Illustrative image (Photo: VNA) Hanoi (VNA) - The PetroVietnam Gas Corporation (PV Gas), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), has been named among the top 50 best performing listed companies in Vietnam in 2019 (Top 50) by the “Nhip Cau Dau Tu” (Investment Bridge) magazine and the Thien Viet Securities JSC.
The rankings were developed based on international standards used by famous global publications and with consultancy from economists and business experts from the Harvard Business School in the US.
PV GAS posted dual growth, in revenue and profit. Its return on equity (ROE) ratio and earnings per share (EPS) ratio grew every year during the 2017-2019 period.
It also saw effective business operations, contributing significantly to protecting the environment and the country’s energy development.
Collectively, the Top 50 businesses generated more than 60.5 billion USD in revenue (up 17 percent) and 7.1 billion USD in net profit (up 30 percent) in fields such as services, retail, real estate, aviation, and finance and banking.
The Top 50 is designed to evaluate and rank listed companies with outstanding achievements in their fields of business through key financial indicators, encourage companies to pursue better corporate governance and strategic thinking, and recognise business leaders who have demonstrated long-term vision and creative thinking.
The 50 best listed companies this time around were voted on in the context of Vietnam’s economy and stock market being seriously affected by the COVID-19 pandemic.
Founded in September 1990, the company, as a pioneer of the gas industry in Vietnam, annually produces resources generating 30 percent of Vietnam’s electricity output. It also contributes to promoting the implementation of the country’s strategy for clean energy development.
PV GAS reported nearly 27.6 trillion VND (1.18 billion USD) in revenue between January and May, more than 6 percent higher than its target for the period.
Pre-tax profit stood at over 4.5 trillion VND, exceeding the target by 34 percent. It also contributed close to 2 trillion VND to the State budget, 62 percent higher than expected.
According to PV Gas General Director Duong Manh Son, its operations were impacted by the pandemic triggering a fall in oil prices.
PV Gas has made every effort to sustain its business, reduce inventory, and clear several construction hurdles, he said.
As such, the company produced and distributed nearly 3.8 billion cubic metres of gas in the first five months of this year, meeting its target. Production and distribution of liquefied petroleum gas (LPG) and condensate stood at 720,000 and 26,000 tonnes, respectively, 41 and 10 percent higher than targeted.
In the first quarter, PVGas was supplied more than 2.35 billion cubic metres of wet gas to produce nearly 2.3 billion cubic metres of dry gas, 15,200 tonnes of condensate gas and 426,200 tonnes of LPG.
The company in 2019 recorded total revenue of 75.6 trillion VND, which was almost unchanged from 2018's figure, and 12.16 trillion VND in post-tax profit, up 3.84 percent year-on-year.
The earnings figures beat last year’s targets by 18 percent and 59 percent in total revenue and post-tax profit.
PVGas forecast its total revenue in 2020 will fall to 66.16 trillion VND and post-tax profit will be halved to 6.63 trillion VND. The company plans to pay a dividend rate of 30 percent./.
VNA
