Petrolimex doubles its profits in 2023, retains nearly VND 30 trillion in cash.

Despite a significant decline in Q4 results, strong performance in previous quarters has enabled the Vietnam National Petroleum Group (Petrolimex, HOSE: PLX) to report a substantial increase in profits for the entire year of 2023.

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Petrolimex’s Business Performance in Q4 and Full Year 2023

In Q4, Petrolimex achieved nearly 68.7 trillion VND in revenue, down 12% compared to the same period last year. Gross profit, after deducting costs, reached nearly 4 trillion VND, a decrease of 7%.

Financial revenue in the period recorded a sharp decline (reaching 606 billion VND, down 34%). All cost areas accounted for a high proportion, especially selling expenses recorded nearly 3.3 trillion VND, an increase of 2%. Business management expenses also increased by 24%, reaching 299 billion VND.

Meanwhile, other profits decreased significantly by 82%, to 51 billion VND, as there was almost no income from the liquidation of fixed assets (decreasing nearly 227 billion VND).

In summary, Petrolimex’s net profit in Q4 was 641 billion VND, a decrease of 45% compared to the same period last year.

However, Petrolimex’s accumulated results increased significantly thanks to the strong performance in the first two quarters and the huge profit from the divestment of PGB recorded in Q3. In 2023, Petrolimex achieved 274 trillion VND in revenue, down 10% compared to the same period last year; net profit was 2.8 trillion VND, an increase of 94%. Compared to the targets approved at the 2023 General Shareholders’ Meeting, the company exceeded 44% of the revenue target and nearly 22% of the pre-tax profit target for the whole year.

Source: VietstockFinance

At the end of 2023, Petrolimex’s total assets increased by 6% compared to the beginning of the year, reaching nearly 79 trillion VND, with nearly 56.7 trillion VND in short-term assets, an increase of 13% compared to the beginning of the year. Cash and deposits held increased significantly by 60%, to nearly 30 trillion VND.

Short-term receivables were nearly 11 trillion VND, a decrease of 13%. Inventories reached over 14.6 trillion VND, lower than the beginning of the year by 15%. Construction in progress costs increased significantly by 58%, to over 879 billion VND.

On the other side of the balance sheet, short-term debts increased by 7%, to nearly 49 trillion VND. Among them, short-term borrowings accounted for over 19 trillion VND, an increase of 41% compared to the beginning of the year. Long-term debts decreased by 21%, to 647 billion VND.

Chau An

SOURCEvietstock
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