PJC

Thương mại và Vận tải Petrolimex Hà Nội ·HNX ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 1.16x

Price

30,000

Latest close

28 May 2026

P/E 5.02x

P/B 1.24x

EPS 5,981

BVPS 24,253

ROE 26.1%

ROA 17.1%

Profit Margin 3.2%

Asset Turnover 5.44x

Equity Mult. 1.52x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, PJC is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,404bn
	                                
+18.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 44bn
	                                
+56.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,290.0	1,188.9	1,201.3	1,197.2	788.4
Growth	+8%	-1%	+0%	+52%	—
Net Income	36.6	26.5	31.7	24.8	20.8
Net Margin	2.84%	2.23%	2.64%	2.07%	2.63%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	403.3	367.6	326.5	306.3	289.7	305.3	285.4	307.3	292.7	313.7	294.3	289.2
Growth	+10%	+13%	+7%	+6%	-5%	+7%	-7%	+5%	-7%	+7%	+2%	—
Net Income	15.1	13.4	7.3	8.4	7.3	9.2	4.9	6.8	5.5	15.8	4.8	3.2
Net Margin	3.74%	3.64%	2.25%	2.75%	2.51%	3.03%	1.70%	2.22%	1.89%	5.04%	1.62%	1.11%

Drivers of PJC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 33.7bn

Administrative expenses ↑ 6.9bn

Selling expenses ↑ 5.7bn

Tax ↑ 3.7bn

Other profit ↓ 2.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 13.6bn

Administrative expenses ↑ 2.8bn

Tax ↑ 1.9bn

Selling expenses ↑ 1.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 17.7% = 2.4% × 5.00 × 1.49

2026Q1 26.1% = 3.2% × 5.44 × 1.52

ROE rose from 17.7% to 26.1% — all three components improved, with asset turnover contributing the most.

Net margin: 3.2% +0.8pp Asset turnover: 5.44x +0.44x Leverage: 1.52x +0.04x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 3.15%, rising 0.8pp. The main driver is Gross margin rose 0.8pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.2pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 3.15% +0.8pp

Gross Margin 11.37% +0.8pp

SG&A / Revenue 7.48% −0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 3.13% +0.9pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.68x equity, with a net cash position equivalent to 0.26x equity.

Over the last 12 months, working capital absorbed 11.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −4.2bn

Inventories increased → lower CFO: −12.3bn

Payables increased → higher CFO: +5.3bn

Working Capital Efficiency

Cash conversion cycle lengthened by 0.3 days versus the same period last year. The main moves came from DIO rose 1.1 days, DSO fell 0.8 days, and DPO rose 0.0 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +0.3 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +1.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 12.4 days −0.8 days

Inventory 4.0 days +1.1 days

Payables 7.8 days +0.0 days

Cash Conversion Cycle 8.6 days +0.3 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 53.1bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.26x and interest coverage at 981.07x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.26x —

Interest Coverage 981.07x +941.69x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.16x −1.16x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 53.1bn in 2025, against investing cash flow of -5.2bn.

Post-investment cash flow was positive +47.9bn. Financing cash flow was negative +20.6bn.

CFO / net income was 1.16x.

After spending +8.1bn on fixed-asset investment, the business generated trailing free cash flow of +43.2bn.

