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Petrolimex earns pre-tax profit of $107m in H1

Update: August, 02/2017 - 16:15
Petrolimex targets a revenue of VNĐ143.21 trillion, a year-on-year increase of 16.3 per cent in 2017. — Photo
Viet Nam News

HÀ NỘI — Việt Nam National Petroleum Group (Petrolimex) reported a consolidated pre-tax profit of VNĐ2.443 trillion (US$107.6 million) in the first half of 2017, which is 52.2 per cent of its annual target.

In this period, Petrolimex’s consolidated revenue of affiliates reached VNĐ74.25 trillion, up 26.4 per cent over the same period last year.

The group’s increasing revenue is a result of the average price of world crude oil in the first six months of 2017 being around $49.95 per barrel, a year-on-year rise of 25.6 per cent.

Its petroleum business earned VNĐ1.18 trillion of the consolidated pre-tax profit, and accounted for 48.3 per cent of the group’s total pre-tax profit.

The non-petroleum business contributed to around VNĐ1.26 trillion of the profit. Of this, the profits from petrochemicals, bitumen and chemicals reached VNĐ440 billion, while that from the gas business stood at VNĐ98 billion.

The transportation and aviation fuel business brought in a profit of VNĐ129 billion and VNĐ171 billion, respectively. The company’s insurance and banking business also generated a profit of VNĐ112 billion. Petrolimex’s subsidiaries in Laos and Singapore contributed modest profits of only VNĐ27 billion.

Petrolimex has contributed around VNĐ18.2 trillion to the State budget in the first six months of the year, the group revealed.

Overall, the consolidated after-tax profit of the group is VNĐ2.02 trillion, and the ratio of after-tax profit on charter capital is 15.6 per cent.

Till date, Petrolimex has completed the sale of 20 million treasury shares, with an average selling price of VNĐ50,533 per share, and earning around VNĐ1 trillion, of which the capital surplus is VNĐ810.66 billion.

The group has also opened payment gateways for 90 million ATM cards from 41 banks at its petrol stations across the country from August 1.

In the future, Petrolimex plans to implement the replacement of E5 RON 92 gasoline with mineral gasoline RON 92, creating a RON 95-IV gasoline and diesel oil grade IV business plan, as regulated.

This year, Petrolimex has targeted a revenue of VNĐ143.21 trillion, a year-on-year increase of 16.3 per cent; a pre-tax profit of VNĐ4.68 trillion; a minimum dividend of 12 per cent; and total investment of VNĐ1.45 trillion. — VNS


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