Petrovietnam Gas (GAS) Q2 2025 earnings summary

Executive summary

• Net revenue for H1 2025 reached VND 55.8 trillion, up 4.5% year-over-year, with Q2 revenue stable at VND 30.1 trillion compared to Q2 2024.

• Net profit after tax for H1 2025 was VND 7.57 trillion, a 27% increase year-over-year, driven by a reversal of VND 1.81 trillion in bad debt provisions in Q2.

• Gross profit margin improved due to lower cost of goods sold and provision reversals.

Financial highlights

• Gross profit for H1 2025 was VND 9.04 trillion, up from VND 7.41 trillion year-over-year.

• Operating profit reached VND 9.39 trillion, up 27% year-over-year.

• Earnings per share (EPS) for H1 2025 was VND 3,162, up from VND 2,498 in H1 2024.

• Cash and cash equivalents at 30/06/2025 were VND 10.6 trillion, up from VND 5.6 trillion at the start of the year.

• Total assets as of 30/06/2025 were VND 88.6 trillion, with equity at VND 68.8 trillion.

Outlook and guidance

• Management attributes profit growth to provision reversals and expects stable operations for the remainder of the year.