Petrolimex earns $6.1bln in nine-month period of 2018


08:38 AM @ Monday - 05 November, 2018

On October 31, 2018, Luu Van Tuyen, authorised by the Vietnam National Petroleum Group (Petrolimex/Group) to disclose information, submitted to the State Securities Commission of Vietnam the Parent Company’s financial statement for nine months of 2018 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 and accounting principles approved in Vietnam.

On the same day the statements were published on the, at sections “Investors” and “Petroleum Transparency”.

Accordingly, Petrolimex’s business performance in the nine-month period ending September 30, 2018 is shown as follows:

1/ Consolidated net revenue(of Petrolimex affiliates in all business areas: petroleum, gas, lubricant, petroleum transportation, engineering, mechanics, etc) was: VND142,843 billion (US$6.1 billion), up 27% over the same period last year. The increased revenue results from the average price of WTI crude oil in the nine months of 2018 being $66.42 per barrel, a year-on-year rise of 34.5%.

2/ Consolidated profit before tax was VND3,968 billion ($170 million), which reaches 79% of its annual target and equates to 112% of the same period last year.

In which:

(a) Petroleum: The sales volume in the nine months of 2018 was 7,427,638cu.m/tonne, an increase of 3% as compared to the same period of 2017; Profit before tax from the petroleum business was VND2,165 billion ($92.78 million).

(b) Non-petroleum business activities, total profit before tax reached VND1,803 billion ($77.27 million),in which:

- Gross earnings of petrochemical, bitumen, and chemicals were VND525 billion ($22.5 million);

- Gross earnings of gas trading reached VND165 billion ($7 million);

- Gross earnings of ocean transport, inland waterway transport, and inland transport stood VND222 billion ($9.5 million);

- Gross earnings of fuel aviation reached VND307 billion ($13 million);

- Gross earnings of insurance and banking were VND89 billion ($3.8 million);

- Gross earnings of warehouse business reached VND193 billion ($8.27 million);

- Gross earnings from two companies based overseas reached VND33 billion ($1.4 million);

- Gross earnings of other fields including: construction and installation, mechanics, petroleum infrastructure, informatics, import and export, services and others were VND269 billion ($11.5 million).

(c) Contribution to the State budget in nine months of 2018 was VND31,046 billion ($1.33 billion), an increase of 10% as compared to the same period of 2017.

(d) Total consolidated profit after tax in the nine months of 2018 was VND3,187 billion ($136.6 million), of which the Parent Company’s earnings in the total consolidated profit was VND2,885 billion ($123.64 million).

(e) The ratio of after-tax profit on charter capital is 13.9%.

3/ Major works to be implemented in Q4 2018

- Concentrate on directing and having flexible management solutions for each particular group of business sectors, areas, and regions that have been moving at a slow rate of speed; and attempt to exceed 2018 set targets approved by the Annual General Meeting.

- Synchronously adopt solutions to boost sales through various sales channels, especially direct selling retail channel; Study solution to manage concentrated transportation in order to optimise the movement of goods, and increase the efficiency of generating sources.

- Strengthen the Group’s organisational structure, and continue to implement consultancy contents related to information system management, financial management models, and risk management, among others in order to enhance the quality and efficiency of internal management.

- Review brand identification, classification and standardisation of naming Petrolimex’s petrol stations.

- Continue working out the roadmap to reduce the State capital in the Group to prepare for the development of the business plan for 2019.

Vietnam National Petroleum Group - Petrolimex (PLX)

Committed to constantly making an effort to go further on the path of development and bring the lives of Vietnamese people and all Petrolimex employees to new heights in the future