KEY PERFORMANCE INDICATORS EXCEEDING PLANS
In October, both domestic and global macroeconomic indicators showed signs of improvement. Vietnam’s Purchasing Managers’ Index (PMI) rebounded to 51.2 points, marking an increase from the previous month. Several key commodities related to PetroVietnam’s production and business activities also trended positively.
During October 2024, leaders from PetroVietnam and Zarubezhneft exchanged cooperation documents, solidifying a partnership spanning over 40 years in the oil, gas, and energy sectors. The “Construction and Installation of the RC-8 Wellhead Platform Topside” project by Vietsovpetro was recognized as an outstanding innovation in the 3rd Enterprise Development Innovation Awards, 2024.
Specifically, PetroVietnam’s crude oil production in October reached 822 thousand tons, exceeding the monthly plan by 19% and increasing by 4.5% compared to September 2024. Over the first 10 months of 2024, cumulative production hit 8.25 million tons, surpassing the annual plan by 0.6% and reaching the target two months ahead of schedule. Electricity production across the group in October totaled 2.49 billion kWh, a 50.7% increase from the previous month. For the first 10 months, electricity output reached 23.37 billion kWh, up 19.6% year-on-year.
Notably, in October, urea production reached 163 thousand tons, exceeding the monthly plan by 7% and increasing by 16% from September. Petroleum product output was 636.9 thousand tons, surpassing the monthly plan by 14% and rising by 1.6% compared to September 2024.
Over 10 months, urea production reached 1.54 million tons, exceeding the 10-month plan by 6.5% and increasing by 5.4% year-on-year. Petroleum production (excluding NSRP) reached 5.55 million tons, surpassing the 10-month plan by 18.7% and achieving 95.8% of the annual plan. Including NSRP, output was 12.36 million tons, exceeding the 10-month plan by 15% and reaching 95% of the annual plan, up 11.4% year-on-year.
PETROVIETNAM RECORDS 820.4 TRILLION VND IN REVENUE OVER 10 MONTHS
The group continued to excel in governance, with most production targets exceeding plans. Despite lower prices for key products compared to the same period last year and the previous month, which impacted operational efficiency, all financial indicators for the first 10 months of 2024 surpassed the 10-month plan by 26% to 3 times. These financial achievements significantly contributed to national economic and social development, exceeding the full-year plan by 12% to 2.6 times and showing strong growth compared to 2023.
Specifically, the group’s total revenue reached the annual target three months ahead of schedule, with a 10-month estimate of 820.4 trillion VND, exceeding the annual plan by 12% and increasing by 10% year-on-year. Tax contributions reached 129.2 trillion VND, surpassing the annual plan by 37% and rising by 7% year-on-year. Consolidated pre-tax profit was 43.3 trillion VND, exceeding the annual plan by 96%. PetroVietnam has fully achieved all six financial targets for 2024 as mandated by the Commission for the Management of State Capital and the Board of Directors.
Among subsidiaries, 17 units reported significant revenue growth of 1-76%, and 11 units saw pre-tax profit growth of 3% to 2.6 times compared to the same period in 2023.
PetroVietnam allocated 515 billion VND for social welfare in the first 10 months of 2024, reaching 69% of the annual plan (750 billion VND). This included 121 billion VND for building Great Unity houses for the poor, 227 billion VND for education and training, 57 billion VND for healthcare, and 110 billion VND for supporting organizations, funds, and associations.
Notably, the group collaborated with the Lao Cai Provincial People’s Committee to implement the Kho Vang Village Reconstruction Project in Coc Lau Commune, Bac Ha District, Lao Cai Province, as directed by the Prime Minister. The project, valued at over 40 billion VND, is set to complete in December 2024.
FOCUSING ON STRATEGIES TO ACHIEVE 1,000 TRILLION VND IN REVENUE
To accelerate year-end targets, PetroVietnam’s subsidiaries have implemented various strategies and initiatives. In the exploration and production sector, units completed major maintenance campaigns, ensured timely project execution, and renewed contracts.
The gas, electricity, and fertilizer sectors aligned their activities with the group’s objectives. Investment efforts focused on fertilizer plant projects. In line with the energy transition trend, Vietnam Gas Corporation (PV GAS) and PetroVietnam Power Corporation (PV Power) are restructuring to increase their renewable and new energy portfolios.
The refining sector focused on equipment upgrades, fuel efficiency, and planning for the final months of 2024 and 2025, including inventory management for both inputs and outputs.
Technical service units prioritized contract renewals and enhanced collaboration to meet governance targets, leveraging the strengths of each unit. PetroVietnam Technical Services Corporation (PTSC) will highlight key events in the final two months, including exporting the first offshore wind turbine foundation.
In 2024, PetroVietnam’s investment disbursement rate exceeded the national average, reflecting strong governance and human resource efforts. The group also achieved significant savings and social welfare targets, which are particularly meaningful given the recent natural disasters in the country.
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