According to the recently released financial report, PetroVietnam Gas Corporation (PV GAS, stock code GAS) has "reached the target" of revenue and profit for the whole year 2024.
Specifically, PV GAS's revenue in the past 9 months reached more than VND 78,600 billion; profit after tax reached nearly VND 8,537 billion. Compared to the 2024 plan approved by the PV GAS General Meeting of Shareholders (consolidated revenue of VND 70,176 billion; profit after tax of VND 5,798 billion), PV GAS has far exceeded the revenue and profit plan for the whole year of 2024.
However, compared to the same period in 2023, PV GAS's revenue and after-tax profit both decreased slightly due to lower oil prices and lower dry gas consumption. In the third quarter of 2024 alone, the average oil price reached 80.34 USD/barrel, down 7% year-on-year. Dry gas consumption decreased by 1% year-on-year. PV GAS's profit was maintained mainly thanks to a 22% increase in LPG gas output compared to the same period last year, contributing to improved profits.
According to PV GAS, the company's production and business are currently facing difficulties due to the rapid decline in domestic gas production while the search and development of new gas sources is facing many obstacles in investment procedures. At the same time, LNG import is not easy due to difficulties in the pricing mechanism and output consumption according to current regulations. In addition, the trend of energy transition towards green energy is also significantly affecting PV GAS's operations.
Therefore, to complete the production and business targets for the whole year of 2024 as well as prepare for 2025, PV GAS is synchronously implementing solutions to expand the market, increase gas consumption output, especially LNG gas.
In addition, PV GAS has developed and issued important documents including PV GAS's Gas Market Development Strategy to 2030, with a vision to 2035, and the Regulations on Management of Gas Products Business Activities, creating maximum conditions for the implementation of the transition to an integrated energy-service business model on PV GAS's core business chain (pipeline gas, LPG, CNG, LNG), thereby adding motivation and opening up space for PV GAS to develop its business, develop the market, and contribute to the overall results when operations in traditional fields tend to decline.
Regarding the Gas Market Development Strategy, PV GAS will clearly define the core tasks and responsibilities of each block in PV GAS regarding gas supply development, infrastructure investment, business and market development; clearly define the output scale targets of each customer group in each region in each specific period to synchronously deploy solutions on supply development, investment and market.
On the stock market, at the end of last week's trading session, GAS stock price decreased by 0.43% and closed at VND70,200/share. Since the beginning of the year, GAS's market price has increased by 2.14%; in which the highest closing price was VND77,374/share (August 21) and the lowest closing price was VND66,906/share (April 26).
According to VNA
Source: https://doanhnghiepvn.vn/doanh-nhan/doanh-thu-va-loi-nhuan-cua-pv-gas-da-vuot-xa-ke-hoach-ca-nam-2024/20241103075532633
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