10:34 | 24/06/2016 Companies
The PVI Holdings (PVI) has been honoured by the Vietnamese edition of Forbes Magazine as one of 50 best companies in Vietnamese stock market.
PVI Holdings is one of the 50 best Vietnamese listed companies - (Photo: baodautu.vn)
PVI is among five companies listed on the Hanoi Stock Exchange (HNX) earning a place in the Forbes’ list for its standout business efficiency and robust growth in the finance and insurance sector in 2016.
Last year, the company’s combined revenue stood at nearly 10 trillion VND (447.7 million USD) and before tax profit at 700 billion VND (31.3 million USD).
The A.M.Best Company, the world’s oldest insurance rating and information source, affirmed the financial strength rating for PVI’s two unit members with a B++ (Good) for PVI Insurance Corporation and B+ for PVI Reinsurance Joint Stock Corporation.
The company was also named as Vietnam’s most valuable brand by the Brand Finance-a London-based brand valuation and strategy.
Formerly known as PetroVietnam Insurance Company, PVI was founded in 1996 and was one of the first enterprises in Vietnam to implement equitisation to become PetroVietnam Insurance Joint Stock Corporation in 2006. It was listed on the stock market in 2007 with stock code PVI.
In August 2011, the company restructured successfully to operate on the parent company-subsidiary model. The parent PVI Holdings performs such main functions as capital management and investment, strategy management-planning, HR and brand and IT management.
Forbes Magazine selected 50 companies of all sizes with the best business performance in 13 sectors, including multidisciplinary. The companies' market capitalisation reached 829 trillion VND (37 billion USD), accounting for 62.14 percent of the total market on the two bourses as of May 16, 2016.
Their total revenue reached 475.5 trillion VND, or 37.77 percent of the total market revenue and their profit after tax reached 53.5 trillion VND, 53 percent of the total profits in the market.
Most of the companies in this list were traded on the southern bourse of HCM Stock Exchange (HoSE). Compared to last year, 2016's list has 10 new companies.
To formulate the list, Forbes Vietnam used its own method with the consideration of specific characters of local businesses under the basis of the audited financial statements in five years in a row and the fiscal year 2015 of all the companies./.