PVOIL fulfilled 94% profit target in 2018

In 2018, PVOIL has exceeded the targets of important plans and growth over the same period, including: output, profit, proportion of distribution channels; A number of business units do not suffered losses in the first half of the year.

Export / sale of crude oil, condensate to ensure safety and efficiency with 5.98 million tons of output, fulfilling 51% of the year plan, including Dung Quat oil and refinery with 3.8 million tons from domestic sources and 80 thousand tons from imported sources.

Petroleum and lubricants production to meet the business needs of the whole system with output reached 295 thousand m3, fulfilling 35% of the year plan.

PVOIL Petroleum Store.

PVOIL's total petroleum business volume reached 1,640 thousand m3, fulfilling 52% of the year plan, increasing by 20 thousand m3 over the same period of 2017. In which: domestic sales of affiliated units increased 4% over the same period of 2017 in the context of PVOIL divestment in some units; Retail sales through gasoline stores rose 8% over the same period in 2017, accounting for 24.5% of total sales, up 1 percentage point over the same period in 2017. This is a very good result in the context of increasingly competitive market.

Consolidated sales are estimated at VND29.5 trillion, fulfilling 72% of the full year target. combined pretax profit was estimated at VND320 billion, fulfilling 94% of the full year target; The state budget for the whole system is expected to reach VND 4.7 trillion, fulfilling 65% of the year plan.

In equalization, PVOIL completed its initial public offering (IPO) on January 25, 2018, and listed it with "OIL" share code on UPCoM on March 7, 2018.

Based on the actual requirements and the high feasibility of the selection process, PVOIL has reported to the Vietnam Oil and Gas Group (PetroVietnam) to request the Government to extend the implementation period for four months. However, the extension of time for offering shares to the strategic investors was not approved by the Government. In the coming time, PVOIL will continue to work out a plan to divest state capital in PVOIL to 35.1%.

Thien Thanh