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Petrolimex’s Board of Management’s decision came over three weeks after Mr. Dao Nam Hai was temporarily suspended from his position as the State capital representative at the Group, Board member, and General Director by the Ministry of Finance, pending conclusions from authorized agencies.
Currently, the Petrolimex Board has assigned Mr. Pham Van Thanh, Chairman of the Board and legal representative, to temporarily manage the operations of Petrolimex. The State capital representation, previously held by Mr. Hai, has also been transferred to Mr. Thanh.
Mr. Dao Nam Hai, born on August 11, 1974, in Hai Phong, holds a Master of Laws and a Master of Business Administration. He served as Deputy General Director of Petrolimex before assuming the role of General Director of the Group.
In another development on May 30, the Petrolimex Board of Management passed a resolution to distribute a 12% cash dividend for the year 2024 (VND 1,200/share). The ex-dividend date is June 10, and the expected payment date is June 24.
With nearly 1.3 billion circulating shares, the Group is estimated to pay out over VND 1.5 trillion for this dividend. The majority of this amount will go to the two largest shareholders: the State Capital Investment Corporation (75.87%) and ENEOS Vietnam Co., Ltd. (13.08%), receiving nearly VND 1.2 trillion and over VND 199 billion, respectively.
In the first quarter of 2025, Petrolimex reported a 10% year-over-year decline in revenue, amounting to nearly VND 67.9 trillion, a decrease of over VND 7.2 trillion. A positive note was the significant reduction (22%) in financial expenses to VND 294 billion, offsetting the 6% drop in financial income.
However, increases in selling and management expenses led to a net profit of only VND 133 billion in the first three months, an 88% decrease compared to the previous year.
Compared to the plan approved at the 2025 Annual General Meeting of Shareholders, with targets of VND 248 trillion in revenue and VND 3.2 trillion in pre-tax profit, the Group achieved 27.4% and over 11% of these targets, respectively, in the first quarter.
– 21:20 02/06/2025
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