Cash Conversion

CFO TTM 51.3bn −14.1bn

Cash Capex 8.1bn —

FCF TTM +43.2bn —

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, capital efficiency remains the area to verify in upcoming periods.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.16x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,290.0	1,188.9	1,201.3	1,197.2	788.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,290.0	1,188.9	1,201.3	1,197.2	788.4
Cost of Goods Sold	1,144.2	1,068.3	1,089.2	1,113.1	0.0
Gross Profit	145.8	120.7	112.1	84.1	61.7
Financial Income	0.4	0.7	2.3	0.8	0.0
Financial Expenses	0.1	0.8	0.6	1.1	-2.4
Interest Expense	—	0.0	0.0	0.0	-1.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	32.8	27.9	27.8	24.4	-20.7
General and Administrative Expenses	67.3	61.9	54.9	27.8	-15.6
Operating Profit	45.8	30.8	31.0	31.6	23.1
Other Income	0.3	3.2	8.8	0.3	0.0
Other Expenses	0.1	0.3	0.0	0.6	0.0
Other Profit	0.2	2.8	8.8	-0.3	3.0
Profit Before Tax	46.0	33.6	39.8	31.3	26.1
Current Income Tax Expense	9.4	7.2	8.1	6.5	-5.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	36.6	26.5	31.7	24.8	20.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	36.6	26.5	31.7	24.8	20.8
Earnings per Share	4,994.00	3,612.00	4,331.00	3,384.00	2,832.47
Diluted EPS	4,993.57	3,611.54	4,330.63	3,384.13	2,832.47

