Timexco strives for sustainable growth

14:27 | 16/05/2014 Companies

(VEN) - For the last nearly 15 years operating in the form of a joint stock company (2000-2014), with the support of strong shareholders such as the PetroVietnam Oil Corporation (PV Oil) and the Saigon Petro Co., Ltd, the Thu Duc Trading and Import Export Joint Stock Company (Timexco) has achieved remarkable results.

Timexco operates in a wide range of fields such as wholesale and retail of petrol, lubricants, grease, gas agent, trading in construction steel, metal products, electric appliances, repairing motorbikes, restaurant services, and storage services. The company has won consumer trust and reaped certain successes in all fields of its operations.

In recent years, despite numerous difficulties facing both Vietnamese and global economies, Timexco achieved good business results and the average income of its workers continuously increased. These results have been achieved thanks to great efforts and strong determination of the company’s leadership, headed by Ma Duc Tu, Management Board Vice Chairman and Director of Timexco.

In 2013, despite many unfavorable changes in the petroleum market, revenue of the company reached over VND2.26 trillion, exceeding the annual plan by VND63 billion and a rise of 3.75 percent compared with 2012; Timexco’s profit reached VND20.25 billion, equal to 101.25 percent of the annual plan; the average monthly salary of its workers reached more than VND6.36 million, up 26.56 percent compared with 2012.

Regarding the business results of 2013, Ma Duc Tu said these results were achieved thanks to ceaseless efforts of all staff members of the company to overcome difficulties and fulfill their tasks.

Not only achieving good business results, the company has also fulfilled its responsibilities towards the environment and society through specific activities such as encouraging consumers to buy E5 petrol and high quality diesel oil (0.05 percent S) to protect the environment. Timexco has encouraged its staff members to take active part in social activities such as blood donation, construction of houses for poor people, contribution to the fund for the poor and support for victims of natural disasters.

Timexco has set specific targets for 2014 despite lots of difficulties continuing to face the company. Specifically, the company expects its total revenue will reach VND2.18 trillion, pretax profit VND21 billion, and the average salary of its workers VND6.23 million per person per month. According to the company’s Board of Directors, these targets are lower than the results of 2013 but are not easy to achieve. Retail prices of petroleum have decreased while trade in petroleum creates over 84 percent of Timexco’s total revenue. With strong determination to achieve these targets, the company’s leadership has proposed a number of measures such as cutting unnecessary expenses, effectively using capital, keeping inventories at a reasonable level, paying more attention to ensuring product quality, and intensifying human resource training.

Hopefully, these measures will help Timexco achieve its targets in 2014 and the ensuing years, paving the way for the company to promote its sustainable growth and enhance its competitiveness.

The Thu Duc Trading and Import Export Joint Stock Company (Timexco) was established based on the mergence of two state-owned businesses: Thu Duc District General Materials Company and Thu Duc General Trading Company./.

Timexco has won important awards such as Vietnam Leading Stock Brand Awards and a high-profile banner from the government (in 2010), a certificate of merit from the Prime Minister and a high-profile banner from the Ho Chi Minh City People’s Committee (in 2011); the title “Excellent Team” (2008-2013); the company stood among the top 500 Vietnamese businesses from 2007-2013 and won the Vietnam Gold Star Award from 2010-2013.                                       

By Kim Thanh Vu

                   

Theo ven.org.vn