained an average asphalt market share of 28-30% for many years, placing it among the market leaders.

On the stock market, despite record low business results, PLC shares have experienced a significant price increase in the past month, reaching 37,100 VND/share on February 3rd before correcting to 33,400 VND/share (February 6th). Market capitalization currently stands at nearly 2,700 billion VND.