PV GAS exceeds financial target in this year’s first half, higher than the same period in last year
Foreseeing difficulties and taking advantage of raised oil prices, Petrovietnam Gas Joint Stock Corporation (PV GAS) exceeded financial target from 6 per cent -35 per cent in this year’s first half, increasing by 3 per cent -12 per cent compared to the same period of last year.
PV GAS total revenue, specifically, reached VND37.5 trillion, equivalent to 106 per cent of the six-month plan (equivalent to 112 per cent compared to the same period of last year); and VND5.4 trillion for the profit before tax, equivalent to 120 per cent of the plan (equivalent to 103 per cent against the same period of last year). The post-tax profit reached VND4.3 trillion, equivalent to 120 per cent of the plan (equivalent to 103 per cent compared to the same period of last year). The contribution to the national budget reached VND2.4 trillion, equivalent to 135 per cent of the plan (equivalent to 103 per cent against the same period of last year).
In the first six months, PV GAS received 4.2 billion cubic metres of wet gas, producing and supplying 4.1 billion cubic metres of gas as well as 29,900 tonnes of condensate. The amount of received gas and the production/ the supply of dry gas and condensate did not reach the plan’s targets because of the low gas demand for energy production (due to influences caused by COVID-19 outbreak and alternative energy development) and upstream problems.
However, PV GAS’ the productivity of LPG exceeded the plan. PV GAS produced and supplied 1.02 million tonnes of LPG, equivalent to 128 per cent of the plan (equivalent to 112 per cent compared to the same period of last year), accounting for nearly 70 per cent of the wholesale market share and 11 per cent of national retail market share (excluding Gas South).
Although the outbreak’s evolution is complex, with more and more new COVID-19 incidences, PV GAS does not have its staff contract COVID-19 and its every operation remains to be carried out continuously. PV GAS production trade establishments always ensure security and safety.
PV GAS has paid attention to contruction and investment since this year’s beginning, including the contruction on LNG 1 MMTPA warehouse project at Thi Vai Port exceeding the plan. The whole PV GAS disbursed totally VND3.3 trillion for the contruction in the first half, including VND2.9 trillion from the parent company. If excluding B Block- O Mon pipeline project ( operated by Vietnam Oil and Gas Group ), the parent company’s disbursement reached 136 per cent of the plan.