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Corporate Clients
In Q3.2025, the company achieved revenue of VND 35,690 billion (+41.7% YoY), and net profit reached VND 2,612 billion (+1% YoY). In the first 9 months of 2025, the company achieved revenue of VND 91,445 billion (+16% YoY), and net profit reached VND 10,184 billion (+19% YoY). Growth mainly came from the increase in LPG consumption in both international and domestic markets (+57% YoY), and the reversal of bad debt provisions of over VND 1,600 billion from PV POWER, Phu My 3 & Mekong Energy. However, gross profit margin in Q3.2025 decreased due to the LPG segment’s profit margin (accounting for more than 55% of revenue) falling sharply to 5.6% – mainly due to the company’s increased commercial activities with lower profit margin.
Accumulated in 9M.2025, the company achieved revenue of VND 91,445 billion (+16% yoy), profit after tax reached VND 10,184 billion (+19% yoy). Growth mainly comes from the increase in LPG consumption output in both international and domestic markets (+58% yoy), and the reversal of bad debt provisions of over VND 1,600 billion.
Neutral outlook in 2026.
Key points on PV GAS’s business outlook in 2026 include: (1) gas demand from domestic projects helping gas consumption output to be stable, ( 2 ) LNG revenue growth when Nhon Trach 3 & 4 gas power project comes into operation for the whole year: GAS expects to supply 1 million ton of LNG/year for the above 2 factories, and (3) LPG business segment is positive thanks to the continuous growth in domestic and export demand. For 2026, We forecast revenue to reach VND 113,204 billion ( -4 % yoy) and net profit to reach VND 11,513 billion ( -11 % yoy) due to Brent oil price forecast to fall to $60/barrel .
The target price by the end of 2026 is VND 66,600/share. Rating NEUTRAL.
