PV GAS ranked among Vietnam’s 500 most profitable enterprises in 2021
At the end of October, Vietnam Report Joint Stock Company (Vietnam Report) cooperated with online VietNamNet Newspaper to announce the Profit 500 list, featuring the top 500 most profitable enterprises in Vietnam this year. In the list, Petrovietnam Gas Joint Stock Corporation (PV GAS) was ranked among the Top 20 and is the 5th consecutive year in the high ranking group.
For many years, PV GAS has continuously led in revenues and profits in the Vietnam Oil and Gas Group (Petrovietnam). It has been a major corporate income tax payer in Vietnam, appreciated by prestigious domestic organizations and those in the Asia region for good business performance; bringing practical benefits for the country, its shareholders and employees as well as social community.
In 2020 – 2021 fiscal year, PV GAS continued to be recognized with many prestigious titles: Forbes Vietnam’s Top 50 best listed companies in Vietnam for the 9th consecutive year, one of 124 enterprises honoured as Vietnam National Brands by the Ministry of Industry and Trade, Top 10 Best-performance enterprises - largest corporate income tax payers in Vietnam; the Top 10 excellent brands; Nikkei’s Asia300 Power Performers Ranking...
Many independent evaluation organizations have appreciated positive development of PV GAS: In the period of 2016 - 2020, PV GAS developed continuously, strongly, safely, and efficiently; finished most of the tasks and achieved the targets. PV GAS' gas collection, import, export, transportation and treatment systems across the country were operated safely and stably, meeting the input sources of raw materials and fuel to produce 20 – 30 per cent of electricity output, and 70 per cent of the country's nitrogen demand and accounting for more than 46-64% of the national LPG market share; Continuously being the largest corporate income tax payers as well as the most profitable enterprise in Vietnam.
During this period, all financial targets of PV GAS exceeded the plan, specifically achieving 115-208% of the plan, including: revenue of nearly VND340 trillion, the profit before tax of more than VND61 trillion, and the contribution to the State’s budget of nearly VND24 trillion. The total assets were more thanVND63 trillion. The owners’ equity was more than VND49 trillion. The financial indicators were very positive: the average rate of return on equity reaching 21%, the rate of return on assets reaching 51%; Top companies with large capitalization; cash dividend payout ratio (total 5-year dividend was 208%/charter capital)…
PV GAS has drastically enhanced the construction and investment. In the 2016-2020 period, the parent company's disbursement reached more than VND17 trillion. Seven large and key projects with high technical autonomy were completed, including: the supply of offshore natural gas to Dinh Co Gas Processing Plant (GPP) in 2016, Nam Con Son 2’s the first phase in 2017, Ca Mau Gas Processing Plant in 2017, the improvement of the LPG recovery coefficient at Dinh Co GPP in 2018, shore and offshore pipelines and stations of Nam Con Son 2 project’s phase 2; Sao Vang-Dai Nguyet gas pipeline; and the upgrade of Dinh Co GPP to receive gas from the Nam Con Son 2 project.
In the first 9 months of 2021, with the difficult gas and gas product consumption market, especially gas mobilization for power generation seeing the sharper drop than the same period and the plan, PV GAS made efforts to ensure security-safety, and smooth operation for all production and business, continuing to maintain positive financial targets and exceeding the assigned plan.
Accordingly, the total revenue of PV GAS in the nine months of 2021 was more than VND 58.8 trillion, reaching 112% of the 9-month plan and 121% against the same period in 2020. Profit before tax was more than VND 8.6 trillion, reaching 131% of the 9-month plan, equivalent to 110% of the same period in 2020. Post-tax profit reached more than VND 6.8 trillion, achieving 129% of the 9-month plan, equivalent to 109% of the same period in 2020. The contribution to the State budget was estimated at more than VND 4.5 trillion, reaching 172% of the 9-month plan, equivalent to 115% compared to the same period in 2020.
Despite of strong impacts of the Covid-19 pandemic, construction and investment continued to be a bright spot of PV GAS in the general situation of the country. Total disbursement for the construction and investment in the first 9 months of PV GAS was at a high level. The parent company disbursed more than VND3.5 trillion (focusing on the Nam Con Son and LNG project chains); the entire PV GAS disbursement for the 9 months' investment was more than VND3.9 trillion. The disbursement of the parent company reached 101% of the 9-month plan.
In the last 31 years of construction and development, PV GAS became a large Corporation with 19 affiliated units/members and nearly 3,000 highly qualified, experienced, dynamic and creative employees. Currently, every year PV GAS provides raw materials and fuel to generate nearly 15% of power output, 70% of the country's nitrogen demand and fuel for many industrial parks; accounting for 100% of the dry gas market share, nearly 70% of the wholesale market share and about 12% of the domestic LPG retail market.
At the same period, PV GAS provided more than 155 billion m3 of dry gas, nearly 20 million tons of LPG, about 2 million tons of condensate, with the total revenue of around VND 915 trillion, the profit before tax of more than VND 175 trillion, and the contribution to the State’s budget of nearly VND85 trillion.