PETROLIMEX NGHE AN CO.,LTD

PETROLIMEX NGHE AN CO., LTD (CÔNG TY XĂNG DẦU NGHỆ AN) is a regional subsidiary of the Vietnam National Petroleum Group (Petrolimex), operating under Business ID 2900326304. Established on July 10, 2010, and headquartered at No. 4, Nguyen Sy Sach Street, Vinh City, Nghe An Province, the company plays a vital role in the distribution and retail of fuel and petroleum products across the North Central region of Vietnam.

Management and Ownership

The enterprise is a one-member limited liability company, 100% owned by Vietnam National Petroleum Group (Petrolimex). Mr. Nguyen Sy Van serves as the Chairperson, leading a workforce of 554 employees. PETROLIMEX NGHE AN operates as a state-affiliated fuel distributor with integrated wholesale and retail operations.

Financial Performance (FY 2023)

• Revenue: USD 291.43 million (▼15.58% YoY)

• Profit: USD 2.29 million (▲146.43% YoY)

• Assets: USD 19.92 million (▼6.07% YoY)

• Equity: USD 10.02 million (▲58.56% YoY)

• Working Capital: USD -5.15 million

Despite a sharp decline in revenue—driven by fuel price adjustments and possibly lower local consumption—the company achieved a significant recovery in net profit, nearly 2.5 times higher than in 2022. Equity also surged by nearly 60%, pointing to retained earnings or capital support from its parent group. However, negative working capitalcontinues to signal liquidity risks, similar to other regional branches in the Petrolimex system.

Operations and Business Scope

PETROLIMEX NGHE AN is primarily engaged in the wholesale and retail of gasoline, diesel, and related fuel products. It also holds licenses for:

• Warehousing and storage

• Equipment repair and maintenance

• Beverage wholesale and packaging

• IT services and software publishing

• Retail of construction and household products

This diversification adds supplementary revenue streams, although petroleum distribution remains the core driver of business activity.

Risk Assessment and Outlook

The company's financial results reflect the typical structure of state-owned fuel distributors: high turnover, limited profitability, and persistent working capital constraints. Profit volatility remains a concern, though the 2023 rebound suggests tighter cost control or more favorable sourcing. Equity strength improved notably, which may ease pressure on long-term solvency.

Still, the continued negative liquidity requires attention from suppliers and financial partners. Prior to extending credit or entering into long-term supply agreements, stakeholders should rely on third-party business verification. VANGUARD BUSINESS INFORMATION LLC (VBI) offers reliable financial profiling and operational due diligence, particularly suited to evaluating regional petroleum companies like PETROLIMEX NGHE AN CO., LTD.

Conclusion

PETROLIMEX NGHE AN CO., LTD remains a critical node in Vietnam’s national fuel supply network. Its revenue base is strong, and recent profitability growth is encouraging. However, cash flow and balance sheet risks should not be overlooked. A combination of operational importance and financial caution defines this state-owned enterprise’s current profile.