By the end of 2024, Petrovietnam had successfully completed all production and business targets and tasks, continuing to set new records, creating a strong foundation for breakthrough growth in the new period.
Steadfast growth
It can be affirmed that since 2020, with the "key" being "fluctuation management", Petrovietnam has maintained stable production and business activities, overcoming difficulties and challenges from the "double crisis" due to falling oil prices and the Covid-19 pandemic to achieve the goal of growth recovery.
On that recovery path, in 2022, Petrovietnam set the motto "Managing fluctuations - Anticipating trends - Connecting resources - Promoting technology - Promoting investment - Sustainable development" as the goal to strive to achieve the highest level of assigned tasks/targets. By the end of 2022, all output and business targets in the 5 areas of the Group have completed the annual plan and achieved high growth compared to 2021 from 3-26%.
In 2022, the Group set a record in the production and trading output of nitrogenous fertilizer and petroleum products. Specifically, nitrogenous fertilizer production completed the yearly plan 1 month and 14 days ahead of schedule, reaching 1.84 million tons, exceeding the annual plan by 244 thousand tons.
With the work of "managing fluctuations", Petrovietnam has maintained stable production and business activities, overcoming difficulties and challenges in recent years.
The Group's nitrogenous fertilizer exports reached a record level with an output of 606 thousand tons, an increase of 2.1 times compared to 2021, accounting for 36% of the country's fertilizer export output and 37.4% of the country's fertilizer export turnover.
Petroleum production completed the yearly plan 1 month and 7 days ahead of schedule; reaching 6.96 million tons, exceeding the yearly plan by 784 thousand tons, up 9.1% compared to 2021 - reaching the highest record since Dung Quat Oil Refinery went into commercial operation from June 1, 2010 to early 2023.
The Group's total revenue completed the yearly plan 4 months ahead of schedule, reaching VND931.2 trillion, exceeding 67% of the yearly plan, up 48% compared to 2021 - setting a new record in Petrovietnam's history.
Petrovietnam's fertilizer production in 2024 to grow year-on-year
Entering 2023, steadfast in the growth target, with the motto "Managing fluctuations - Expanding scale - Accelerating digital transformation - Shifting models - Improving productivity - Regenerating business", the Group and its member units will deploy work and tasks during the year in a synchronous, consistent, effective and quality manner, surpassing themselves, setting new records.
In 2023, the Group's nitrogen production output will reach 1.76 million tons, exceeding the annual plan by 10.3%, of which granular nitrogen output will reach 950 thousand tons - a record level since the Group had its first ton of granular nitrogen product (January 29, 2012) until early 2024.
Petroleum production reached 7.36 million tons, exceeding the annual plan by 33.2%, up 5.8% compared to 2022. Reaching the highest record level since Dung Quat Oil Refinery went into commercial operation on June 1, 2010, 400 thousand tons higher than the record level set in 2022.
The Group's units also set their own records in 2023, such as PVOIL setting a record for petroleum trading with 5.21 million m3; PV GAS setting a record for LPG trading with nearly 2.5 million tons.
Total revenue of the Group reached VND 942.8 trillion, exceeding the annual plan by 39%, VND 11.6 trillion higher than the record in 2022 (VND 931.2 trillion), equivalent to 9.2% of the country's GDP. The Group's total State budget contribution reached VND 151.8 trillion, exceeding the annual plan by 94%, accounting for about 9% of the total State budget revenue in 2023.
Record breaking
Petrovietnam holds conference to review work in 2024
From the beginning of 2024, Petrovietnam identified this as a key year, requiring acceleration and breakthrough to successfully implement the goals, tasks and targets of the 5-year plan 2021-2025. In addition, the Group also has to face unpredictable fluctuations/impacts affecting the Group's entire production and business activities such as large fluctuations in supply - demand and sharp decline in prices of energy products compared to the same period in 2023.
In that context, Petrovietnam has proposed the motto of action "Managing fluctuations - Adding new motivation - Renewing old motivation - Creating new energy sources - Reaching new heights". This has created strong pressure on all production sectors/fields of the Group, so that the staff, workers and laborers devote themselves to dedicating and innovating themselves, from individuals to collectives, to "confront" and "compete" with new growth milestones.
By the end of 2024, Petrovietnam had fully completed key targets in all areas of operation such as petroleum production, electricity production, and fertilizer production, which grew quite well compared to the same period in 2023; ensuring security and production safety at all units/projects/factories/drilling rigs was smooth.
