PV GAS reaches the finish line early in its 2022 after-tax profit target
PV GAS has achieved the target of profit after tax in 2022 when its 9-month profit increased by 72% from the previous year to more than VND11.7 trillion, exceeding the expected figure of more than VND7.03 trillion in the whole year.
Petrovietnam Gas Joint Stock Corporation (PV GAS-HORSE: GAS) has just announced the consolidated financial statement of this year’s third quarter with the revenue jumping 31% from the previous year to more than VND 24.3 trillion; the profit before tax up 25% from the previous year to nearly VND3.9 trillion; and the profit after tax increasing by 25% from the previous year to more than VND3 trillion.
The third quarter profit increased by 25% over the same period thanks to the average Brent oil price in this quarter surging USD$27.33/barrel from the previous year to $100.84/barrel, leading to the increase of the dry gas’s profit.
Gas price according to world standards (CP price, also known as gas price under Saudi Aramco’s contract) in this year’s third quarter averaged $676.67/ton, up 5% over the same period of last year. However, dry gas consumption in this quarter decreased by 12% against last year’s the same period due to low gas mobilization, especially gas mobilization for power production.
In last 9 months, PV GAS revenue reached more than VND 78.7 trillion, increasing by 34% over the same period; and the profit after tax jumping 72 per cent from last year to more than VND11.7 trillion.
In 2022, PV GAS set a target reaching the total revenue of more than VND 80 trillion; and the profit after tax of more than VND7 trillion. With the year-to-date business results, PV GAS revenue in this year is expected to reach the milestone of VND 100 trillion. As of September 30, PV GAS total assets reached more than VND 85.2 trillion, an increase of 8% compared to the beginning of the year. In the past time, although the stock market plunged, GAS stock still kept a high price, increasing slightly by 2% in last 3 months. Currently, GAS is trading at VND110,000/share (on November 1), equal to GAS market capitalization of VND210.5 trillion, surpassing Vinhomes to become among the top 3 stocks with the largest capitalization in the Vietnam’s stock market, only after VCB of Vietcombank and VIC - Vinhomes of Vingroup.
In the year’s remaining months, PV GAS continues ensuring that the gas works system operates stably and safely; working balancedly, flexibly, efficiently and properly, readying to supply gas at high flow rate when mobilized by customers. PV GAS also actively cooperates closely with parties from upstream to downstream in operation, dispatch, connection, maintenance and repair to maximize gas consumption, and shorten the time of shutdown and receipt of each.