09:57 | 17/11/2017 Companies
(VEN) - With a firm financial foundation, modern technology and good management skills, the PetroVietnam Ca Mau Fertilizer Joint Stock Company (PVCFC), with DCM share, has seen continuous rises in its sales and is confident of its ability to achieve annual sales targets ahead of schedule.
In the first three quarters of 2017, the company’s sales reached an estimated VND4.26 trillion, up 25 percent compared with the same period last year. Exports to its major market, Cambodia, grew more than 120 percent.
PVCFC shut down its plant in August for periodical maintenance. Despite this interruption, the plant maintained stable operations and exceeded its design capacity after resuming operations. In the first three quarters of this year, its fertilizer output reached 652,000 tonnes, equivalent to 90 percent of the annual target; urea fertilizer sales reached 646,000 tonnes, up 19 percent compared with the same period in 2016. The company expects it will achieve 116 percent of the production target for 2017 and exceed annual sales and profit targets.
Thanks to good production and business results achieved by PVCFC, the value of DCM share has grown 37.76 percent since the beginning of this year. Amendments to the Law on Value Added Tax are favorable to domestic fertilizer manufacturers and therefore make DCM share a good choice for long-term investment.
To enhance its competitiveness and efficiency, PVCFC has paid great attention to improving business management. The company has improved its distribution network and applied suitable policies to increase sales and promote exports. It has put into operation an enterprise resource planning system (SAP ERP) and a risk management system meeting COSO standards of the US. PVCFC has also improved its human resources through training programs. The company has been active in building its business culture. These efforts have helped PVCFC overcome difficulties and achieve its annual production and business targets, paving the way for the company to take further steps ahead on its development path.
Much room for acceleration
PVCFC’s abundant financial resources ensure its solvency and enable the company to invest in new projects without depending on loans.
In recent years, PVCFC has intensified research and development activities. In December 2016, it put into operation a 30,000-tonne-per-year N.Humate+TE plant. The company has launched N46.Plus and N.Nano C+ fertilizer products and is undertaking research to build a 300,000-tonne-per-year complex NPK fertilizer manufacturing plant.
With construction scheduled to begin in the fourth quarter of this year, the plant will commence operations in late 2018 to serve high market demand for complex NPK fertilizer products (currently, total supplies from domestic fertilizer plants meet only 25 percent of the actual demand).
Investment activities not only help PVCFC diversify its products but also enable the company to improve the efficiency of its assets and strengthen customer trust in its products.
As one of the leading fertilizer businesses with a strong financial foundation, PVCFC is making further efforts to take firm steps towards sustainable development, strengthening investor trust in DCM share.