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PVGas's profit jumped over 34 per cent in Q2

Update: July, 27/2021 - 09:18
A ship loading LPG at PVGas's Vũng Tàu Port. Photo pvgas.com.vn

HÀ NỘI — PetroVietnam Gas JSC (PVGas, GAS) reported profit after tax of more than VNĐ2.3 trillion (US$100.1 million) in the second quarter of 2021, resulting in a rise of 4.3 per cent in profit after tax in the first six months of this year.

In its second-quarter financial statement, PVGas witnessed a gain of 34.4 per cent year-on-year to more than VNĐ22.7 trillion ($988 million) in the second quarter. With slower pace in its cost of goods sold growth, the company’s gross profit reached over VNĐ3.78 trillion, up 57.4 per cent over last year. 

During the second quarter, income from financial activities halved to VNĐ204.4 billion, while its expenses for financial activities jumped 230.3 per cent. 

The company’s sale expenses and general and administrative expenses surged 10.9 per cent and 162.2 per cent over the same period last year in the second quarter. 

Deducting expenses and taxes, PVGas recorded profit after tax of more than VNĐ2.3 trillion, up 34.3 per cent year-on-year. 

In the first half of 2021, the company’s net revenue reached over VNĐ40.27 trillion, up 23.2 per cent over last year, resulting in a gain of 4.3 per cent in profit after tax to nearly VNĐ4.4 trillion. Its earning per share (EPS) during the period was VNĐ2,116.

In this year’s annual General Meeting of Shareholders, the company approved the plan of total revenue of VNĐ70.2 trillion, up 9 per cent compared to 2020. However, its profit after tax is expected to drop 12 per cent to VNĐ7.03 trillion, the lowest result in the past nine years, since 2012. 

Therefore, PVGas has completed 57.3 per cent of the revenue target and 62 per cent of this year’s profit plan in the first half of 2021. 

As of June 30, its total assets reached VNĐ74.8 trillion, up 18.3% compared to the beginning of the year. Of which, its short-term investments accounted for the largest part of the total assets, 34 per cent, with a value of VNĐ25.56 trillion. Its fixed assets reached VNĐ19.33 trillion, accounting for 25.8 per cent of total assets, while the company’s short-term receivables was VNĐ15.32 trillion, equivalent to 20.5 per cent of total assets.

By the end of the second quarter, PVGas’s time deposits were worth VNĐ25.65 trillion, an increase of more than VNĐ4 trillion compared to the beginning of the year. 

Meanwhile, on the stock market, GAS shares closed Monday morning at VNĐ86,700 per share, down 1.48 per cent. The shares lost 2.36 per cent since the beginning of the year. VNS

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