Petrolimex earns pre-tax profit of $107m in H1

Petrolimex
08:36' SA - Thứ năm, 03/08/2017

On July 31, 2017, Luu Van Tuyen, as authorised by the Vietnam National Petroleum Group (Petrolimex/Group) to disclose information, submitted to the State Securities Commission of Vietnam the Parent Company’s Q2 2017 financial statement and the Group’s consolidated financial statement.

The financial statements were completed in accordance with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting System stipulated in the Ministry of Finance’s Circular 200-202/2014/TT-BTC dated December 22, 2014 and common accounting principles approved in Vietnam.

On the same day the statements were made public on the website www.petrolimex.com.vn, at sections “Investors” and “Petroleum Transparency”.

Accordingly, Petrolimex’s business performance in the first six months of 2017 are shown as follows:

1/Consolidated net revenue (of Petrolimex affiliates in all business areas: petroleum, gas, lubricant, petroleum transportation, engineering, mechanics, construction and installation, insurance,…) was: VND74,250 billion (US$3.3 billion), up 26.4% over the same period last year. The increasing revenue is a result of the average price of WTI crude oil in the first six months of 2017 being $49.95 per barrel, a year-on-year rise of 25.6% (the average price of WTI crude oil in the first six months of 2016 was $39.78 per barrel).

2/Consolidated profit before tax was VND2,443 billion ($107 million), which is 52.2% of its annual target.

In which:

(a) Petroleum: profit before tax from the Group’s petroleum business was VND1,180 billion ($52 million), equivalent to 48.3% of the total consolidated profit.

With the volume of petroleum sold in the first six months of 2017 being 4,665,626cu.m/tonne, equal to 99.7% as compared to the same period of 2016 (4,678,053cu.m/tonne), of which total domestic sales of petroleum by domestic companies was 4,180,941cu.m/tonne, equal to 100.1% as compared to the same period of 2016 (the physical unit of tonne is used to measure diesel oil).

(b) Non-petroleum business activities, total profit before tax reached VND1,263 billion ($55.6 million), equivalent to 51.7% of the total consolidated profit. Specifically:

- Gross earnings of petrochemical, bitumen, and chemicals were VND440 billion ($19.4 million);

- Gross earnings of gas trading reached VND98 billion ($4.3 million);

- Gross earnings of ocean transport, inland waterway transport, and inland transport stood VND129 billion ($5.7 million);

- Gross earnings of fuel aviation reached VND171 billion ($7.5 million);

- Gross earnings of insurance and banking were VND 112 billion ($4.9 million);

- Gross earnings of warehouse business reached VND70 billion ($3 million);

- Gross earnings from two companies based overseas reached VND27 billion or $1.2 million (Petrolimex Singapore alone earned VND24 billion or $1.05 million);

- Gross earnings of other fields including: construction and installation, mechanics, petroleum infrastructure, informatics, import and export, and others were VND216 billion ($9.5 million).

(c) Contribution to the State budget was VND18,196 billion ($800 million) in the first half of 2017, a year-on-year increase of 104.8% (The Group’s contribution to the State budget in the first half of 2016 was VND17,369 billion).

(d) Total consolidated profit after tax in the first six months of 2017 was VND2,015 billion ($88.6 million), of which the Group’s earnings in the total consolidated profit was VND1,776 billion ($78 million).

(e) The ratio of after-tax profit on charter capital is 15.6%.

3/ Some plans have been implementing.

- Complete the sale of 20,000,000 treasury shares, with the average selling price of VND50,533/share, earning a total value of VND1,011 billion ($44.5 million), of which capital surplus being VND810.66 billion ($35.6 million).

- Open payment gateway for over 90 million ATM cards issued by 41 member banks of NAPAS (the National Payment Corporation of Vietnam) at Petrolimex’s petrol stations nationwide as of August 1, 2017.

- Continue building and perfecting risk management procedures and solutions related to Petrolimex business areas in order to mitigate risks of oil price, interest rate, and exchange rate, and so forth to the annual profit plan.

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Cơ quan chủ quản: Bộ Công Thương - Giấy phép thiết lập Trang thông tin điện tử tổng hợp số 2892/GP-TTĐT do Sở TT&TT Hà Nội cấp ngày 28/12/2012 Chịu trách nhiệm quản lý nội dung: Ông Trần Ngọc Năm - Phó Tổng Giám đốc Địa chỉ: Số 1 Khâm Thiên, Đống Đa, Hà Nội - ĐT: (024) 3851-2603 - Fax: (024) 3851-9203 – Email: banbientapweb [@] petrolimex [.] com [.] vn