PetroVietnam posts 177% rise in pre-tax profits reaching US$1.32 billion

PetroVietnam's HQ (File photo)

The Vietnam Oil and Gas Group (PetroVietnam) reported that its pre-tax profit in the first eight months of the year surpassed the set plan by 177 percent and tripled the figure for the same period last year, reaching 30.2 trillion VND (US$1.32 billion ).

According to Vietnam Plus, during the period, the group’s crude oil output surpassed the plan by 12.7 percent, and the outputs of petrol, oil and fertiliser were also higher than the targets.

The group's total revenue hit over 390.7 trillion VND, exceeding the plan by 17 percent and up 24 percent on a yearly basis. Its contribution to the State budget soared by 38 percent to 56.9 trillion VND.

PetroVietnam cut costs by 2.04 trillion VND, equivalent to 75 percent of its yearly target. It also contributed 733.8 billion VND to the COVID-19 fight, of which 554.9 billion VND went to the COVID-19 vaccine fund.

(File photo)

However, the group’s operation was severely affected in August when the social distancing order was imposed in most of cities and provinces nationwide, including several economic hubs such as Ho Chi Minh City and the southeastern region.

Given the challenges, the group has taken drastic actions to cope with the pandemic, including imposing strict preventive measures, securing vaccination for its employees, while rolling out suitable, effective production models.

At the same times, PetroVietnam units have kept updated on market developments, adjusted production chains and boosted digital transformation to adapt to the new working environment amid COVID-19.

Note: Vietnam Oil and Gas Corporation, trading as Petrovietnam, through its subsidiaries, engages in the exploration, production, refine, storage, and transportation of petrochemicals/hydrocarbon products.

The company also engages in importing and exporting petroleum materials, equipment, and productions; and distributing oil and gas products and hydrocarbon materials.

In addition, it surveys, designs, and constructs petroleum and civil sites; manufactures and trades construction materials.

Further, the company provides consulting in construction and investment, and designing petroleum and civil projects.

Furthermore, its operations include investing in real estate and power projects; operating in finance, banking, insurance, and securities fields; manpower training and supplying in petroleum fields and labor export; and operating in hotel, travel, and office businesses.

Vietnam Oil and Gas Corporation was founded in 1977 and is based in Hanoi, Vietnam.