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	120.8	83.1	130.5	131.6	63.5
I. Cash and cash equivalents	55.8	28.4	68.1	63.9	17.0
1. Cash	35.6	13.0	16.7	23.9	0.0
2. Cash equivalents	20.1	15.4	51.3	40.0	0.0
II. Short-term financial investments	5.6	5.0	10.0	10.3	0.0
1. Available for sale securities	0.0	0.1	0.1	0.3	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	-0.0	0.0
3. Held to maturity investments	5.6	5.0	10.0	10.0	0.0
III. Short-term receivables	50.0	38.6	41.4	47.0	34.6
1. Short-term trade accounts receivable	43.4	36.0	39.0	43.9	0.0
2. Short-term prepayments to suppliers	1.7	1.7	1.5	1.3	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	4.8	1.0	0.9	1.8	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	6.3	8.6	7.7	7.7	9.9
1. Inventories	6.3	8.6	7.7	7.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.2	2.4	3.2	2.7	1.8
1. Short-term prepayments	1.5	1.3	0.9	2.7	0.0
2. Value added tax to be reclaimed	—	1.1	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.7	0.0	2.3	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	153.0	168.7	101.3	96.9	130.2
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	126.0	116.2	75.7	77.2	114.7
1. Tangible fixed assets	119.4	109.4	68.9	72.5	110.0
- Cost	558.0	525.9	459.1	430.9	0.0
- Accumulated depreciation	-438.6	-416.5	-390.2	-358.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	6.6	6.8	6.8	4.7	4.7
- Cost	7.9	7.9	7.9	5.8	0.0
- Accumulated depreciation	-1.3	-1.1	-1.1	-1.1	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	7.6	33.4	7.3	8.4	6.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	7.6	33.4	7.3	8.4	0.0
V. Long-term financial investments	—	1.1	1.2	1.1	1.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	1.8	1.8	1.8	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	-0.7	-0.6	-0.7	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	19.4	18.0	17.1	10.2	0.0
1. Long-term prepayments	19.4	18.0	17.1	10.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	8.5
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	273.8	251.8	231.7	228.5	193.8
A. LIABILITIES (300=210+330)	111.2	97.6	79.1	89.9	63.3
I. Short -term liabilities	95.8	82.2	64.5	75.5	63.3
1. Short-term trade accounts payable	18.8	17.0	15.0	16.3	9.1
2. Short-term advances from customers	2.2	0.6	0.9	1.0	0.6
3. Taxes and other payables to state authorities	3.8	4.5	5.9	4.7	0.0
4. Payable to employees	59.4	50.9	30.2	44.0	0.0
5. Short-term acrrued expenses	1.3	1.3	2.1	1.8	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.4	0.0	1.0
9. Other short-term payables	5.0	3.8	3.2	3.2	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.4	4.2	6.9	4.5	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	15.4	15.4	14.6	14.3	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	15.4	15.4	14.6	14.3	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	162.6	154.2	152.6	138.6	130.5
I. Owner's equity	162.6	154.2	152.6	138.6	0.0
1. Owner's capital	73.3	73.3	73.3	73.3	130.5
- Common stock with voting right	73,269,280,000.00	73,269,280,000.00	73,269,280,000.00	73,269,280,000.00	73,269,280,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	7.1	7.1	7.1	7.1	7.1
5. Treasury shares	-804,000.00	-804,000.00	-804,000.00	-804,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	43.0	43.0	40.5	33.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	39.2	30.7	31.7	24.8	20.8
- Accumulated retained earning at the end of the previous period	2.6	4.3	0.0	0.0	0.0
