Many Petrovietnam enterprises 'reveal' huge revenue and big profits

That is the information shared at the online forum with the theme: "Petrovietnam - Finishing the 2023 plan early, realizing growth aspirations" organized by the Vietnam Oil and Gas Group ( Petrovietnam ) in coordination with Lao Dong Newspaper on December 16, in Hanoi.

Representatives of PVEP, BSR, PVOIL leaders informed about production and business results at the seminar.

The seminar program had the participation of representatives of large enterprises in the oil and gas industry such as PetroVietnam Exploration and Production Corporation (PVEP), Binh Son Refining and Petrochemical Joint Stock Company (BSR), Vietnam Oil Corporation (PVOIL) and economic experts...

Mr. Nguyen Viet Thang, Deputy Director of BSR, said that this enterprise is operating production, ensuring national fuel and energy sources with a designed capacity of 6.5 million tons of crude oil and products, meeting 30% of the country's demand.

In 11 months, BSR's production and business targets all exceeded the set plan. Specifically, production output was over 6.7 million tons; revenue reached 134,208 billion VND; payment to the state budget was 15,343 billion VND and profit after tax far exceeded the set plan. It is expected that in December, the output of Dung Quat Oil Refinery will reach 617,575 tons of various products. It is estimated that this year, BSR will reach more than 7.34 million tons, exceeding the annual production plan by 31%.

According to Mr. Hoang Xuan Duong, Deputy General Director of PVEP, in 2023, this enterprise has stopped the decline in production output that has been continuously lasting for the past 10 years. Accordingly, PVEP's production output this year is equal to that of 2022. It is expected that for the whole year, PVEP will have revenue of 41,000 billion VND, pre-tax profit of 21,000 billion VND.

BSR is expected to achieve a profit of 67,000 billion VND in 2023.

In addition, PVEP also successfully completed and exceeded all targets for oil and gas discovery, exploration and exploitation; and financial targets assigned by Petrovietnam . In 2024, PVEP aims to prevent a decline in production output and increase exploited reserves to 4 million tons.

Representing a large enterprise under Petrovietnam , Mr. Cao Hoai Duong, Chairman of the Board of Directors of PVOIL, said that this enterprise has nearly 800 gas stations, operating in the commercial and retail sectors with tens of millions of customers. This year, PVOIL's petroleum business output reached 5.2 million ^m3 , an increase of 25% compared to 2022. "This is also the second consecutive year that PVOIL has achieved a growth rate of over 25%," said Mr. Duong.

Expect many targets to set historical records

Economist Nguyen Minh Phong said that in the context of many leather, footwear, textile and garment enterprises having to reduce production, cut labor, even go bankrupt and leave the market, Petrovietnam's ability to maintain growth momentum is a great success.

"Recently, Petrovietnam was rated BB ⁺ by Fitch Ratings, demonstrating the positive outlook, international integration of Vietnamese enterprises, and great prospects of Vietnam's national oil and gas industry in the globalization trend," Mr. Phong commented.

According to Mr. Tran Quang Dung, Head of the Party Committee's Propaganda Department, Head of the Department of Communications and Corporate Culture ( Petrovietnam ), 2023 is an extremely difficult and harsh year, greatly affecting the production and business activities of this group.

Right from the beginning of the year, Petrovietnam leaders have resolutely implemented consistent management work, synchronously and effectively implemented specific solutions; promptly adjusted mechanisms and policies to help the group maintain production pace and achieve spectacular results.

After 11 months, Petrovietnam 's main production targets exceeded the plan by 23 - 28%. Petrovietnam has completed all financial targets for the year, reaching the finish line 1.5 to 5 months ahead of schedule and exceeding the annual plan by 7 - 81%.

In 11 months, Petrovietnam's total revenue is estimated at VND833,600 billion, exceeding 34% of the 11-month plan and 23% of the yearly plan; the state budget contribution is estimated at VND134,000 billion, exceeding 86% of the 11-month plan and 71% of the yearly plan. Notably, Petrovietnam also expects that by the end of this year, many targets will set historical records.

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