Vietnam Gas Corporation (PV Gas, stock code: GAS) reported a consolidated revenue of VND 23,315 billion in the first quarter of 2024, up 10% year-on-year. However, the cost of goods sold rose by 20% to VND 19,624 billion, causing the company’s gross profit to decline by 24% to VND 3,691 billion.
PV Gas’s financial revenue in the past quarter reached VND 463 billion, down 14%, mainly from interest on bank deposits. As of March 31, 2024, GAS had VND 42,613 billion in cash and cash equivalents (nearly USD 1.7 billion), an increase of nearly VND 1,900 billion compared to the beginning of the year and accounting for more than 46% of the company’s total assets. This figure places GAS among the top companies with the most cash on the stock exchange. With a large amount of cash on hand, PV Gas earned VND 436 billion in interest income from bank deposits in the first quarter. Thus, the company earned nearly VND 5 billion per day in interest from bank deposits.
On the other hand, financial expenses were 2.4 times higher, reaching VND 181 billion. The main reason was the VND 72 billion foreign exchange loss, which was six times higher than the same period last year. Both sales and administrative expenses increased compared to the same period last year. As a result, PV Gas recorded a 26% decrease in net income to VND 2,544 billion, of which after-tax profit attributable to the parent company reached VND 2,512 billion, down 25% compared to the first quarter of 2023.
According to GAS’s 2023 financial report, in 2024, assuming an oil price of USD 70 per barrel and an exchange rate of VND 23,500 to USD, the company set a target for consolidated revenue and net income of VND 70,176 billion and VND 5,798 billion, respectively. As for the parent company, GAS planned for VND 68,723 billion in revenue and VND 5,668 billion in net income. Therefore, after the first three months of the year, GAS has completed 44% of its full-year net income target for the parent company.
GAS’s total assets at the end of the first quarter of 2024 reached VND 91,776 billion, an increase of more than VND 4,000 billion compared to the beginning of the year. Besides cash, fixed assets also accounted for a large proportion of GAS’s assets, at VND 19,160 billion, down VND 372 billion compared to the beginning of the year. GAS’s total debt was over VND 5,700 billion, mostly long-term debt.
