In May 2024, Petrovietnam's consolidated pre-tax profit reached about 7,200 billion VND.

In May 2024, Petrovietnam's consolidated pre-tax profit reached about 7,200 billion VND.

In May, crude oil prices fell sharply, negatively impacting Petrovietnam’s production and business activities. However, the Group’s consolidated pre-tax profit in May was still the dream of many other businesses, at about VND7,200 billion.

According to the Vietnam Oil and Gas Group (Petrovietnam), in May, oil prices reversed sharply and decreased by about 9% compared to the average of April, causing the prices of petroleum products to decrease by 7-11%, oil refining profit margins decreased sharply, at the lowest level since November 2023; gas mobilization for electricity decreased, not reaching expectations; along with risks related to the macro situation, the market, inflation remained high, the US dollar increased sharply, increasing the burden on USD loans, low credit growth, ... have greatly affected the production and business activities of Petrovietnam.

Petrovietnam's operating results from January 2024 to May 2024 (unit: billion VND, source Petrovietnam):

	Cumulative total revenue	Cumulative budget payment	Accumulated consolidated profit before tax	Accumulated investment value
January	68,900	9,900
February	149,600	20,600		3,140
March	231,000	31,300		4,930
April	308,200	42,300	14,900
May	392,700	55,400	22,100

In that context, the management and operation of production and business activities are closely monitored by the Group. The production and business activities of the Group are always maintained safely, stably, smoothly, ensuring adequate supply of essential products, contributing to the socio-economic stability of the country.

Dung Quat NMLD operates stably and safely after maintenance

In May 2024, Petrovietnam's production targets all exceeded the monthly plan by 6.1 - 35.5%, such as: crude oil exploitation reached 0.813 million tons, exceeding the plan by 14.9%; gas exploitation reached 608 million m3, exceeding the plan by 35.5%; nitrogen production reached 163 thousand tons, exceeding the plan by 6.1%; electricity production reached 3.16 billion kWh, exceeding the plan by 7.3%; gasoline production (excluding NSRP) reached 531 thousand tons, exceeding the plan by 17.5%.

Notably, the Group's electricity output in May and the first 5 months exceeded the plan. On May 18, Song Hau 1 Thermal Power Plant reached the output milestone of 10 billion kWh, an impressive output milestone for a plant that has only been in commercial operation for nearly 2 years.

The Group and PV Power have worked with relevant ministries, departments and localities, thereby basically resolving the difficulties and obstacles of the Nhon Trach 3 and 4 Thermal Power Plant Project invested by PV Power, promoting project implementation according to the set schedule.

The average output in May of Vietsovpetro's Block 09-1 reached 8,069 tons/day, an increase of 146.9 tons/day compared to April, of which 21 days the exploitation level reached over 8,000 tons/day; Dung Quat Oil Refinery has been put into safe operation after maintenance with a high capacity of 114%.

Petrovietnam strives to maintain oil and gas production in May

In the first 5 months of 2024, most of the Group's production targets exceeded the plan by 3.5-35.7%, such as: crude oil exploitation reached 4.19 million tons, exceeding 19.5% of the plan (domestic crude oil exploitation reached 3.44 million tons, exceeding 20% ​​of the plan; crude oil exploitation abroad reached 0.748 million tons, exceeding 17.6% of the plan); other gas exploitation reached 2.91 billion m3, exceeding 35.7% of the plan (however, only equal to 94% of Petrovietnam's gas exploitation capacity due to gas mobilization not being as expected); nitrogenous fertilizer production reached 797 thousand tons, exceeding 6.7% of the plan, up 10.7% over the same period in 2023; electricity production reached 12.98 billion kWh, exceeding 3.5% of the plan, up 28.3% over the same period in 2023; Petroleum production (excluding NSRP) reached 2.32 million tons, exceeding the plan by 21.6% (including output from NSRP reaching 5.83 million tons, exceeding the plan by 19.1%, up 5.3% over the same period in 2023; NPK production reached 149 thousand tons, exceeding the plan by 16%, up 10.5% over the same period.

Thanks to effective implementation of fluctuation management, although the prices of Petrovietnam's key products decreased sharply, especially the petrochemical profit margin decreased by 19.8% compared to the same period in 2023, Petrovietnam's financial targets were all exceeded by 34 - 92% of the 5-month plan and had high growth compared to the same period in 2023.

Total revenue of the Group in the first 5 months of 2024 is estimated at VND 392,700 billion, exceeding the plan by 34%, up 15% over the same period in 2023; Budget contribution of the Group is estimated at VND 55,400 billion, exceeding the plan by 46%, up 2% over the same period in 2023. Consolidated pre-tax profit of the Group is estimated at VND 22,100 billion, exceeding 92% of the 5-month plan, up 6% over the same period in 2023.

Previously, the total revenue of the Group in the first 4 months was estimated at 308,200 billion VND; the total budget contribution of the Group was estimated at 42,300 billion VND and the consolidated pre-tax profit of the Group was estimated at 14,900 billion VND.

June CEO Meeting at Petrovietnam

Responding to risks affecting the implementation of the Group's plan in the last months of the year regarding inflation, currency devaluation, declining oil prices, energy transition speed, etc., Mr. Le Manh Hung, Chairman of the Board of Directors of Petrovietnam, directed to strengthen risk management, have solutions and scenarios to respond to macroeconomic and market fluctuations, ensuring operational efficiency.

In addition, continue to focus on updating and promoting the completion of institutions related to the Group's operations; update strategies and development plans of units within the Group in accordance with new mechanisms, policies and situations; update investment portfolios, promote investment activities; find solutions to increase output, resolutely maintain mining output according to the Government's direction; focus on handling backlogs in difficult units/projects, actively collect debts;...

Source: https://baodautu.vn/thang-52024-loi-nhuan-truoc-thue-hop-nhat-cua-petrovietnam-dat-khoang-7200-ty-dong-d217519.html