Petrovietnam fuels strong business performance in first eight months

Despite headwinds in August, most of Petrovietnam's key production targets exceeded the monthly plan by 6.3 - 28.2%.

In the first eight months of 2024, the firm surpassed its majority of targets by 2.7 - 29.2%, an increase of 2.5 - 26.8% over the same period in 2023.

Regarding production targets, the group's crude oil output in August was 833,000 tonnes, exceeding the target for that month by 28.2%. The cumulative output in the first eight months reached 6.64 million tonnes, exceeding the eight-month plan by 20.2%.

Petrovietnam’s respective gas production output in August and the first eight months of the year reached 450 million cu.m, exceeding the monthly plan by 19.7%, and 4.41 billion cu.m. It also exceeded the 8-month plan by 29.2%. Meanwhile, its electricity production reached 2.01 billion kWh in August, up 11.4% compared to July, and 19.23 billion kWh in the Jan-August period, up 20.1% over the same period last year.

Thanks to positive business growth, the total revenue of the whole group in the first eight months was estimated at VND650.4 trillion, exceeding the 8-month plan by 34%, up 13% over the same period in 2023. Meanwhile, the firm paid VND96.5 trillion to the State budget, surpassing its target for the Jan-August period by 49%, up 7% over the same period in 2023. The group's total pre-tax profit in the first eight months of this year was estimated at over VND35.5 trillion, exceeding its target by 84%.

In addition to production and business results, Petrovietnam has made active contributions to social security funds, with total contributions reaching VND469 billion.

The firm has raised about VND40 billion from its staff for people affected by Typhoon Yagi, the third storm in the East Sea so far this year.

In the Jan-August period, Petrovietnam worked hard to seek new growth areas in the hope of completing all the governance targets for 2024 at the highest level.

Petrovietnam Exploration Production Corporation (PVEP) expects an increase in the exploration of oil and gas reserves, while showing strong performance in developing new fields and projects.

Although a downturn was seen in the production of gas, electricity and fertilisers, the firm’s the non-electric gas business expanded positively. Petrovietnam Gas Joint Stock Corporation (PV GAS) has provided LNG products to the northern market, while its international business has also achieved positive growth.

Bright signs have also been seen in oil and gas service sector. A representative of PTSC said that the company's revenue and profit growth is likely to exceed that in the same period last year by 5% and 9%, respectively. Thanks to large contracts in domestic projects, PTSC’s domestic revenue is expected to increase in 2024.

Petrovietnam General Director Le Ngoc Son hailed efforts by member companies to the group’s 13% growth in revenue.

He expressed his optimism about the country’s macro-economic outlook and GDP’s growth prospect at 6-6.5% for the whole year, with breakthrough policies to remove obstacles facing businesses.

However, Son also pointed to difficulties from the global situation and the consequences of Typhoon Yagi, underlining the need for the firm to focus on building risk management plans and setting targets for 2025.

He also discussed with leaders of Petrovietnam member companies to pay greater attention to supporting labourers affected by the recent storm, Typhoon Yagi.