09:00 | 11/11/2021 Companies
(VEN) - The Petrovietnam Gas Joint Stock Corporation (PV GAS) was ranked among Vietnam’s top-20 profitable enterprises in 2021, and this is the fifth consecutive year of the corporation’s high-ranking in the recently issued Vietnam Report’s list of 500 top earners.
Over the past 31 years, PV GAS has become a leading corporation with 19 affiliated units, and almost 3,000 employees. Each year, PV GAS provides fuel to produce nearly 15 percent of Vietnam’s electricity output, meets 70 percent of the country’s nitrogen demand, provides fuel for many industrial parks, dominates the Vietnamese dry gas market, and has carved a niche of about 70 and 12 percent in the country’s liquefied petroleum gas (LPG) wholesale and retail markets, respectively.
From 2016 to 2020, PV GAS reached most of its tasks and targets, exceeding its financial targets by 115-208 percent. Specifically, the corporation earned almost VND340 trillion and a before-tax profit of more than VND61 trillion, and paid nearly VND24 trillion in taxes to the state budget. Its total asset value reached over VND63 trillion, while its owner equity totaled more than VND49 trillion, the average rates of return on equity and return on assets were 21 and 51 percent, respectively. PV GAS has a large capitalized value, with dividends from 2016 to 2020 accounting for 208 percent of the corporation’s charter capital.
|Joint venture agreement signing ceremony for the establishment of Son My LNG Terminal Limited Liability Company|
Between 2016 and 2020, the parent company of PV GAS disbursed more than VND17 trillion, while the whole corporation completed seven major projects, including the supply of offshore natural gas to the Dinh Co Gas Processing Plant (GPP) in 2016; Nam Con Son 2 project’s phase 1 in 2017; GPP Ca Mau in 2017; improvement of the LPG recovery coefficient at Dinh Co GPP in 2018; shore and offshore pipelines and stations of Nam Con Son 2 project’s phase 2; Sao Vang-Dai Nguyet gas pipeline; and upgrading of Dinh Co GPP to receive gas from the Nam Con Son 2 project.
In the first nine months of 2021, despite the downturn in the gas and gas product market, with gas mobilization for electricity production down sharply compared to the same period last year, PV GAS nonetheless ensured security and safety, and maintained smooth production and trading activities and positive financial indexes. The corporation earned revenue of VND58.815 trillion in the first nine months of 2021, 12 percent higher than the target and 21 percent more than the same period in 2020. Before-tax profit reached VND8.654 trillion, 31 percent higher than the nine-month target and 10 percent more than the same period last year. After-tax profit hit VND6.822 trillion (29 percent of the nine-month target and nine percent more than the same period in 2020), and payment of taxes to the state budget was estimated at VND4.578 trillion, (72 and 15 percent higher than the nine-month target and the same period last year).
|PV GAS Tower|
Despite the Covid-19 pandemic, construction investment in PV Gas continues to be a bright spot. In the first nine months of this year, PV GAS disbursed capital of VND3.992 trillion, of which VND3.546 trillion was disbursed by the parent company (mainly invested in Nam Con Son and LNG projects), reaching 101 percent of the nine-month target.
Largest income tax payer
PV GAS has for years been the largest corporate income tax payer in Vietnam. It has been highly rated by prestigious domestic and regional organizations for its performance and contribution to the community, shareholder benefits and employee income.
In addition to its ranking in the latest Vietnam Report of top earners, PV GAS was named among the top-50 companies 2021 by Forbes Vietnam for the 9th consecutive year. It ranks among Vietnam’s top-10 efficient enterprises, and among Asia 300 - Nikkei’s exclusive list of the best performers and valuable businesses in Asia.
|Over the past 31 years, PV GAS has supplied over 155 billion cubic meters of dry gas, nearly 20 million tonnes of liquefied petroleum gas (LPG), and about two million tonnes of condensate. Total revenue reached about VND915 trillion, with a before-tax profit of over VND175 trillion, and almost VND85 trillion in tax payments to the state.|