Business

Petrolimex’s profit falls to five-year low

Vietnam’s largest petroleum retailer Petrolimex has reported that earned almost 1.27 trillion VND (55 million USD) in pre-tax profit in 2020, equivalent to 81 percent of this year’s target and down nearly 76 percent from 2019.
Petrolimex’s profit falls to five-year low ảnh 1Currently, the State holds 81.89 percent of Petrolimex's capital and is expected to reduce the State capital to 51 per cent. (Photo: VNA)

Hanoi (VNA) – Vietnam’s largest petroleum retailer Petrolimex has reportedthat earned almost 1.27 trillion VND (55 million USD) in pre-tax profit in2020, equivalent to 81 percent of this year’s target and down nearly 76 percentfrom 2019.

Underthe double impact of the COVID-19 pandemic and the plunge in oil prices in2020, Petrolimex failed to hit its profit target for the year and recordedthe company’s lowest annual profit figure since 2015.

Totalconsolidated revenue was estimated at 123 trillion VND, surpassing thewhole-year goal by 1 percent, but the achievement was 35 percent lower than the2019 revenue.

Thecompany contributed 38.5 trillion VND to the State budget in 2020.

In2021, the group will implement its divestment plan and reduce the State'sownership. Currently, the State holds 81.89 percent of Petrolimex's capital, afigure expected to be cut to 51 percent.

Petrolimexwill soon deploy the divestment of the group at Petrolimex Construction andTrade Corporation./.
VNA
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