- Undistributed earnings in this period	36.6	26.5	31.7	24.8	20.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	273.8	251.8	231.7	228.5	193.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	46.0	33.6	39.8	31.3	26.1
Depreciation of Fixed Assets and Investment Property	24.4	29.5	33.2	38.5	45.7
Provision (Increase)/Reversal	-0.7	0.1	-0.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.6	-1.0	-2.4	-1.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	69.1	62.2	70.5	68.8	72.2
Increase/(Decrease) in Receivables	-11.2	3.3	3.9	-12.1	0.0
Increase/(Decrease) in Inventory	2.2	-0.8	-0.1	2.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	11.2	23.2	-15.3	23.4	0.0
Increase/(Decrease) in Prepaid Expenses	-1.6	-1.3	-5.1	-2.6	0.0
Changes in Trading Securities	0.1	0.0	0.3	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-10.4	-8.7	-7.0	-5.7	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-6.2	-5.5	-4.2	-3.7	0.0
Net Cash Flow from Operating Activities	53.1	72.2	43.0	70.3	44.4
Payments for Fixed Assets and Other Long-term Assets	-7.1	-96.6	-30.3	-3.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.4	0.2	0.2	0.8
Loans and Purchases of Debt Instruments	-5.6	0.0	0.0	-10.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	5.0	5.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	1.8	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	1.0	2.2	0.4	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-5.2	-90.2	-27.9	-12.4	0.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	-26.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-20.6	-21.6	-10.9	-10.9	-11.1
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-20.6	-21.6	-10.9	-10.9	-37.7
Net Cash Flow During the Period	27.3	-39.6	4.1	46.9	9.4
Cash and Cash Equivalents at Beginning of Period	28.4	68.1	63.9	17.0	9.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	55.8	28.4	68.1	63.9	17.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	403.3	367.6	326.5	306.3	289.7	305.3	285.4	307.3	292.7	313.7	294.3	289.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	403.3	367.6	326.5	306.3	289.7	305.3	285.4	307.3	292.7	313.7	294.3	289.2
Cost of Goods Sold	358.1	326.2	292.6	267.1	258.1	268.6	255.9	279.1	266.4	281.6	269.2	254.3
Gross Profit	45.2	41.3	33.9	39.2	31.6	36.7	29.5	28.2	26.3	32.1	25.2	34.9
Financial Income	0.2	0.2	0.1	0.1	0.0	0.2	0.1	0.1	0.3	0.6	0.6	0.5
Financial Expenses	0.0	-0.5	0.2	0.2	0.2	0.3	0.2	0.1	0.1	-0.2	0.3	0.2
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	8.6	9.6	8.4	7.9	7.0	8.5	6.9	6.4	6.1	7.2	6.3	8.5
General and Administrative Expenses	18.2	15.7	16.2	20.6	15.3	18.8	16.2	13.3	13.5	14.5	13.2	22.7
Operating Profit	18.6	16.7	9.2	10.6	9.1	9.3	6.2	8.4	6.9	11.2	6.0	4.0
Other Income	0.4	0.0	0.0	-0.0	0.2	2.9	0.0	0.0	0.2	8.6	0.0	0.0
Other Expenses	0.0	-0.0	0.0	0.0	0.1	0.3	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.3	0.0	0.0	-0.0	0.2	2.6	0.0	0.0	0.2	8.6	0.0	0.0
Profit Before Tax	18.9	16.8	9.2	10.6	9.2	11.9	6.2	8.4	7.1	19.8	6.0	4.0
Current Income Tax Expense	3.9	3.4	1.9	2.2	1.9	2.7	1.3	1.6	1.5	4.0	1.2	0.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	15.1	13.4	7.3	8.4	7.3	9.2	4.9	6.8	5.5	15.8	4.8	3.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	15.1	13.4	7.3	8.4	7.3	9.2	4.9	6.8	5.5	15.8	4.8	3.2
Earnings per Share	2,058.00	1,828.00	1,001.00	1,094.00	994.00	1,261.00	663.00	932.00	756.00	2,157.66	651.96	438.20
Diluted EPS	2,057.69	1,828.22	1,001.13	1,148.58	994.01	1,260.88	663.49	932.42	756.71	2,157.66	651.96	438.20

