PetroVietnam Technical Services Corporation (Stock code: PVS, HNX-listed) has just announced through notification No. 1681/TB-PTSC regarding the company’s personnel changes.
Accordingly, Mr. Le Manh Cuong will step down from his position as CEO of PVS effective December 6, 2024. Simultaneously, Mr. Tran Ho Bac, Deputy CEO, has been appointed as the new CEO for a term of five years, starting from December 6, 2024.
Mr. Le Manh Cuong, born in 1974, holds a Bachelor of Science degree in Marine Navigation Engineering. He was first appointed as CEO of PVS on May 28, 2018, and reappointed on June 8, 2023. In addition, Mr. Cuong also served as a member of the Board of Directors at PVS from May 29, 2023.
Mr. Tran Ho Bac (Source: PVS)
The new CEO, Mr. Tran Ho Bac, was born in 1978 and holds a Bachelor of Science degree in Petroleum Drilling Equipment Engineering and a Bachelor of Engineering in Business Administration. Mr. Bac was first appointed as Deputy CEO of PVS on August 10, 2018, and reappointed on August 15, 2023.
Following this decision, the PVS management board will comprise seven members, including the CEO, Mr. Tran Ho Bac, and six Deputy CEOs.
In terms of financial performance, according to the consolidated financial statements for Q3 2024, PVS recorded net revenue of over VND 4,820 billion, a 15% increase compared to the same period last year. After deducting taxes and fees, the company reported a net profit of over VND 192.7 billion, a 34.32% increase.
According to PVS’s explanation, the increase in after-tax profit was due to the company recognizing a decrease in deferred income tax expenses for unrealized foreign exchange differences and provisions for payables as stipulated by regulations during the quarter.
For the nine months ended September 30, 2024, PVS achieved net revenue of over VND 14,101 billion, a nearly 12% increase compared to the same period in 2023. The after-tax profit was VND 706.7 billion, a nearly 16.6% increase.
As of September 30, 2024, PVS’s total assets stood at nearly VND 27,342.5 billion, a 3.51% increase from the beginning of the year. Total liabilities were nearly VND 13,400.8 billion, a 4.11% increase.
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