MATERIALS PETROLEUM JOINT STOCK COMPANY

MATERIALS PETROLEUM JOINT STOCK COMPANY, known in Vietnamese as Công ty Cổ phần Vật Tư - Xăng Dầu and commonly referred to by its short name COMECO, is a long-established and reputable enterprise operating in Vietnam’s petroleum distribution and retail sector. Founded on December 13, 2000, the company has been active for over 24 years and is headquartered at the COMECO Building, No. 549 Dien Bien Phu Street, Ward 03, District 3, Ho Chi Minh City. It is a publicly held company with its shares traded under the stock symbol COM on the Ho Chi Minh Stock Exchange.

Legally registered with the business identification number and tax code 0300450673, COMECO is backed by a charter capital of USD 5.8 million, fully paid as of December 31, 2023. The company is managed by an experienced leadership team, with Mr. Phạm Văn Thoại serving as Chairman and Mr. Lê Tấn Thưởng as General Director. Supporting them is Deputy General Director Mr. Nguyễn Chơn Quang. The company currently employs a workforce of 513 people and operates multiple branches across Vietnam, including in Long An, Đồng Nai, and other parts of Ho Chi Minh City.

COMECO’s principal line of business is the trading and retail sale of petroleum products, including gasoline, refined oils, lubricants, and petrochemicals. In addition to its core business, the company has diversified its operations to include a wide array of activities such as inland freight and passenger water transport, automotive sales and maintenance, wholesale and retail of various consumer goods including textiles, electronics, and construction materials, as well as restaurant and accommodation services. This diversification reflects the company’s strategic attempt to broaden its revenue streams and market resilience.

Financially, the company reported total assets of USD 19.92 million in 2024, reflecting a minor decline of 1.11% from the previous year. Owner’s equity stood at USD 17.84 million, which also experienced a slight decrease of 1.12%. Net sales for the fiscal year 2024 totaled USD 168.71 million, down 5.43% from 2023, continuing a downward trend from the USD 197.84 million reported in 2022. Net profit in 2024 was USD 1.1 million, representing a 22% drop compared to the previous year, where the company had seen a sharp profit rebound of over 2,595% from a modest base in 2022. Despite this decline, the firm maintains a positive net worth of approximately USD 13.32 million and a working capital of USD 6.37 million, suggesting a stable financial position even amid fluctuating market conditions.

Ownership of the company is predominantly held by two major state-affiliated entities: PetroVietnam Oil Corporation, holding a 44.79% stake, and Ho Chi Minh City Petroleum Company Limited, with a 39.65% share. The remaining 15.56% is held by other shareholders. This structure underscores COMECO’s strong integration within Vietnam’s state-backed energy framework and reflects the strategic importance of its operations within the national petroleum supply chain.

While the company’s financials show some short-term contractions in both revenue and profit, its diverse business activities, state-linked shareholder support, and extensive experience position it as a reliable and established player in the Vietnamese energy and retail markets. Going forward, stakeholders should watch how COMECO manages its operational costs and explores new growth avenues in a competitive and evolving fuel distribution landscape.