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	125.1	120.8	105.5	95.8	83.6	83.1	94.0	87.8	103.1	129.0	131.1	113.4
I. Cash and cash equivalents	46.5	55.8	41.5	28.5	16.7	23.1	45.8	34.2	30.4	26.8	34.1	32.8
1. Cash	31.2	35.6	26.0	28.5	16.7	13.0	40.5	23.9	14.7	16.7	29.1	32.8
2. Cash equivalents	15.3	20.1	15.5	—	—	10.0	5.3	10.3	15.6	10.1	5.0	0.0
II. Short-term financial investments	0.0	5.6	0.1	5.5	5.5	10.4	5.0	0.1	10.0	51.3	50.8	30.5
1. Available for sale securities	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	5.6	—	5.5	5.4	10.4	5.0	0.0	10.0	51.2	50.7	30.5
III. Short-term receivables	55.1	50.0	52.2	50.5	50.5	38.6	34.9	40.7	46.8	41.4	36.2	39.7
1. Short-term trade accounts receivable	49.7	43.4	42.1	46.8	45.3	36.0	32.8	37.4	40.0	39.0	33.7	34.0
2. Short-term prepayments to suppliers	1.9	1.7	2.7	2.7	1.9	1.7	1.6	2.1	2.0	1.5	1.4	4.2
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.5	4.8	7.3	1.0	3.3	1.0	0.6	1.2	4.8	0.9	1.1	1.5
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	19.8	6.3	9.9	8.8	7.5	8.6	7.4	9.5	9.6	7.7	8.7	8.5
1. Inventories	19.8	6.3	9.9	8.8	7.5	8.6	7.4	9.5	9.6	7.7	8.7	8.5
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	3.7	3.2	1.8	2.4	3.4	2.4	0.8	3.2	6.2	1.8	1.3	1.9
1. Short-term prepayments	2.0	1.5	1.3	1.7	2.0	1.3	0.8	1.5	2.0	1.0	1.3	1.9
2. Value added tax to be reclaimed	—	—	—	—	—	1.1	0.0	0.5	1.6	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.7	1.7	0.4	0.8	1.4	0.0	0.0	1.2	2.7	0.8	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	146.3	153.0	149.8	154.5	161.4	168.7	148.8	149.6	127.0	101.3	97.4	105.8
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	122.1	126.0	124.7	129.1	135.2	116.2	123.4	124.1	89.2	75.8	80.9	89.5
1. Tangible fixed assets	115.6	119.4	118.1	122.4	128.5	109.4	116.8	117.4	82.5	69.0	76.2	84.8
- Cost	558.1	—	—	—	—	525.9	525.9	520.0	477.5	459.1	458.9	458.8
- Accumulated depreciation	-442.5	—	—	—	—	-416.5	-409.1	-402.7	-395.0	-390.1	-382.7	-374.0
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	6.5	6.6	6.7	6.7	6.8	6.8	6.6	6.7	6.8	6.8	4.7	4.7
- Cost	7.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	7.6	7.6	7.9	7.9	7.8	33.4	7.6	7.3	20.1	7.3	8.6	8.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	7.6	7.6	7.9	7.9	7.8	33.4	7.6	7.3	20.1	7.3	8.6	8.6
V. Long-term financial investments	—	—	1.1	1.1	1.1	1.1	1.2	1.2	1.2	1.2	1.2	1.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	-0.7	-0.7	-0.7	-0.7	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	16.6	19.4	16.1	16.4	17.3	18.0	16.6	17.0	16.4	17.0	6.8	6.6
1. Long-term prepayments	16.6	19.4	16.1	16.4	17.3	18.0	16.6	17.0	16.4	17.0	6.8	6.6
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	271.4	273.8	255.3	250.3	245.0	251.8	242.8	237.3	230.1	230.3	228.4	219.2
A. LIABILITIES (300=210+330)	93.7	111.2	106.0	108.5	83.5	97.6	97.9	97.2	71.9	78.9	92.8	88.4
I. Short -term liabilities	78.5	95.8	90.7	93.0	69.0	82.2	82.2	81.5	58.0	64.3	78.1	74.1
1. Short-term trade accounts payable	30.6	18.8	19.3	28.2	22.5	17.0	14.1	19.7	22.7	15.0	10.8	11.2
2. Short-term advances from customers	2.1	2.2	1.5	1.1	2.6	0.6	1.0	0.6	0.8	0.9	0.8	5.5
3. Dividends and profits payable	1.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	7.2	3.8	4.0	4.3	4.0	4.5	2.8	2.1	2.3	5.6	3.5	2.5
4. Payable to employees	23.8	59.4	40.1	25.9	24.5	50.9	38.6	28.8	16.4	30.2	40.6	24.5
5. Short-term acrrued expenses	5.4	1.3	11.6	10.3	7.5	1.3	7.9	6.6	6.8	2.2	8.6	17.5
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.3	—	0.3	—	0.3	0.0	0.3	0.0	0.3	0.4	0.3	0.0
9. Other short-term payables	3.8	5.0	6.4	14.3	5.5	3.8	11.5	16.5	3.4	3.2	5.0	4.2
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.5	5.4	7.4	8.7	2.1	4.2	6.0	7.0	5.1	6.9	8.6	8.8
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	15.2	15.4	15.4	15.6	14.5	15.4	15.7	15.8	13.9	14.6	14.7	14.3
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	15.2	15.4	15.4	15.6	14.5	15.4	15.7	15.8	13.9	14.6	14.7	14.3
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	177.7	162.6	149.2	141.7	161.5	154.2	144.9	140.1	158.2	151.4	135.6	130.9
