Petrolimex earns pre-tax profit of $215m in 2017

Petrolimex
08:38' SA - Thứ hai, 05/02/2018

On January 31, 2018, Luu Van Tuyen as authorised by the Vietnam Naitonal Petroleum Group (Petrolimex/PLX/Group) to disclose information, submitted to the State Securities Commission of Vietnam the Parent Company’s Q4 financial statement and the Group’s consolidated financial statement.

Financial statements were made 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 columns “Investors” and “Petroleum Transparency”.

Accordingly, Petrolimex’s business performance in 2017 is 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, etc) was: VND155,651 billion (US$6.9 billion), up 26% over the same period previous year. The increased revenue results from the average price of WTI crude oil in 2017 being $50.85 per barrel, a year-on-year rise of 17.4% (the average price of WTI crude oil in 2016 was $43.3 per barrel).

2/ Consolidated profit before tax was VND4,877 billion ($215 million), which reaches 104.2% of its annual target and equates to 77% of the same period previous year.

In which:

(a) Petroleum: Profit before tax from the Group’s petroleum business was VND2,492 billion ($110 million), equivalent to 51% of the total consolidated profit.

With the volume of petroleum sold in 2017 being 9,704,520cu.m/tonne, a rise of 5% as compared to 2016 (9,247,202cu.m/tonne); of which total domestic sales of petroleum by domestic companies was 8,778,835cu.m/tonne, an increase of 5.2% compared to the same period of 2016 (8,344,902cu.m/tonne) (The physical unit of tonne is used to measured diesel oil).

(b) Non-petroleum business activities, total profit before tax reached VND2,385 billion ($105 million), equal to 49% of the total consolidated profit. Specifically:

- Gross earnings of petrochemical, bitumen, and chemicals were VND651 billion ($28,6 million);

- Gross earnings of gas trading reached VND202 billion ($8.9 million);

- Gross earnings of ocean transport, inland waterway transport, and inland transport stood VND339 billion ($14.9 million);

- Gross earnings of fuel aviation reached VND384 billion ($16.9 million);

- Gross earnings of insurance and banking were VND189 billion ($8.3 million);

- Gross earnings of warehouse business reached VND157 billion ($6.9 million);

- Gross earnings from two companies based overseas reached VND47 billion ($2.068 million);

- Gross earnings of other fields including: construction and installation, mechanics, petroleum infrastructure, informatics, import and export, services and others were VND416 billion ($18 million).

(c) Contribution to the State budget in 2017 was VND38,363 billion ($1.7 billion), a year-on-year increase of 16.3% (Contribution to the State budget in 2016 was VND32,981 billion).

(d) Total consolidated profit after tax in 2017 was VND3,983 billion ($175 million), of which the Group’s earnings in the total consolidated profit was VND3,482 billion ($153 million).

(e) The ratio of after-tax profit on charter capital is 16.4%.

3/ Some works will be implemented in Q1 2018.

- To continue accelerating the trading of E5 - RON 92 petrol in accordance with the Prime Minister’s Decision 53/2012/QD-TTg dated November 22, 2012, and Decision 49/2011/QD-TTg dated September 1, 2011 providing the roadmap for the application of exhaust emission standards on automobiles, two-wheeled motorcycles locally-assembled and imported.

- To organise the assessment of and work out solutions to improve the quality of financial management, risk management, KPI, etc to boost labour productivity and business efficiency.

- To continue speeding up the restructuring in line with the Prime Minister’s Decision 828/QD-TTg dated May 31, 2011, in which divestment in the banking sector should be brought into focus seriously.

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