Petrolimex’s business performance in 2018

05:19' CH - Thứ ba, 12/02/2019

On January 31, 2019, Nguyen Ba Tung, authorised by the Vietnam National petroleum Group (Petrolimex/Group) to disclose information, submitted to the State Securities Commission of Vietnam the Parent Company’s 2018 financial statement and the Group’s consolidated financial statement.

Financial statements were made in accordance with Vietnam’s Accounting Standards and 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, in columns “Investors” and “Petroleum Transparency”.

Accordingly, Petrolimex’s business performance in 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: VND191,933 billion (nearly US$8.6 billion), an increase of 25% over the same period previous year. The increased revenue was mainly due to the average price of WTI crude oil in 2018 at $64.9/barrel, a year-on-year rise of 27.6% as compared to the same period of 2017.

2/ Consolidated profit before tax was VND5,093 billion ($219.3 million), which reaches 102% of its annual target and equates to 106% of the same period previous year.

In which:

(a) Petroleum: The volume of petroleum sold in 2018 was 9,927,375cu.m/tonne, a rise of 2% as compared to same period of 2017; Profit before tax from the Group’s petroleum business was VND2,693 billion (approximately $116 million).

(b) Non-petroleum business activities: Total profit before tax reached VND2,400 billion ($103 million). Specifically:

- Gross earnings from petrochemical, bitumen, and chemicals were VND739 billion ($31.8 million);

- Gross earnings from gas trading reached VND206 billion ($8.87 million);

- Gross earnings from ocean transport, inland waterway transport, and inland transport were VND307 billion ($13 million);

- Gross earnings from aviation fuel reached VND423 billion ($18 million);

- Gross earnings from insurance and banking were VND123 billion ($5.3 million);

- Gross earnings of warehouse business reached VND251 billion ($10.8 million);

- Gross earnings from other fields including: construction and installation, mechanics, petroleum infrastructure, informatics, import and export, services and others were VND351 billion ($15 million).

(c) Contribution to the State budget in 2018 was VND38,650 billion ($1.66 billion), a year-on-year increase of 1%.

(d) Total consolidated profit after tax in 2018 was VND4,113 billion ($177 million), of which profit after tax of the Parent Company – the Group’s shareholders was VND3,713 billion ($160 million).

(e) The ratio of after-tax profit on charter capital is 17.4%.

3/ Some key tasks in Q1 2019

- To ensure sufficient supply for the Tet (Lunar New Year) demand and ensure complete safety in production and business activities, and to constantly strengthen the inspection and supervision of fire prevention and fighting, environmental protection, safety of goods, security, and safety at petroleum facilities in the whole system.

- To evaluate and rationalise the movement of goods to mitigate the cost of generating sources and increase the competitiveness of commodities sourced from Nghi Son Oil Refinery. To synchronously adopt solutions right from the start of the year to fulfill the 2019 production and business targets in all areas.

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.

- To develop plan and assign tasks for member units to make preparations for the Annual General Meeting of member companies and of the Group.

- To drastically implement the plan to reduce the State ownership in line with the Prime Minister’s Decision 1232/QD-TTg dated August 17, 2017 and the plan to merge PGBank which was approved by the State Bank of Vietnam.

- To continue implementing solutions to enhance the efficiency of Group governance, and deal with existing shortcomings.

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Cơ quan chủ quản: Ủy ban Quản lý vốn Nhà nước tại doanh nghiệp (CMSC) Chịu trách nhiệm quản lý nội dung: Ông Nguyễn Quang Dũng - 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