I. Owner's equity	177.7	162.6	149.2	141.7	161.5	154.2	144.9	140.1	158.2	151.4	135.6	130.9
1. Owner's capital	73.3	73.3	73.3	73.3	73.3	73.3	73.3	73.3	73.3	73.3	73.3	73.3
- Common stock with voting right	73,269,280,000.00	73,269,280,000.00	73,269,280,000.00	73,269,280,000.00	73,269,280,000.00	73,269,280,000.00	73,269,280,000.00	73,269,280,000.00	73,269,280,000.00	73,269,280,000.00	73,269,280,000.00	73,269,280,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1
5. Treasury shares	-804,000.00	-804,000.00	-804,000.00	-804,000.00	-804,000.00	-804,000.00	-804,000.00	-804,000.00	-804,000.00	-804,000.00	-804,000.00	-804,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	43.0	43.0	43.0	43.0	43.0	43.0	43.0	43.0	40.5	40.5	40.5	40.5
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	54.3	39.2	25.8	18.3	38.0	30.7	21.5	16.7	37.3	30.6	14.7	10.0
- Accumulated retained earning at the end of the previous period	39.2	2.6	2.6	2.6	4.3	4.3	4.3	4.3	31.7	0.0	0.0	0.0
- Undistributed earnings in this period	15.1	36.6	23.2	15.7	33.7	26.5	17.2	12.4	5.5	30.6	14.7	10.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	271.4	273.8	255.3	250.3	245.0	251.8	242.8	237.3	230.1	230.3	228.4	219.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	18.9	16.8	9.2	10.8	9.2	11.9	6.2	8.4	7.1	21.3	6.0	4.0
Depreciation of Fixed Assets and Investment Property	4.9	5.3	6.2	6.3	6.6	7.2	8.2	7.8	6.3	7.5	8.7	9.0
Provision (Increase)/Reversal	—	-0.7	0.0	0.0	0.1	0.1	0.0	0.0	0.0	-0.1	-0.0	-0.1
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.6	-0.2	-0.1	-0.1	-0.3	-0.3	-0.1	-0.1	-0.5	-1.9	0.7	-0.4
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	23.3	21.1	15.3	17.0	15.7	18.9	14.3	16.1	12.9	26.9	15.3	12.5
Increase/(Decrease) in Receivables	-5.2	1.7	-1.3	0.6	-12.2	-4.3	7.2	7.0	-5.8	-7.0	0.5	9.9
Increase/(Decrease) in Inventory	-13.5	3.6	-1.1	-1.3	1.0	-1.2	2.1	0.1	-1.9	1.0	-0.2	-0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-18.0	5.8	7.6	9.8	-12.0	8.5	5.2	13.8	-5.4	-15.5	6.6	-1.8
Increase/(Decrease) in Prepaid Expenses	2.3	-3.5	0.7	1.1	0.1	-1.9	1.1	-0.1	-0.3	-9.9	0.6	1.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.5	-3.8	-2.2	-1.9	-2.5	-1.5	-1.6	-1.5	-4.1	-1.2	-0.8	-1.8
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.0	-1.8	-1.3	-0.4	-2.6	-1.8	-1.0	-1.3	-1.4	-1.7	-0.2	3.7
Net Cash Flow from Operating Activities	-14.4	23.1	17.6	25.0	-12.6	16.7	27.2	34.1	-6.1	-7.4	21.7	24.1
Payments for Fixed Assets and Other Long-term Assets	-1.0	-4.9	-1.8	-0.4	—	-28.8	-4.7	-35.3	-27.4	-0.4	0.0	-10.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.0	0.0	0.0	0.2	0.2	0.0	0.0	0.2	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	—	-5.6	—	—	—	0.0	0.0	0.0	0.0	50.0	-50.0	20.2
Receipts from Loan Repayments and Sale of Debt Instruments	5.6	0.0	0.0	0.0	5.0	-5.0	0.0	5.0	0.0	-10.0	10.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	1.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.2	0.0	0.1	0.0	-0.2	-0.2	0.4	0.3	1.7	-0.6	0.5
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Net Cash Flow from Investing Activities	5.2	-8.4	-1.8	-0.3	5.3	-33.8	-4.9	-29.9	-26.9	41.3	-40.6	10.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.5	-8.3	-7.4	-4.4	-5.6	-5.8	-5.4	-4.7	-0.1	-0.1	-6.3
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-0.5	-8.3	-7.4	-4.4	-5.6	-5.8	-5.4	-4.7	-0.1	-0.1	-6.3
Net Cash Flow During the Period	-9.3	14.2	7.5	17.3	-11.8	-22.7	16.6	-1.1	-37.7	33.8	-19.0	28.6
Cash and Cash Equivalents at Beginning of Period	55.8	41.5	34.0	16.7	28.4	68.1	68.1	68.1	68.1	63.9	63.9	63.9
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	46.5	55.8	41.5	34.0	16.7	23.1	45.8	29.2	30.4	68.1	34.3	53.3

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PJC

What Is Changing

Drivers of PJC's profit

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Balance Sheet ▼

Working Capital Efficiency ●

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Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow