Faced with pressure from oversupply and corresponding taxes, how do PVOIL and Petrolimex plan their business?

Petroleum enterprises such as Petrolimex and PVOIL presented to shareholders' meetings plans for revenue and profit this year to be lower than in 2024 - Photo: NGOC HIEN

Vietnam National Petroleum Group (Petrolimex, stock code: PLX) has just announced the documents for the 2025 shareholders' meeting, revealing many business and financial targets. In 2024, Petrolimex set a consolidated revenue target of VND 188,000 billion for the parent company, but the actual result was VND 284,028 billion, an increase of 151%.

Last year, Petrolimex recorded pre-tax profit of VND3,960 billion, reaching 137% of the plan, and net profit of more than VND3,161 billion. Entering 2025, this petroleum giant set a target of increasing output by at least 8%, but revenue was only VND248,000 billion, only 87% of the figure achieved last year, and pre-tax profit was VND3,200 billion, down 19% compared to 2024.

Regarding the profit distribution plan, Petrolimex plans to submit to shareholders for approval the 2025 dividend payment rate of 10% in cash.

Meanwhile, Vietnam Oil Corporation (PVOIL, UPCoM: OIL) has just experienced a successful business year with consolidated revenue reaching a record of more than VND 125,000 billion, completing 151% of the plan and growing 21% over the same period, marking continuous double-digit growth over the past 3 years.

Notably, revenue from PVOIL Singapore's international oil business reached VND30,700 billion, contributing 24.5% of revenue. This enterprise achieved VND633 billion in pre-tax profit, VND474 billion in net profit and contributed VND10,310 billion to the consolidated budget for the year.

This year, PVOIL said that the unit is determined to complete the target assigned by the Vietnam National Energy Industry Group, corresponding to an 8% growth rate, with a consolidated revenue target of VND137,000 billion in 2025.

However, this enterprise will submit to the congress a consolidated revenue target of VND97,500 billion in 2025, only 78% of the revenue achieved last year, resulting in pre-tax profit of VND780 billion (up 123%) and net profit of VND624 billion (up 132%) and expected budget payment of VND8,140 billion.

Many pressures on petroleum business problems

According to businesses, the world energy market is fluctuating strongly when the price of Brent crude oil on the international market averaged 75.66 USD/barrel in the first quarter of 2025, down 9% compared to the same period in 2024 and continued to decrease in the first half of April, at 68.93 USD/barrel.

According to PVOIL, the global oil surplus combined with adjustments to energy and tax policies from major countries has made the market unstable. In the domestic market, retail gasoline prices are continuously adjusted down according to world price movements, creating great pressure on the profit margins and revenues of gasoline trading enterprises.

PVOIL said that in the context of limited room for development and the current extremely difficult business environment, the target of continuing to grow revenue by 8% in 2025 will be an extremely huge challenge for this enterprise.

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NGOC HIEN

Source: https://tuoitre.vn/truoc-ap-luc-du-cung-cong-thue-doi-ung-pvoil-va-petrolimex-dat-ke-hoach-kinh-doanh-ra-sao-20250416193259414.htm