- PVT reported Q2 2025 revenue of VND4.4tn (+46% YoY), while reported NPAT-MI came in at VND294bn (-2% YoY). Recurring NPAT-MI declined 19% YoY to VND283bn. Strong revenue growth was primarily driven by trading & others, with revenue surging 3.5x YoY to VND1.9tn. However, earnings contracted due to weak performance in the transportation segment, where gross profit fell 20% YoY and gross margin compressed 10 ppts. We attributable this to (1) declining global tanker charter rates (Aframax/MR/Handymax down 41%/36%/36% YoY, respectively), and (2) a YoY increase in depreciation expenses following the fleet expansion in 2024. These factors outweighed the incremental contributions from eight newly acquired vessels, which expanded fleet DWT by 29% YoY.
- For H1 2025, PVT posted revenue of VND7.1tn (+29% YoY) and reported NPAT-MI of VND509bn (-2% YoY). Recurring NPAT-MI was VND492bn (-12% YoY). The earnings decline was primarily due to a sharp drop in gross margin to 15.3% (from 22.4% in H1 2024), reflecting (1) weak global tanker rates, (2) a 21% YoY increase in depreciation expenses, and (3) a 115% YoY rise in outsourcing and other costs.
- H1 results were broadly in line with our expectations, completing 55% and 51% of our full-year revenue and NPAT-MI forecasts, respectively, mainly due to lower-than-expected minorities interest.
Figure 1: PVT’s Q2 & H1 2025 results
VND bn | Q2 | Q2 | YoY | H1 | H1 | YoY | % of |
Revenue | 2,988 | 4,352 | 46% | 5,524 | 7,142 | 29% | 55% |
Transportation | 2,311 | 2,375 | 3% | 4,414 | 4,604 | 4% | 46% |
FSO, trading & others | 677 | 1,977 | 192% | 1,111 | 2,538 | 129% | 85% |
Gross profit | 711 | 599 | -16% | 1,236 | 1,092 | -12% | 46% |
Transportation | 620 | 498 | -20% | 1,069 | 918 | -14% | 45% |
FSO, trading & others | 90 | 101 | 11% | 168 | 174 | 4% | 53% |
Sales & marketing exp | -4 | -3 | -13% | -6 | -6 | -5% | 35% |
General admin exp | -99 | -118 | 19% | -177 | -211 | 19% | 44% |
Operating profit (EBIT) | 608 | 478 | -21% | 1,054 | 875 | -17% | 46% |
Financial income | 74 | 83 | 12% | 135 | 150 | 11% | 47% |
Financial expenses | -149 | -143 | -5% | -300 | -277 | -8% | 50% |
In which, interest expense | -99 | -105 | 6% | -206 | -213 | 3% | 50% |
Share profit/loss from associates | 9 | 5 | -40% | 12 | 10 | -10% | 48% |
Net other income/loss | -63 | 13 | N.M. | -49 | 21 | N.M. | 37% |
NPAT | 385 | 361 | -6% | 679 | 638 | -6% | 46% |
NPAT-MI, reported | 300 | 294 | -2% | 519 | 509 | -2% | 51% |
NPAT-MI, core | 351 | 283 | -19% | 559 | 492 | -12% | 51% |
EBITDA | 872 | 982 | 13% | 1,895 | 1,890 | 0% | 46% |
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Gross profit margin | 23.8% | 13.8% | -10.0 | 22.4% | 15.3% | -7.1 | 83% |
EBIT Margin | 20.3% | 11.0% | -9.4 | 19.1% | 12.3% | -6.8 | 84% |
Reported NPAT-MI margin | 10.1% | 6.7% | -3.3 | 9.4% | 7.1% | -2.3 | 92% |
Core NPAT-MI margin | 11.7% | 6.5% | -5.2 | 10.1% | 6.9% | -3.2 | 93% |
Source: PVT, Vietcap. Note: Core NPAT-MI excludes the net other income/loss.
Figure 2: Summarizing the tanker rates in H1 2025
‘000 USD/day | Q2 | QoQ | YoY | Q2 2025 vs 2021 (pre-Russia – Ukraine conflict) | H1 | YoY |
Aframax | 29.3 | -2% | -41% | 1.5x | 29.6 | -39% |
Medium Range (MR) | 19.7 | -3% | -36% | 1.4x | 20.0 | -33% |
Handymax | 18.3 | -7% | -36% | 1.5x | 19.0 | -31% |
Source: Alibra, Bloomberg, Vietcap (Note: We use the Aframax tanker rate as a benchmark for the crude tanker rate, MR for oil product tanker rates, and Handymax for petrochemical tanker rates)
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