Petrolimex Chemicals (PET) reports first loss since 2008

Petrolimex Chemicals (PET) reports first loss since 2008

The company attributed its poor performance to increased operational costs. Specifically, management expenses surged to nearly VNĐ60.2 billion in Q4 2025, a dramatic rise from VNĐ6.9 billion in the same period the previous year.

A Petrolimex Petrochemical worker operates equipment at its plant. — Photo plc.petrolimex.com.vn

Petrolimex Petrochemical Corporation has reported a net loss of nearly VNĐ85.2 billion (US$3.3 million) for the fourth quarter of 2025, marking the first time the company has posted a loss since 2008 after 17 consecutive years of profitability.

In its consolidated financial report for Q4 2025, the company said revenue fell 6.2 per cent year on year to nearly VNĐ2 trillion. Gross profit also contracted sharply, dropping almost 17 per cent to VNĐ202.1 billion.

The company attributed the weak performance to rising operating costs. Management expenses surged to nearly VNĐ60.2 billion in the quarter, up from VNĐ6.9 billion in the same period last year. Selling expenses also rose by nearly 10 per cent, further weighing on profitability.

According to the company, the loss was largely driven by poor business results at Petrolimex Petrochemical, which recorded losses of nearly VNĐ116.9 billion in the final quarter of the year, dragging down the consolidated results of the parent corporation.

For the full year 2025, Petrolimex Petrochemical posted total revenue of more than VNĐ7.77 trillion, up 12.2 per cent from 2024, mainly due to contributions from the asphalt segment, which accounted for 50.5 per cent of total revenue.

However, heavy losses in the fourth quarter pushed net profit after tax for the year down to nearly VNĐ13.6 billion, a steep fall of 68.5 per cent compared to the previous year.

Despite the hit to profitability, Petrolimex Petrochemical’s shares remain in focus among investors thanks to the company’s leading position in the asphalt market, which continues to benefit from public investment projects in Việt Nam.

As of yesterday, the company’s market capitalisation was estimated at more than VNĐ2.5 trillion.

Last week, its share price rose 2.5 per cent. Over the past month, it gained 32.5 per cent and reached a peak of VNĐ37,100 per share on February 3.

After this rapid rise, the stock saw a correction and was trading at VNĐ29,700 per share yesterday.

Bizhub