Petrovietnam, the Vietnam National Oil and Gas Group, recently held a periodic online meeting to assess its business performance for the first seven months of the year and outline tasks for August and the following months.
The Group’s total revenue for the seven-month period is estimated at VND 567.4 trillion, exceeding the seven-month plan by 31% and representing a 14% increase compared to the same period last year. Consolidated pre-tax profit reached an estimated VND 29.6 trillion (approximately USD 1.16 billion), surpassing the seven-month plan by 75%. Tax contributions amounted to VND 84.6 trillion, an 8% increase from the previous year.
PVN’s performance in July remained positive, with key production indicators mostly exceeding monthly plans by 6.3% to 19.9%. Crude oil extraction reached 0.81 million tons, surpassing the monthly plan by 15.9%. Gas extraction amounted to 519 million cubic meters, exceeding the monthly plan by 14.7%. Fertilizer production reached 163,200 tons, 6.3% higher than the monthly plan. Excluding the Nghi Son Refinery, petroleum production stood at 652,600 tons, 16.6% higher than the monthly plan. However, electricity production fell short, reaching only 1.8 billion kWh, or 72% of the monthly plan.
The Group also commissioned three LPG tanks at the PV GAS Vung Tau Terminal and connected the Thai Binh 2 Thermal Power Plant to the grid, marking its official entry into the electricity market.
According to the management, July presented challenges due to significant fluctuations in the oil and gas market, continued declines in gas and gas-fired electricity mobilization, a sharp drop in refinery profit margins compared to June, low fertilizer prices, weak consumer demand, and high inventory levels.
Despite these challenges, oil and gas facilities maintained stable operations, ensuring readiness and availability to meet the highest demands for essential products such as petroleum, gas, electricity, and fertilizers for the economy.
As of December 31, 2023, PVN’s total assets exceeded VND 1 quadrillion, a 2.4% increase from the beginning of the year. This included nearly VND 347.6 trillion in cash and deposits. The Group’s total liabilities at the end of 2023 were over VND 479 trillion, with total debt exceeding VND 262 trillion. The Group’s equity stood at VND 532 trillion.
PVN is currently the only non-banking enterprise in Vietnam with assets surpassing the VND 1 quadrillion mark.
Surging Profits from Associated Joint Venture, Nam Long (NLG) Reports After-Tax Profit of over 800 billion VND in 2023
According to NLG, the primary revenue for the entire year came from the sale of houses and apartments, from two major projects Izumi and Southgate. Additionally, in the third quarter, NLG also had the Mizuki project, which was a significant handover project.
Who is the richest stock market leader in Vietnam?
Do you think Pham Nhat Vuong is the richest person in Vietnam? This may be true, but if we only consider the scale of the Vietnamese stock market and based on the percentage of individual stock ownership, Mr. Vuong still loses to another figure.
