Management quality drives stable development

Nguyen BangPublic Relations Division - Petrolimex
11:16' SA - Thứ sáu, 31/05/2019

On April 26, 2019 the interested shareholders of the Vietnam National Petroleum Group (Petrolimex – ticker symbol: PLX) held their Annual General Meeting in Melia Hotel, Hanoi.

The meeting was convened in accordance with the Petrolimex Management Board’s Invitation No 0353/PLX-TB-HĐQT dated April 1, 2019 to discuss and vote for annual contents made known to shareholders through the Document No 0430/PLX-TCKT dated April 16, 2019 at the website www.petrolimex.com.vn/Investors.

A five-member body elected to preside over the meeting included Petrolimex Chairman Pham Van Thanh – Head of the body, Management Board member - Director General Pham Duc Thang, Management Board member - Deputy General Director Nguyen Thanh Son, Management Board member - Deputy General Director Tran Ngoc Nam, and Management Board member Yoshihiro Sato.

2018 was the fourth consecutive year that Petrolimex/PLX exceeded the profit targets assigned by the Annual General Meeting, with relatively comprehensive achievements in business and production results despite advantages and disadvantages.

2018 also marked the second consecutive year that Petrolimex/PLX was honoured by Forbes Việt Nam among “Vietnam’s 50 best listed companies” and “40 most valuable brands” as a milestone for the labour and innovation efforts of the whole Petrolimex staff to achieve positive results; notably in: ensuring absolute security and safety; completing the restructuring in accordance with Decision 828 and officially operating under the management of the Committee for State Capital Management (CMSC) as October 1, 2018; officially trading E5 RON 92 bio-fuel and DO-V diesel throughout the whole system; expanding the system of petrol stations beyond expectations; strengthening management capacity to meet the standards of a large scale public company.

In 2019, the national economy continues to integrate deeply with regional and international economic commitments. In line with the Govenrment’s general objectives on macroeconomics under the context of unfavourable developments of the domestic petroleum business, the Annual General Meeting of Petrolimex Shareholders agreed to: Maintain the stability and sustainable development, improve business efficiency through enhanced governance quality; and mantain the expected minimum dividend of 2019 at 12%.

Tasks and solutions concretising the 2019 orientations, which basically have been implemented by Petrolimex Board of Management, Board of Directors and the whole staff since early 2019, were also approved by the Annual General Meeting.

Addressing the event, CMSC Chairman Nguyen Hoang Anh highly spoke of achievements that Petrolimex made in 2018, and agreed with the orientations and business targets set for 2019; emphasising the four key points on (1) risk analysis and assessment, (2) restructuring and divestment, (3) improved governance and technological application in supervision and management and (4) promoting the market-leading strength and effective logistics to increase shareholders’ benefits.

On behalf of the Ministry of Industry and Trade (MoIT), Deupty Minister Do Thang Hai congratulated Petrolimex on its production and business successes for the fourth consecutive year, and shareholders on their effective investment in PLX. The Duputy Minister stressed that Petrolimex should maintain, and bring into full play advantages in material facilities, human resources and great brand value to work with the MoIT to fulfill the macroeconomic targets set by the Government.

With the unity and consensus of the Annual General Meeting of Shareholders and the thorough instruction from the CMSC and MoIT leadership, Petrolimex leaders, managers and all employees are determined to preserve the stable and effective development, promoting the sense of responsibility, implementing commitments to bring about increasing values to shareholders, partners and customers in 2019.

No

Targets

2018 Plan

2018 Implementation

Difference (%)

1

Total volume of petroleum sold (cu.m, tonne)

12,536,800

12,878,580

102.7%

2

Net revenue (billion dong)

158,000

191,977

122%

3

Consolidated profit before tax (billiong dong)

5,000

5,093

102%

4

Total value of investment (billion dong)

1,590

1,550

97%

Business-production results 2018

Financial targets

2017

2018

  • Return on Sales (ROS)

2.5%

2.14%

  • Return on Equity (ROE)

16.8%

17.7%

  • Return on Assets (ROA)

6.7%

7.3%

- Gross profit

8.0%

7.23%

Consolidated financial indicators 2018

The minutes of the 2019 Annual General Meeting: here

The 2019 Annual General Meeting’s Resolution: here

The 2019 Annual General Meeting news in photos: here

Petrolimex
Cơ quan chủ quản: Ủy ban Quản lý vốn Nhà nước tại doanh nghiệp (CMSC) Đơn vị thiết lập website: Tập đoàn Xăng dầu Việt Nam (Petrolimex) 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