Exceed revenue plan and pay budget
In November, Petrovietnam's key production targets exceeded the plan by 1.3-15.1%. Compared to the same period last year, 5/9 growth targets were: gas exploitation, electricity production, LPG, Condensate, NPK.
The Group also exceeded the plan for 6/6 financial targets by 2-57% in November, reaching the finish line 3-5 months ahead of schedule.
A series of events on Oil and Gas and Offshore Wind Power creates new space in the Group's energy sector, the event was attended by Prime Minister Pham Minh Chinh.
In the 11 months, all of Petrovietnam's targets exceeded the plan by 0.1-17.1%. Compared to the same period, Petrovietnam had 4 growth targets: production of Urea, NPK, electricity, and gasoline (excluding NSRP).
Based on the output results for the first 11 months of 2024 and actual operating capacity, the Group assesses that, despite negative impacts from the market, all production blocks are capable of completing the 2024 management plan.
Social security work has always been a focus of the Group with a total value of activities reaching 580.6 billion VND, focusing on supporting the construction of Great Solidarity houses for the poor, supporting education and training programs, medical programs, Tet for the poor program in the year of Giap Thin 2024, overcoming natural disasters, storms, floods...
In particular, the reconstruction of Kho Vang village (Lao Cai) is being actively coordinated by Petrovietnam with local authorities, striving for Kho Vang residents to move into new homes before December 20, recognizing the great significance of the Group's social security activities.
Great effort in the face of many difficulties
The bright spot in the overall picture over the past time is that the Group has made efforts to improve its institutions, and the basic production and business indexes have recorded growth, removing obstacles for difficult projects. In 2025, the Group needs to identify risks and challenges to develop response scenarios, while seeking growth drivers for production and business, taking advantage of opportunities, and synchronously implementing solutions.
The task of innovating the organizational structure and restructuring the enterprise to be lean and improve labor productivity is an important task for Petrovietnam to reach the finish line in 2024 and prepare for growth momentum in 2025. The Group needs to effectively implement the summary of the implementation of Resolution 18-NQ/TW on continuing to innovate and reorganize the political system to be lean and operate effectively and efficiently.
Over the past year, all Petrovietnam employees have made great efforts in the face of numerous difficulties. Despite complicated oil price movements and many fluctuations in the domestic and international economic picture, the Group's management work up to this point has been ensured, reflected in the production and business results of the past 11 months.
Not only that, the social security sector also carried out many meaningful activities; through which the spirit of sharing and affection of the Oil and Gas people was spread in society, creating more trust of the Party, State and People for Petrovietnam.
Petrovietnam promotes the completion of legal systems that directly affect the Group's operations, facilitating production, business, investment, and removing difficulties and obstacles in operations. In addition, another bright spot of the Group in 2024 is effective management and operation of production and business.
In particular, the most prominent is that the Group's total revenue in the first 11 months of 2024 reached VND 903,843 billion, up 7% over the same period, aiming to exceed VND 1 million billion; State budget contribution in the first 11 months reached VND 140,473 billion, up 5% over the same period. Notably, Petrovietnam's consolidated pre-tax profit accounts for nearly 45% of the total pre-tax profit of 19 Groups and Corporations managed by the State Capital Management Committee at Enterprises.
In the first 11 months of 2024, the Group's investment disbursement value reached VND 29,741 billion, reaching 60.5% of the 2024 plan, up 93.2% over the same period and higher than the national public investment disbursement level (54.8%). These are "telling numbers" about total revenue, profit, investment, and payment to the State budget in the past 11 months and estimated implementation for the whole year of 2024.
In particular, the Group has made significant changes in the energy transition process. Prime Minister Pham Minh Chinh highly appreciated the series of events in oil and gas and offshore wind power of Petrovietnam. This process is in line with the Group's scenario of accelerating E&P and other fields to mobilize resources to transition to "green and sustainable", helping the Group develop in the long term with new opportunities.
In the final days of 2024, Petrovietnam is determined to implement the 2024 management plan on revenue, profit, payment to the State budget, and ensure growth in employee income. In particular, the growth rate of employee income must be included in the Group's development plan, along with clearly identifying the driving forces to fully exploit growth opportunities.
To achieve the target of 1 quadrillion VND in revenue set for 2024 and create momentum for 2025, Petrovietnam needs to focus on new driving forces in the energy sector including: electricity, LNG, petroleum, offshore wind power. At the same time, accelerate the progress of putting new projects into operation, solve problems at difficult projects to generate new revenue and cash flow; improve productivity, capacity, and efficiency of oil and gas activities through innovation and science and technology; actively promote business, international cooperation, take advantage of opportunities and chances for development; promote the building of a culture of urgent and effective work.
Chairman of Petrovietnam Board of Directors Le Manh Hung: "The basis for setting growth targets is governance."
Petrovietnam's biggest driving force is the human factor.
Up to now, the Group has positive operating cash flow, increased output, and higher accumulation compared to the beginning of the period. From there, it shows the potential of 2025. Next year, the Prime Minister sets a GDP growth target of over 8%. Macroeconomic growth with high targets both creates opportunities and poses great challenges for key state-owned enterprises such as Petrovietnam. In that context, Petrovietnam needs to set a growth target for the following year higher than the previous year to contribute to realizing the country's goals.
In the face of the forecast of oil prices fluctuating in 2025, the basis for setting growth targets for next year is to focus on governance. The completion of maintenance at factories in 2024 will create the foundation and premise for the Group's production and business activities to be maintained continuously, with room for growth. In addition, removing difficulties and obstacles in institutions and policies will pave the way and create more room for growth for the Group and its member units.
Petrovietnam’s 2025 plan must target “double-digit” growth, above 10%. Based on planning related data, identifying risks, building corresponding scenarios, synchronizing the goals of Party Congresses at all levels with the development and growth goals of the Group. Thereby, building and issuing timely and appropriate action plans and programs.
The biggest driving force in management is the human factor, so the Group needs to focus on accelerating the implementation of arrangement, streamlining, and innovation of the organizational apparatus, improving effectiveness and efficiency to serve the Group's development in the coming period in order to carry out strategic tasks and create new development momentum in the Group.
Human resources work plays a key role, it is necessary to research and calculate to appoint capable and responsible people, all for the common goal of sustainable development of Petrovietnam.
Source: https://vtcnews.vn/petrovietnam-chuan-bi-da-tang-toc-cho-muc-tieu-tang-truong-2-con-so-ar913935.html
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