PV GAS holds Annual General Meeting 2024
On May 29, 2024, Petrovietnam Gas Joint Stock Corporation (PV GAS) held its Annual General Meeting of Shareholders (AGM) to review the implementation of the 2023 plan, discuss that in 2024 and other important matters.
Hosts of the AGM
In the report to shareholders, despite the global and domestic economic challenges in 2023, the PV GAS effectively seized opportunities and vigorously implemented cohesive and efficient solutions, focusing on three core breakthrough solution groups (personnel; market and policy mechanisms). Ultimately, the Corporation exceeded its financial targets by 21-80%, with revenue exceeding VND 86,000B, pre-tax profit at over VND 14,000B, after-tax profit at over VND 11,500B and a contribution of over VND 6,000B to the state budget. Moreover, PV GAS ranked among units with top financial indicators within Petrovietnam (ROE 18%, ROA 14%), and among the largest market capitalization entities in Vietnam (total assets nearly VND 85,000B), with a high annual cash dividend payout ratio.
Regarding business and production, all PV GAS infrastructure operated safely and efficiently, supplying continuous gas throughout 2023. Particularly, the Corporation completed commissioning and increased the capacity of Dinh Co Gas Processing Plant from 5.8 to 6.8 million cubic meters per day since August 2023; successfully received the first imported LNG shipment and conducted commissioning to put the 1MMTPA Thi Vai LNG Terminal into operation.
In 2023, PV GAS continued to maintain stable gas supply and product delivery for power generation (9% of the output), fertilizer production (70% of the output), as well as lead the LPG market with 70% market share in Vietnam. Additionally, the Corporation actively implemented key projects, contributing to national energy security and growth.
PV GAS was also honored as one of the Top 50 best-listed companies in Vietnam by Forbes Vietnam for the 11th time; the 1000 largest enterprise income tax payers in Vietnam; the companies with the best revenue and profit in Vietnam; the Top companies with market capitalization; the Top 50 leading companies in the PROFIT500 ranking; and the Top 50 reputable and efficient public companies in 2023 (VIX50 2023 ranking).
The AGM was successfully organized
In 2024, domestic sources have entered a rapid decline phase while implementing projects have faced many difficulties and complexities, and competition in the market has intensified. In response, PV GAS set its 2024 plan with a consolidated total revenue of VND 70,176B, pre-tax profit of VND 7,249B, after-tax profit of VND 5,798B, and a contribution of VND 3,744B to the state budget. This year, the Corporation plans to intensify research and implementation of projects to enhance the efficiency of existing asset exploitation and improve its infrastructure according to the strategy by: (i) Developing gas/LNG markets domestically and internationally; (ii) Investing in LNG/LPG refrigerated storages in Northern/Central-Northern Vietnam; etc
At the AGM, the PV GAS management board welcomed shareholders' opinions, while affirming the sustainable development of PV GAS brand to ensure the harmonious interests of the state and shareholders.
The AGM went through voting among shareholders for the approval of the profit distribution plan with a cash dividend payout rate of 60% of charter capital for 2023; the cash dividend distribution plan for 2024 with a rate of 20% of charter capital; the plan to issue shares to raise capital from owner's equity at a issuance rate of 2%.
The shareholders also elected Mr. Nguyen Thanh Hao as an Independent Member of the Board of Directors of PV GAS for the term 2024 - 2029.
Petrovietnam, as a major shareholder of PV GAS, highly appreciated PV GAS surpassing the 2023 business targets, contributing significantly to the Group’s results and the national budget. Deserving its position as a pioneering unit in the gas industry, the Corporation had made tremendous efforts.
Emphasizing PV GAS' important role in Petrovietnam's development strategy, Mr. Le Xuan Huyen – the Group’s Vice President affirmed its full and strong support for the development of PV GAS within the Group's value chain.
Petrovietnam representative gave a speech
2024 is the 34th year in PV GAS' development journey. Facing upcoming challenges, PV GAS remains confident with its human resources, infrastructure, assets, finances, experience, and brand to implement its 2024 tasks as part of its 2021-2025 five-year plan, and affirm its position in the domestic and regional markets.