Improve production efficiency, reduce costs by 2,117 billion VND
In the context of many economic difficulties, thanks to the synchronous and effective implementation of management solutions, Petrovietnam's key production targets all exceeded the plan by 9.6-25.2% in September 2024.
Regarding production targets, in September 2024, the Group's crude oil output reached 786,000 tons, exceeding the monthly plan by 25.2%, and the cumulative output in the first 9 months reached 7.43 million tons, exceeding the 9-month plan by 20.7%; electricity output in September reached 1.65 billion kWh, and the cumulative output in the first 9 months reached 20.88 billion kWh, up 18.4% over the same period in 2023.
Urea and gasoline production output (excluding NSRP) in September reached 141,000 tons and 626,800 tons respectively; in the first 9 months, it reached 1.39 million tons and 4.9 million tons. These two sectors are expected to exceed the annual plan.
Notably, Petrovietnam has saved VND 2,117 billion in waste prevention in the past 9 months, reaching 94% of the 2024 reduction plan.
Of which, savings from raw materials, management costs, sales, finance... reached 1,782 billion VND, equal to 96% of the yearly plan; savings from investment management, optimizing exploitation operations, and purchasing equipment reached 334.8 billion VND, equal to 83% of the yearly plan.
Finishing in a Challenging Context
With the target set for the following year higher than the previous year, thanks to efforts in production and business, the total revenue of the Group in the first 9 months of the year is estimated at 736,500 billion VND, completing 100% of the yearly plan, reaching the finish line 3 months ahead of schedule, up 12% over the same period in 2023; the total State budget contribution of the Group is estimated at 115,200 billion VND.
Looking back at the production and business results of the past 9 months, the Group has fully completed 6/6 financial targets for the whole year 2024 according to the plan assigned by the Committee for State Capital Management at Enterprises and the Board of Members (BOD), reaching the target 3-5 months ahead of schedule.
Of which, 5/6 growth targets range from 9-31%: total Group revenue increased by 12%; total Group budget payment increased by 9%; consolidated revenue increased by 14%.
In addition to production and business activities, Petrovietnam also devotes a lot of resources to social security activities with a total value of 480 billion VND in the first 9 months of 2024.
Although the two major targets have been completed, Petrovietnam believes that the market context is facing many challenges and needs to find solutions to overcome difficulties and prepare for growth momentum in 2025.
Many solutions to adapt to difficult market developments have been implemented by Petrovietnam's member units. Typically, the Oil and Gas Exploration and Production Corporation (PVEP) has proactively planned, optimized productivity, and ensured output and financial targets...
Petrovietnam General Director Le Ngoc Son acknowledged that units are highly focused on completing production and business plans, minimizing non-essential activities. At the same time, units are preparing early for the 2025 plan with expected implementation scenarios, ensuring enough motivation and aspirations for the coming year.
The Group needs to continue to maintain its management and control work, maintain the set plan; focus on reviewing recommendations and removing difficulties for units related to production, business and investment; strengthen decentralization and delegation of authority to support and increase the initiative of units; and effectively control costs.
