PetroVietnam Gas Corporation (PV Gas) are targeting VNĐ55.7 trillion (US$2.47 billion) in its total revenue and VNĐ6.43 trillion in pots-tax profit for 2018, heard the company’s annual shareholder meeting on Friday. — Photo qdnd.com.vn

HÀ NỘI — PetroVietnam Gas Corporation (PV Gas) are targeting VNĐ55.7 trillion (US$2.47 billion) in its total revenue and VNĐ6.43 trillion in post-tax profit for 2018, heard the company’s annual shareholder meeting on Friday.

In addition, PV Gas also plans to pay a 40 per cent dividend payout ratio for 2018 performance.

The figures were largely lower than the firm’s earnings in 2017, which were recorded at VNĐ66 trillion in total revenue and VNĐ9.94 trillion in post-tax profit.

The full-year earnings were forecast based on the firm’s assumption of crude price trading at $50 a barrel.

Oil prices have rebounded steadily. Brent crude ended 2017 at $66.87 a barrel, up 131 per cent from its lowest level recorded in January 2016.

Such strong growth of oil prices helped PV Gas and other local energy firms earn high results in 2017.

PV Gas’ earnings in 2017 beat its full-year forecast by 28 per cent in total revenue and 89 per cent in post-tax profit.

That was also the reason for PV Gas to increase its cash dividend payout rate for 2017 performance by a third to 40 per cent.

PV Gas continued to see strong growth in the first quarter of 2018 as its net revenue in the first three months rose 12 per cent year on year to more than VNĐ18 trillion and was equal to a third of the full-year target.

Its first-quarter post-tax profit increased by a fifth from the previous year to VNĐ2.6 trillion, equal to 40 per cent of the year’s target.

PVN not divest in 2018

The Vietnam National Oil and Gas Group (PetroVietnam or PVN) will cut its ownership in PV Gas down to 45 per cent.

The company is looking for potential investors and reports the list of investors to the Government. The deal will not be finalised in 2018.

At the annual shareholder meeting, PV Gas also asked for shareholder approval on the company’s construction of Nam Côn Sơn 2 gas pipe with the adjusted investment of VNĐ6.48 trillion, of which PV Gas will fund 30 per cent and borrow 70 per cent from other institutions.

The project is planned to complete in the third quarter of 2020. — VNS