In the first half of 2024, the Petroleum Fertilizer and Chemical Company (PVFCCo) achieved impressive growth, with total sales of fertilizers and chemicals surpassing targets and increasing by 5-20% compared to the same period in 2023.
Specifically, fertilizer sales reached an estimated 694,400 tons, a 5% increase year-on-year and 106% of the target for the first six months. Chemical sales also thrived, with an estimated volume of 63,600 tons, representing a significant 20% jump from 2023 and achieving 108% of the set target.
This remarkable growth is attributed to PVFCCo’s consistent maintenance of safe and stable production rhythms, coupled with their successful expansion into new products and markets. During this period, the company manufactured approximately 553,000 tons of fertilizers and chemicals, reflecting a 15% increase compared to the previous year.
Additionally, PVFCCo has proactively diversified its NPK product range, introducing the NPK Phu My 20-10-10+TE line specifically designed for sugarcane and fruit trees. This innovation contributed to a notable rise in NPK Phu My consumption, surpassing 80,000 tons in the first half of 2024, marking a 12% increase year-on-year. This achievement is especially commendable considering the challenges posed by prolonged drought and saltwater intrusion, which typically hinder crop seasons and fertilizer demand.
PVFCCo’s export performance has been equally impressive, with urex exports reaching nearly 100,000 tons, a substantial 50% increase compared to the same period in 2023. Moreover, the average export price of urex witnessed an over 8% rise year-on-year.
The company’s urex exports have earned high praise from international customers due to their exceptional quality and strict adherence to specific standards. PVFCCo’s flexibility in meeting delivery timelines has further bolstered their reputation in the global market.
Looking ahead to the second half of the year, PVFCCo is committed to supplying over 650,000 tons of fertilizers and chemicals, further diversifying its product range, and expanding its global reach to achieve outstanding results for the full year 2024.
Dam Phu My plans to achieve nearly 550 billion VND in profit by 2024, while reducing the dividend ratio for 2023 by half.
Dam Phu My aims to achieve a consolidated total revenue target of VND 12,755 billion, representing a 9% decrease compared to last year’s performance.
