Petrolimex reports $4.9 billion of net revenue in nine months

Petrolimex
01:38' CH - Thứ sáu, 03/11/2017

On October 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 Q3 financial statement and the Group’s consolidated financial statement.

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 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 nine months of 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: VND112,427 billion (US$4.9 billion), up 27.7% over the same period last year.

The increased revenue results from the average price of WTI crude oil in the first nine months of 2017 being $49.36 per barrel, a year-on-year rise of 19.5% (the average price of WTI crude oil in the first nine months of 2016 was $41.31 per barrel).

2/ Consolidated profit before tax was VND3,546 billion ($156 million), which reaches 75.7% of its annual target and equates to 87.3% of the same period last year.

In which:

(a) Petroleum: profit before tax from the Group’s petroleum business was VND1,814 billion ($79.9 million), equivalent to 51.2% of the total consolidated profit.

With the volume of petroleum sold in the nine months of 2017 being 7,214,846cu.m/tonne, a rise of 6.95% as compared to the same period of 2016 (6,745,960cu.m/tonne); of which total domestic sales of petroleum by domestic companies was 6,531,732cu.m/tonne, an increase of 7.24% compared to the same period of 2016 (The physical unit of tonne is used to measured diesel oil).

(b) Non-petroleum business activities, total profit before tax reached VND1,732 billion ($76.3 million), equal to 48.8% of the total consolidated profit. Specifically:

- Gross earnings of petrochemical, bitumen, and chemicals were VND507 billion ($20.3 million);

- Gross earnings of gas trading reached VND141 billion ($6.2 million);

- Gross earnings of ocean transport, inland waterway transport, and inland transport stood VND235 billion ($10.4 million);

- Gross earnings of fuel aviation reached VND269 billion ($11.86 million);

- Gross earnings of insurance and banking were VND 162 billion ($7 million);

- Gross earnings of warehouse business reached VND100 billion ($4.4 million);

- Gross earnings from two companies based overseas reached VND36 billion ($1.6 million);

- Gross earnings of other fields including: construction and installation, mechanics, petroleum infrastructure, informatics, import and export, services and others were VND282 billion ($12.4 million).

(c) Contribution to the State budget was VND28,299 billion ($1.24 billion) in the first nine months of 2017, a year-on-year increase of 16.1% (The Group’s contribution to the State budget in the first nine months of 2016 was VND24,378 billion).

(d) Total consolidated profit after tax in the nine months of 2017 was VND2,906 billion ($128 million), of which the Group’s earnings in the total consolidated profit was VND2,546 billion ($112 million).

(e) The ratio of after-tax profit on charter capital is 12.5%.

3/ Some works will be implemented in Q4 2017.

- Start the trading of RON 92-E5 petrol across the country to replace RON 92 petrol as of January 1, 2018 in accordance with the Prime Minister’s Decision 53/2012/QĐ-TTg dated November 22, 2012 on the road map for a combination of bio-fuel with traditional fuel.

- Evaluate and start the trading of clean fuel in line with EURO IV, EURO V emission standards as of January 1, 2018 as regulated by the Prime Minister’s Decision 49/2011/QĐ-TTg dated September 1, 2011 which stipulates the road map for applying emission standards on automobiles, two-wheel motorbikes newly manufactured, assembled and imported.

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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