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BSR targets over VNĐ3.47 trillion profit next year

Update: December, 25/2017 - 17:22
BSR plans to sell 242 million shares at its IPO on January 17, 2018. — Photo
Viet Nam News

HÀ NỘI — Bình Sơn Refining and Petrochemical Co Ltd (BSR), operator of Dung Quất Refinery, has targeted total revenue of nearly VNĐ78.4 trillion (US$3.44 billion), State budget contribution of some VNĐ8.33 trillion and after-tax profit of more than VNĐ3.47 trillion in 2018.

It was one of the contents at BSR’s conference to review the company’s performance in 2017 and assign tasks for 2018 held in the southern central province of Quảng Ngãi last week.

Trần Ngọc Nguyên, BSR’s general director, said in 2017, BSR exceeded planned targets with production output of 6.1 million tonnes, consumption output of nearly 6.1 million tonnes. Turnover was estimated at nearly VNĐ80.52 trillion, contribution to the State budget was VNĐ10.34 trillion and profit-after-tax was some VNĐ8.04 trillion.

In 2017, Dung Quất Oil Refinery operated continuously, stabilising at an average capacity of 105 per cent of designed capacity. The third maintenance activity for the 7,000 main equipment categories of the plant in June and July were completed and exceeded the set targets.

This year, BSR planned to implement 19 energy optimisation solutions, saving some $1.45 million per year for the company. In addition, BSR’s cost saving in 2017 was estimated at VNĐ932.82 billion (surpassing 97.2 per cent of the plan).

Việt Nam National Oil and Gas Group (PVN)’s general director Nguyễn Vũ Trường Sơn emphasised that BSR has contributed significantly in PVN. The revenue of BSR accounted for 16 per cent of PVN’s total revenue. Its contribution to the State budget accounted for 10 per cent of PVN. In addition, BSR contributed 33 per cent of PVN’s total profit.

With regard to equitisation, BSR will be the largest enterprise to be equitised ever, with a value of some $3.2 billion. The company plans to sell 242 million shares at an initial price of VNĐ14,600 per share, equivalent to 7.79 per cent of its charter capital, at its initial public offering (IPO) on January 17, 2018, at the HCM Stock Exchange.

BSR has targeted collecting some VNĐ4 trillion for State coffers via this IPO. In the next phase, BSR will sell 49 per cent of charter capital to strategic investors, collecting nearly $1 billion for the State. — VNS

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