In the first quarter of 2024, the Vietnam Oil and Gas Group – Joint Stock Company (PVOIL, stock code OIL) recorded a petrol and oil business output of nearly 1.4 million m3/tons, an increase of 22% compared to the same period. Correspondingly, consolidated revenue reached VND 29,400 billion, up 41% year-on-year; consolidated pre-tax profit reached VND 300 billion, up 5% year-on-year.
The information was noted at a meeting with major shareholders and investors ahead of the 2024 Annual General Meeting of Shareholders. In the first quarter of 2024, PVOIL also developed 33 more petrol stations (CHXDs), bringing the total number of CHXDs in the entire system to 789 stores.
In 2023, PVOIL achieved many records. Specifically, PVOIL’s petrol and oil business segment reached over 5.2 million m3, an increase of 29% compared to 2022 and is the second consecutive year that PVOIL has maintained a high petrol and oil business output growth rate of nearly 30%.
2023 is also the second consecutive year that PVOIL has reached the revenue milestone of over VND 100,000 billion, with total consolidated revenue for the year reaching VND 103,600 billion, completing 207% of the year’s plan; consolidated pre-tax profit reached VND 798 billion, achieving 133% of the year’s plan. PVOIL’s CHXD development also set a new record, being the first year to develop 107 new CHXDs, double the number implemented in 2022 and completing 184% of the year’s plan.
Speaking about the above results, Mr. Cao Hoai Duong – Chairman of the Board of Directors – added: “In 2023, with the increased management of the State over the petrol and oil business, many petrol and oil businesses did not meet the standards and regulations of the law, so they had to withdraw from the market . This creates an opportunity for PVOIL to develop the CHXD system to develop the retail system, increase business output and expand market share. At the same time, the State’s management of petrol and oil prices in line with the market has supported businesses to operate profitably ”.
In 2024, according to PVOIL’s leaders, the company will maintain and increase its convenience stores; cooperate with coffee brands of various scales, suitable for the area of the CHXD; invest in rest stops on highways…
Addressing investors’ concerns about the development of electric vehicles affecting the petrol and oil business, PVOIL emphasized that it has studied and grasps very well the development trend of electric vehicles in Vietnam. Until 2030, the operation of electric vehicles has not had an impact on the petrol business that is cause for concern.
Currently, PVOIL has taken advantage of the space of CHXDs to cooperate with Vinfast to install electric vehicle charging stations at more than 322 CHXDs nationwide. This cooperation has created significant revenue and profit for PVOIL’s member units; In particular, there are CHXDs that earn profit from cooperation with Vinfast equivalent to the profit of a CHXD with an output of 300 m3/month. The number of CHXDs cooperating with Vinfast will continue to be increased by the two sides in the coming time.