Security and safety at construction sites and factories are always guaranteed.
Specifically, all other important production targets were completed and exceeded the annual plan by 6-24%, reaching the target from 22 days to 2 months and 21 days ahead of schedule. In particular, the domestic crude oil exploitation target completed the 2024 full-year plan 2 months and 3 days ahead of schedule. Compared to 2023, there were 4 important production targets with growth, including: urea production increased by 4.6%; electricity production increased by 25.8%; gasoline production (including NSRP) increased by 6.7% and NPK production increased by 19.5%. For the first time in 10 years, Petrovietnam had 3 new oil and gas discoveries in 1 year.
Petorvietnam is also a pioneer in the offshore energy industry, participating in the global energy chain, opening up new development space in line with the policies of the Party and the State and the orientation of Conclusion 76-KL/TW when exporting offshore energy service industrial products for the first time, marking a new step forward for the traditional and renewable energy sectors of Petrovietnam in particular and Vietnam in general. These are very remarkable results and are proof that the Group has well implemented the motto "Renewing old motivation, Adding new motivation" for development.
For the first time, Petrovietnam exported offshore energy service industrial products, marking a new step forward in Petrovietnam's traditional and renewable energy sectors.
More specifically, Petrovietnam has broken the record for the third consecutive year in terms of total revenue of the Group when it surpassed the 1 quadrillion VND mark, a growth of 36% compared to the pre-Covid-19 period (2019) and equivalent to about 9% of the country's total GDP. The State budget contribution reached 165 trillion VND, equivalent to nearly 9% of the country's total budget revenue, a growth of 52% compared to the pre-Covid-19 period in the context of the impact of the tax reduction policy on Petrovietnam's petroleum products.
For the first time, it achieved a comprehensive record of very high growth in financial indicators compared to the pre-Covid-19 period (2019), including: Consolidated revenue reached 601 trillion VND, up 51%; Parent Company - Group revenue reached 270 trillion VND, up 237%; Parent Company - Group pre-tax profit reached 35.1 trillion VND, up 45%. Petrovietnam's consolidated profit continued to maintain at over 2.3 billion USD/year.
The excellent implementation and completion of production and business tasks in 2024 has contributed to helping Petrovietnam complete the 5-year production and business plan for the period 2021-2025 ahead of schedule by 6-32%. In particular, Petrovietnam's total revenue after 4 years has reached over 3.5 million billion VND, achieving a growth rate of 16.7%/year; the Group's total payment to the State budget after 4 years has reached over 599 trillion VND, a growth rate of 21.2%/year; Petrovietnam's consolidated pre-tax profit reached over 238 trillion VND after 4 years, a growth rate of over 44.3%/year.
The results achieved in 2024 have affirmed Petrovietnam as a pillar economic group, the locomotive of the country.
Also in 2024, Petrovietnam was honored as the leading brand in the Top Strong Brands of Vietnam 2024, affirming the role of a leading state-owned economic group, making important contributions to the cause of building and protecting the sovereignty of the Fatherland. The Petrovietnam brand has a high growth rate in value, continuously appearing in the Top 10 Strong Brands in Vietnam. In addition, Petrovietnam also set a record of 16 consecutive years in the Top 3 largest enterprises in Vietnam, leading the Top 6 most profitable enterprises in Vietnam.
This result affirms that Petrovietnam continues to be a pillar economic group, a locomotive, contributing significantly to ensuring the "5 words An": Energy security, Food security, Economic security, National defense security and Social security.
The year 2025 is of great significance to the country, in the context that the whole country has been preparing resources well, carrying out strong reforms to enter a new era, the era of national development. This is an important time requiring businesses to innovate, improve competitiveness, reach international standards for sustainable development, and at the same time contribute to the socio-economic development of the country.
This is also the year marking a new development stage of Petrovietnam, playing an important "pivotal" role for the Group to "rise up" with the country. With the motto for 2025 being "Innovation from the core - Developing outstanding models - Integrating into the global chain - Enhancing energy knowledge - Breakthrough in growth - Creating a sustainable green shift", the results and records set in recent years will be an important and solid foundation for Petrovietnam - the National Energy Industry Group to continue to accelerate, develop, and accompany the country into a "new era" of prosperity and strength.
Khanh An
Comment (0)