Illustrative image (Source: PV Gas) Hanoi (VNA) - PetroVietnam Gas Corporation JSC (PV Gas) earned approximately 6 trillion VND (252.1 million USD) in after-tax profit, up 83% from the set target but down 27.7% from the same period last year.
In the second quarter alone, the corporation’s after-tax profit was estimated at over 2.61 trillion VND, a 49% year-on-year reduction, and the lowest for the six recent quarters.
In the same period, PV Gas reported total revenue of 45.11 trillion VND, surpassing the target by 17%. However, the figure showed a 14.5% decrease compared to the 52.79 trillion VND revenue recorded in the same period in 2022.
The company said it received over 4.1 billion cubic metres of wet gas, and produced and supplied over 3.9 billion cubic metres of dry gas, 46.4 thousand tonnes of condensate and 1.1 million tonnes of LPG (of which more than 0.3 million tonnes were exported and internationally traded).
PV Gas has set a target of 6.539 trillion VND in after-tax profit, which is more than 8.5 trillion VND less than the figure recorded in 2022. The target is the lowest since the company was listed on the Ho Chi Minh Stock Exchange (HOSE) in May 2012.
PV Gas reports 27.7% reduction in after-tax profit in H1 (Photo: VNA) In the six remaining months of this year, the corporation will focus on measures to ensure safe system operation, develop markets and boost sales of gas and liquefied natural gas (LNG).
The corporation will also roll out key projects, develop deep processing and value chain linkages, and improve analysis and forecasting work.
PV Gas has over the recent past sped up digital transformation with the aim of promoting efficiency of its production and business, and increasing competitiveness.
By gradually digitising business, production and management, the corporation has been bringing higher added value to its customers and partners, and meeting the market demand.
The firm’s digital transformation is implemented concertedly and consistently with the digital transformation process of Petrovietnam to take advantage of the infrastructure system and database, and promote the efficiency of the sector’s value chain.
As a key member of Petrovietnam, PV Gas has made tremendous digital transformation efforts, thus contributing to the successful implementation of the group's strategy.
Earlier this year, Fitch Ratings rated PV Gas as a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB' with a positive outlook.
Thus the credit rating of PV Gas is equal to that of the parent company, the Vietnam Oil and Gas Group (Petrovietnam) and the national credit rating of Vietnam.
This result will help PV Gas improve its ability to raise capital in the international market, diversify sources of capital mobilisation for investment projects.
Fitch ratings assessed PV Gas’s Standalone Credit Profile (SCP) as ‘pp’. The rating reflected a strong market position as the sole midstream gas distributor and the first LNG importer in the country, as well as diversified earnings from a regulated LPG business, where it holds a 70% market share.
Its position as the sole long-term gas supplier for a majority of its customers and long-term contracts with price protection provide a stable earnings source. PV GAS is well-positioned to benefit from Petrovietnam's plans for significant upstream expansion to increase gas production./.
