Petrovietnam maintains growth momentum

06:00 | 25/08/2021 Companies

(VEN) - The Vietnam Oil and Gas Group (Petrovietnam) maintained its positive growth momentum in July thanks to effectively implementing pandemic prevention measures and promoting staff vaccinations.

petrovietnam maintains growth momentum
Petrovietnam Board Chairman Hoang Quoc Vuong
petrovietnam maintains growth momentum
Petrovietnam President and CEO Le Manh Hung

Increased profit, contribution to state budget

Petrovietnam organized an online meeting to review business results in the first seven months and assign tasks and plans in the remaining months of the year. According to the reported results, although the pandemic affected trade and production activities, the group continued showing strong performance in July in particular and in the first seven months of the year in general.

petrovietnam maintains growth momentum
Measuring body temperature before coming to work

In the first seven months of 2021, Petrovietnam closely followed market developments and surpassed financial targets in terms of revenue, profit, and contribution to the state budget. Specifically, the group’s total accumulated revenue reached VND347.8 trillion, exceeding the plan by 18 percent, an increase of 25 percent compared to a year ago, while consolidated pre-tax profit stood at VND27.1 trillion, exceeding the plan by 286 percent of the plan, a three-fold increase compared to a year ago.

In addition, the group contributed VND50.9 trillion to the state budget, exceeding 38 percent of the plan, an increase of 32 percent compared to the same period last year. In particular, nine units completed the yearly plan in terms of consolidated after-tax profit, including the parent company (PVN), BSR, Rusvietpetro, PVPower, PVFCCo, PVCFC, PVTrans, PVEP and PVOil.

The group’s effective business performance has contributed to maintaining the country’s stable socioeconomic development.

petrovietnam maintains growth momentum
PVFCCo engineers maintain the safe and stable operation of the Phu My Fertilizer Plant

Further efforts

Petrovietnam Board Chairman Hoang Quoc Vuong urged all member units to continue strictly implementing pandemic prevention measures and accelerate vaccination for staff. He said the Petrovietnam culture must be better implemented during this difficult period, highlighting the motto “Solidarity - Discipline - Creativity - Efficiency”. All units must be more united and support each other in order to overcome difficulties, Vuong emphasized.

Petrovietnam President and CEO Le Manh Hung pointed out the direct and enormous impact of the Covid-19 pandemic on all aspects of the group’s activities. Product sales of crude oil, gasoline, oil, gas, electricity and fertilizers have been severely affected by sharp declines in demand.

Hung directed unit leaders to review risks in implementing tasks and plans, deploy trade and production activities flexibly, analyze market developments to develop specific responses, speed up projects, implement effectively the value chains in the group, promote digital transformation, optimize production costs, trim operating costs, improve governance and enhance competitiveness.

Linh Chung