Petrovietnam records revenue of VND820.4 trillion in 10 months
The Group continues to perform well in its management, most of its production targets have exceeded the plan, so although the prices of the Group's key products have decreased compared to the same period and the previous month, greatly affecting its operating efficiency, the results of the first 10 months of 2024 have all exceeded the 10-month plan by 26% - up to 3 times. The Group's financial targets have made important contributions to the country's socio-economic development, exceeding the annual plan by 12% - 2.6 times and growing strongly compared to the same period in 2023.
Specifically, the total revenue of the whole Group reached the target 3 months ahead of schedule, in the first 10 months of 2024 it is estimated at 820.4 trillion VND, exceeding the annual plan by 12%, up 10% over the same period in 2023; The budget payment of the whole Group reached the target 4 months ahead of schedule, estimated at 129.2 trillion VND, exceeding the annual plan by 37%, up 7% over the same period in 2023; Consolidated pre-tax profit is estimated at 43.3 trillion VND, exceeding the annual plan by 96%. With the achieved results, in the past 10 months, Petrovietnam has fully completed 6/6 financial targets for the whole year of 2024 according to the plan assigned by the Capital Management Committee and the Board of Directors.
In the member units, in the first 10 months of 2024, there were 17 units with high growth in consolidated revenue from 1-76% and 11 units with growth in consolidated pre-tax profit from 3% to 2.6 times compared to the same period in 2023.
Petrovietnam also allocated a budget for social security in the first 10 months of 2024 of VND 515 billion, reaching 69% of the plan (VND 750 billion), of which VND 121 billion was used to support the construction of Great Solidarity houses for the poor; VND 227 billion was used to support education and training programs; VND 57 billion was used to support health care programs; VND 110 billion was used to support organizations, funds, and associations... In particular, the Group has coordinated with the People's Committee of Lao Cai province to implement the Kho Vang Village Reconstruction Project, Coc Lau Commune, Bac Ha District, Lao Cai Province under the direction of the Prime Minister (with a sponsorship value of over VND 40 billion), to be completed in December 2024.
Regarding the plan for the last 2 months of the year, Petrovietnam strives to achieve the highest set management targets, deploy new motivations and renew old motivations.
Focus on solutions for the target of 1 million billion VND in revenue
To reach the 2024 finish line quickly, Petrovietnam's member units have proposed many solutions and initiatives. In the exploration and exploitation sector, units completed the year's major maintenance and repair campaign, maintained exploitation projects on schedule according to the management plan, and extended new contracts.
The gas, electricity and fertilizer sectors are determined to implement activities in line with the Group's goals. Investment activities promote projects implemented at fertilizer plants. Following the energy transition trend, Vietnam Gas Corporation (PV GAS) and Vietnam Oil and Gas Power Corporation (PV Power) are making restructuring adjustments, increasing the proportion related to renewable energy and new energy.
The petrochemical refining block actively improves machinery, saves fuel, builds scenarios for the last months of the year and 2025; builds a management plan to control both input and output inventories.
The general solution of the technical service sector is to extend contracts, strengthen coordination between technical service units and production and business to complete the assigned management plan, focusing on horizontal linkage according to the strengths of each unit. Vietnam Oil and Gas Technical Services Corporation (PTSC) carried out a series of outstanding events in the last 2 months of the year, in which the unit will export the first base for offshore wind power.
In 2024, Petrovietnam's investment disbursement rate is higher than the national average, which is a great effort of the whole Group, which depends on human factors and good governance. In addition, Petrovietnam also achieved the highest savings and social security targets, which are of special significance in the context of the country having suffered many natural disasters in recent times.
Petrovietnam needs to focus highly on the management plan, be steadfast and determined with the set goals, ensure completion and over-fulfillment of the plan. Continue to closely follow the market, prioritize operational efficiency, review growth potential, strive for the target of 1 million billion VND in revenue in 2024, achieve high efficiency in consolidated profit in 2024, maintain the number one position in Vietnam in terms of profit, and at the same time prepare for growth momentum for the following year.
