PV GAS records higher growth in the first quarter and the first 4 months of 2022 compared to last year’s same period
PV GAS has just updated its financial targets of the first 4 months of 2022 with total estimated revenue at more than VND37.4 trillion, nearly VND5.7 trillion for profit before tax, and more than VND4.5 trillion for profit after tax. The Corporation exceeded the plan by 41-87% and increased by 7-61% against the same period of last year.
In this year’s first quarter, the COVID-19 outbreak’s evolution remained complex, affecting on a large scale in the first months, partly impacting on production and business, and resources mobilization for the implementation of construction and investment projects, as well as maintenance and repair... Gas demand/mobilization of electricity and industrial customers is unstable, lower than the plan and the same period of last year (especially gas mobilization for power generation in January and February in 2022 was very low, only reaching about 70% of the plan).
The final settlement of some completed projects faced many difficulties/were delayed compared to the plan as PV GAS had to negotiate with the EPC General Contractors on the arising data from the COVID-19 pandemic. The operation costs increased due to the price hike of commodities, especially fuel and input materials... , Russia – Ukraine conflict and strict COVID-19 preventive measures in China. The legal systems, development mechanisms and policies relating to the gas industry have not been yet amended or promulgated in line with the new situation...
The plans, forecast, analysis and assessment of the negative impacts caused by the COVID-19 pandemic and the evolution of oil prices, the stock prices were quite good and matching up with reality. Moreover, the drastic operation of production and business, PV GAS has exceeded the set targets and grown compared to last year’s the same period. The PV GAS financial report of the first quarter announced the revenue of nearly VND 26.7 trillion, the increase of 52% against last year’s the same period; profit before tax of more than VND 4.3 trillion, up 66% compared to last year’s the same period; and profit after tax of nearly VND 3.5 trillion, up 67% against the same period of 2021.
In the first 4 months of 2022, all gas systems/works of PV GAS operate safely and efficiently, supplying gas/gas products continuously. Maintenance, repair, inspection and accreditation were carried out as plans and process to ensure quality,... 2.7 billion m3 of dry gas were supplied, equaling 88% of the plan; 41 thousand tons of condensate were produced and supplied, equal to 180% of the plan. 760 thousand tons of LPG (537 thousand tons in the domestic market; 223 thousand tons for export and international business) also were manufactured and traded, equal to 146% of the plan. All financial targets exceeded the plan by 41-87% and increased by 7-61% over the same period last year (Total revenue reached nearly VND37.5 trillion, profit before tax of nearly VND5.7 trillion, profit after tax of more than VND 4.5 trillion and the contribution to the State budget of nearly VND 2.4 trillion).
PV GAS continued restructuring toward effective concentration; and established Son My LNG Terminal Company. Construction and investment has been actively deployed since the year’s first days (including researches for the project development, the preparation and the implementation for investment, settlement,...); focused on monitoring and controlling the implementation progress of important projects such as: Thi Vai LNG 1 MMTPA terminal Project; Thi Vai LPG charging station for tank trucks, the project of expanding and raising the capacity of Thi Vai LNG terminal to 3 million tons/year; Thi Vai LPG storage tank project; Son My LNG import terminal project; the project of collecting and transporting gas from Su Tu Trang field; the project of cold LPG and LNG storage in the North,... PV GAS also continued implementing/seeking opportunities to promote cooperation and investment through business cooperation contracts, chain links,... Total disbursement values for the construction and investment from the holding company reached nearly VND 1.1 trillion.
In April, PV GAS successfully organized the 2022 Annual General Meeting of Shareholders (GMS); reviewing and approving the representative of PV GAS capital to vote for the contents in the GMS at PV GAS units; actively negotiating, signing contracts/amending annexes to gas and gas products purchase and sale contracts with customers; developing markets, negotiating and signing gas/LNG purchase and sale agreements and contracts. Issues related to fees, mechanisms and policies were addressed with great efforts. Moreover, PV GAS continued reviewing and updating its development strategy to 2035 and extended its vision to 2045.
PV GAS ensures capital arrangement to meet requirements on project progress with competitive fees; effectively reduces costs in all activities; strictly controls debts (no more bad debts arising in difficult conditions caused by the pandemic, all sale contracts requiring guarantees and regularly urging units to pay overdue debts ,...).