With this result, the second largest petroleum retailer in Vietnam has exceeded 136% of the quarterly plan and completed 60% of the full-year plan.
Following the information at the 9th Conference (expansion) to summarize the Party’s work and production and business activities in the first quarter of 2022, the Vietnam Oil Corporation-JSC (PV OIL, UPCoM: OIL) said the total production petroleum volume in the first three months of the year reached 875,000 m3/ton, exceeding 5.2% of the quarterly plan and fulfilling 26.3% of the year plan.
Meanwhile, revenue is estimated at 17,800 billion dong, increasing by 51% compared to the first quarter of 2021, exceeding 58.2% of this quarter’s plan and completing nearly 40% of the whole year’s plan. Profit before tax is estimated at 295 billion dong, up 42.5% over the same period, exceeding 136% of the quarterly plan and completing 60% of the year plan.
PV OIL also said that all members in the whole system have achieved positive business results, especially no unit has suffered a loss.
The Vietnam second largest petrol retailer said that the preliminary results were positive in spite of the complicated situation of the COVID-19 pandemic as well as the domestic and foreign petroleum markets having experienced many fluctuations.
During the quarter, the war between Russia and Ukraine, along with sanctions, caused a shortage of oil supply, leading to an increase in oil prices. In addition, the world oil price continuously increased while there was a shortage of goods due to the decrease in operating capacity of the NSRP refinerry and the source of imported goods only came at the end of February, leading to limited sales, market discount dropped to a very low level, affecting the efficiency of PV OIL’s retail station.
PV OIL recorded VND 57,836 billion in revenue, up 15.6% compared to the performance in 2020; profit after tax reached VND 773 billion, significantly improving the loss of VND 166 billion last year. Thus, PV OIL exceeded the revenue target by 4% and the profit target by 132%.
According to the annual report for 2021, PV OIL sets a revenue target of VND 45,000 billion and a profit after tax of VND 400 billion, both significantly down compared to last year’s results.