PetroVietnam Gas Corporation (PV Gas) is targeting 55.7 trillion VND (2.47 billion USD) in its total revenue and 6.43 trillion VND in pots-tax profit for 2018 (Photo: qdnd.com.vn) Hanoi (VNA) – The PetroVietnam GasCorporation (PV Gas), a subsidiary of theVietnam Oil and Gas Group (PetroVietnam), is targeting 55.7 trillion VND (2.47billion USD) in its total revenue and 6.43 trillion VND (283.2 million USD) inpost-tax profit for 2018, heard the company’s annual shareholder meeting lastweek.
In addition, PV Gas also plans to pay a 40 percentdividend payout ratio for 2018 performance.
The figures were largely lower than the firm’searnings in 2017, which were recorded at 66 trillion VND in total revenue and 9.94trillion VND in post-tax profit.
The full-year earnings were forecast based on thefirm’s assumption of crude price trading at 50 USD a barrel.
Such strong growth of oil prices helped PV Gas andother local energy firms earn high results in 2017.
PV Gas’ earnings in 2017 beat its full-yearforecast by 28 percent in total revenue and 89 percent in post-tax profit.
That was also the reason for PV Gas to increaseits cash dividend payout rate for 2017 performance by a third to 40 percent.
PV Gas continued to see strong growth in the firstquarter of 2018 as its net revenue in the first three months rose 12 percentyear on year to more than 18 trillion VND and was equal to a third of thefull-year target.
Its first-quarter post-tax profit increased by afifth from the previous year to 2.6 trillion VND, equal to 40 percent of theyear’s target.
PetroVietnam will cut its ownership in PV Gas down to 45 percent.The company is looking for potential investors and reports the list ofinvestors to the Government. The deal will not be finalised in 2018.
At the annual shareholder meeting, PV Gas alsoasked for shareholder approval on the company’s construction of Nam Con Son 2gas pipe with the adjusted investment of 6.48 trillion VND, of which PV Gaswill fund 30 percent and borrow 70 percent from other institutions. Theproject is planned to complete in the third quarter of 2020.-VNA
VNA
