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.
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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.
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