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For the first six months of 2026, accumulated revenue reached VND134 trillion (+85% YoY, meeting 90% of the annual plan and 72% of our forecast), while net profit stood at VND476 billion (doubling year-on-year, meeting 72% of the annual plan and 86% of our forecast). Revenue growth was primarily driven by: (1) sharp rise in petroleum selling prices in line with crude oil prices, and (2) 22% increase in sales volume. Specifically, the average Brent crude price for the second quarter of the year was USD104.52 per barrel (+53% YoY).
We anticipate that earnings growth will slow down in the latter part of the year due to: (1) potential oil price volatility necessitating provisions; (2) margin compression; and (3) the likelihood of borrowing costs remaining high. We maintain our 2026 revenue and profit growth forecasts of 23% and 9% year-on-year, respectively, and reiterate an Outperform rating with a target price of VND14,500/share (post-dividend) for year-end 2026 (representing 13% upside potential).
