Petrovietnam exceeds production, profit targets

06:00 | 25/07/2021 Companies

(VEN) - The Vietnam Oil and Gas Group (Petrovietnam) surpassed financial targets in terms of revenue, profit, and contribution to the state budget in the first half of 2021, according to reports shared in an online meeting to review business results in the first six months and implement tasks and plans in the second half.

Petrovietnam Board Chairman Hoang Quoc Vuong and the group’s other executives at the meeting

Positive results

In the first six months of the year, Petrovietnam closely followed market developments and exceeded most key targets. The group completed its oil exploitation target for the first six months in May. Crude oil and condensate output surpassed the plan by 15 percent in the first half, helping the group reach an exploitation output of 9.68 million tonnes of oil equivalent. Petrovietnam also surpassed the set figures for petroleum and fertilizer production.

The group’s total accumulated revenue reached VND299.3 trillion, exceeding the plan by 20 percent, an increase of 22 percent compared to a year ago, while consolidated pre-tax profit stood at VND21.3 trillion, exceeding 165 percent of the plan, a three-fold increase compared to a year ago. In addition, the group contributed VND45.2 trillion to the state budget, exceeding 42 percent of the plan, an increase of 33 percent compared to the same period last year. The group’s return on equity ratio (ROE) in the first six months was estimated at 4.6 percent, ranking it in the group of oil and gas companies with good ROE worldwide.

Positive results were attributed to clear management by the group’s board of directors. The group’s effective business performance has contributed to maintaining the country’s stable socioeconomic development.

Petrovietnam President and CEO Le Manh Hung speaks at the meeting

Further efforts

Petrovietnam Board Chairman Hoang Quoc Vuong acknowledged the efforts of all relevant units under its responsibility and urged them to intensify efforts to complete the yearly targets. In the current difficult period, member units need to be united and support each other to complete all assigned targets, Vuong said.

Petrovietnam President and CEO Le Manh Hung praised member units for overcoming the difficulties posed by the Covid-19 pandemic and surpassing the assigned targets. He highlighted a number of key tasks for the second half, including forecast improvement of the macroeconomic and market situation, devising solutions for flexible business and production management, deploying synchronous measures for Covid-19 prevention and control, finding vaccines for employees throughout the group, and ensuring balanced oil and gas output.

Petrovietnam’s online meeting with member units

Petrovietnam will continue to further improve governance, resolve obstacles in trade and production activities, optimize production costs, trim operating costs and enhance mutual support among member units.

By the end of June, Petrovietnam had optimized and reduced costs by more than VND1.691 trillion, equal to 62

percent of the full-year projection, making an important contribution to the group’s overall business results.

Manh Chung