Petrolimex reports second quarter profit of over 1,274 billion VND

Despite the shortfall in dividends after divesting from PG Bank, Petrolimex's second-quarter profit still skyrocketed 43% year-on-year, reaching over VND1,274 billion. After 6 months, the company earned over VND2,407 billion, up 54.5%.

Vietnam National Petroleum Group (stock code: PLX) has just announced its consolidated financial report for the second quarter of 2024 with net revenue reaching VND 73,836.9 billion, up 12.3% over the same period last year. Cost of goods sold increased by approximately 12% and accounted for a high proportion, at VND 69,215.5 billion, accordingly, the remaining gross profit was VND 4,621.3 billion. However, the gross profit margin of the "giant" in the petroleum industry was still improved from 5.98% in the same period to 6.26%. Financial revenue decreased slightly compared to the same period, reaching VND 430.2 billion. Meanwhile, financial expenses increased by 5.2% to VND 373.4 billion; sales expenses increased by 8.5% to VND 3,209.2 billion and business management expenses increased sharply by 15.3% to VND 253.1 billion. In the second quarter, Petrolimex's other income increased sharply by 2.6 times compared to the same period last year to VND134 billion. As a result, in the second quarter, the petroleum group achieved VND1,502.9 billion in total pre-tax accounting profit, up 41.3%, and after-tax profit also increased by approximately 43% to VND1,274.5 billion. In the first 6 months, Petrolimex achieved VND148,943.1 billion in net revenue and VND2,407.4 billion in after-tax profit, up 11.8% and 54.5% respectively over the same period. According to Petrolimex, petroleum business activities are basically stable, effective, and sales volume has increased over the same period. This comes from the fact that the world's energy supply and oil prices are stable, not fluctuating as much as in previous years, along with that, the supply of gasoline from domestic refineries is quite stable, traders import gasoline according to plan and ensure efficiency. Financial operating profit increased thanks to higher dividends from subsidiaries and joint ventures compared to the same period. Petrolimex said that although business activities in fields other than gasoline were basically stable and growing compared to the same period, some subsidiaries trading in petrochemical products and jet fuel had profits in the second quarter lower than the same period. In addition, the divestment at PG Bank in the third quarter of 2023 also reduced profits from joint ventures in the second quarter of this year compared to the same period. As of June 30, the group had VND 73,966.9 billion in total assets, down VND 5,708.7 billion compared to the beginning of the year. Of which, the value of inventories was VND15,136.1 billion, an increase of VND496.2 billion. Payables decreased by VND4,954.1 billion to VND45,519.4 billion; most of which was short-term debt of VND44,672 billion. The "big guy" of petroleum recorded VND15,562.2 billion in cash and cash equivalents, an increase of VND1,514 billion compared to the beginning of the year. Of which, cash equivalents were VND8,371.6 billion, a sharp increase of VND2,427 billion. Of this, the amount of non-term bank deposits was VND6,255.8 billion. The value of short-term financial investments decreased by 32% compared to January 1 but remained high, reaching VND11,204.8 billion. Of these, there are trading securities, which must be provisioned, but the proportion is not large, mainly investments held to maturity with an amount of VND 11,200.1 billion (down VND 5,290.8 billion after half a year), including VND 8,000 billion in term deposits and VND 3,200 billion in bonds. In addition, Petrolimex also made long-term deposits at banks, a large amount of VND 575.8 billion. Accordingly, the group's interest on deposits and loans in the first half of this year reached VND 511.4 billion, equal to 96.8% of the same period. Source: https://dantri.com.vn/kinh-doanh/petrolimex-bao-lai-quy-ii-hon-1274-ty-dong-20240805004716007.htm