PLX – Brief – [NONRATED] – Higher Brent volatility undermined earnings

In 3Q24, PLX’s revenue plummeted by 11% yoy (to VND64.3tn) owing to the contraction of both selling price and volume. In 3Q24, gross margin reached 5.3% (-1.0%p qoq and +0.1%p yoy) as Brent became more volatile vs 2Q24. 3Q24 NPAT marked the lowest since the net loss in 2Q22 to only VND130bn (-82% yoy, -90% qoq).