PVOil reported US$9.43 million in profit in first 4 months
PetroVietnam Oil Corporation (PVOil) posted its consolidated pre-tax profit in the first four months at VND215 billion (US$9.43 million), equivalent to 63% of the year plan.
Total number of crude oil - condensate exports and sales from all PVOil's branches reached 3.9 million tons, reaching 34% year plan; 1.06 million cubic meters of petroleum, or 34% of year plan and 98% of the volume in the same period of last year.
PVOil reported US$9.43 million in profit in first 4 months.
|
PVOil's consolidated revenue in the first four month is posted at VND16.5 trillion (US$724.3 million), reaching 40% of the year plan and equivalent to the amount in same period of last year.
The oil firm's contribution to the state budget is estimated at VND2.96 trillion (US$130 million), reaching 41% of the year plan.
The Vietnamese government raised VND4.18 trillion (US$184 million) by selling a 20% stake in PVOIL via its IPO in January. The proceeds exceeded the government's target of raising at least US$122 million from the IPO.
The proceeds exceeded the government's target of raising at least $122 million from the IPO. With a 20-22% market share, PVOIL is the second largest petroleum distributor in the country after Vietnam National Petroleum Group (Petrolimex). The firm operates a network of 540 gas stations nationwide under the company-owned company-operated (COCO) model and 3,000 gas stations under the dealer-owned dealer-operated (DODO) model.
Under the equitization plan, PVOIL will further offer an additional 44.72% stake to strategic investors through a private placement, resulting in a reduction of State ownership to 35.1%. Through this equitization process, PVOil is expected to raise a total of US$400 million.
PVOil's consolidated revenue in 2017 was estimated at VND56 trillion (US$2.4 billion), 165% of the annual plan, while the profit of the parent company was VND325 billion (US$14 million), and of other subsidiaries was VND154 billion (US$6.9 million). Additionally, PVOil's consolidated pre-tax profit totaled at VND405 billion (US$17 million), an increase of 125% against the annual plan.
22:59, 2024/12/24
Hanoi to attract US$768 million in industrial parks in 2024
Companies in Hanoi highlighted the significant improvements in the business environment in Vietnam, particularly in the capital, where it has become easier to operate in the industrial zones.
21:35, 2024/12/21
Regulatory efforts underway to strengthen e-commerce in Vietnam
By 2025, Vietnam's e-commerce is expected to reach 10% of retail sales and contribute to the digital economy which is estimated to account for 20% of GDP.
16:51, 2024/12/14
Hanoi honors key industrial products in 2024
This recognition is a testament to the city government's ongoing support of local businesses.
18:09, 2024/12/12
EVs take the spotlight on Vietnam's urban streets
On the streets of Hanoi, a quiet but powerful shift in transportation is underway.
13:43, 2024/12/12
Hanoi names 83 institutions Green Energy User 2024
More than 80 facilities and projects have been recognized for their innovative use of green energy in manufacturing.
12:07, 2024/12/09
Bat Trang artisans innovate to meet global market demands
To boost competitiveness, Bat Trang pottery businesses leverage information technology for product promotion.
- Vietnam youth gears up for a greener future
- Hanoi to create over 213,000 jobs in Jan-Nov
- Update on worker conditions in South Korea from Vietnamese labor authorities
- Vietnam partners with NVIDIA to establish AI research center
- Hanoi grasps opportunities to drive semiconductor industry growth
- Internet users in Vietnam to hit 100 million by 2029