Q1/2024 Financial Results for GAS
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Financial indicators of GAS in Q1/2024
Source: VietstockFinance
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In the first quarter of 2024, PetroVietnam Gas Joint Stock Corporation (PV GAS, HOSE: GAS) achieved over VND 23 trillion in revenue, up 10% year-on-year. However, the cost of goods sold increased by 20%, reaching VND 19.6 trillion. After deduction, the enterprise’s gross profit was nearly VND 3.7 trillion, 24% lower than the same period last year.
Financial revenue in the period decreased by 14%, to VND 463 billion, while financial expenses increased by 181%, 2.4 times higher than the same period last year, mainly due to interest expenses and increased exchange rate differences. Although both sales and general and administrative expenses decreased, GAS‘s net profit still decreased by 25% year-on-year, to VND 2.5 trillion.
GAS explained that the average CP (contract price) in the first quarter was 11% lower than the same period last year, corresponding to a decrease of USD 74.17/ton. On the other hand, dry gas and LPG consumption volume both decreased by 14% and 9%, respectively, leading to lower revenue in the period.
However, GAS‘s financial health remains strong. Total assets at the end of Q1 reached nearly VND 92 trillion, an increase of 5% compared to the beginning of the year. Of which, current assets increased by 7%, to VND 66 trillion. Cash and cash equivalents increased by 18% to VND 42.6 trillion. Inventories were VND 2.5 trillion, 37% lower than at the beginning of the year. Construction in progress increased slightly to VND 1.8 trillion, mainly due to construction costs for the Lot B – O Mon gas pipeline and the Thi Vai LNG storage facility.
On the other side of the balance sheet, short-term debt was recorded as VND 16.4 trillion, up 10% year-on-year. The current ratio is up to 4 times, indicating that the enterprise’s debt repayment capacity is not at risk.
Short-term debt dropped slightly to VND 1.5 trillion, while long-term debt was recorded as VND 4.2 trillion, mainly from commercial banks.
