TIẾNG VIỆT Binh Son Refinery earns $430mln profit in a quarter, holding over $1bln cash
Photo: BSR
The company earned VND383 billion ($16.3 million) from bank interest in the first 6 months of the year, BSR said in the recent consolidated financial statement.
The company's second-quarter net revenue increased by 88% to VND52,391 billion ($2.2 billion), while the cost of goods sold increased by 60%, lower than revenue, so gross profit increased 4.7 times. Gross profit margin skyrocketed to 20.4% from 6.7%.
BSR's after-tax profit was VND9,926 billion ($424.5 million), 5.3 times higher than the same period of last year. This is also the highest quarterly profit of this business ever. Oil prices started to recover from the shock drop in 2020. In the first half of 2022, the annual oil price of $87/barrel rose to $123.7/ barrel in June 2022.
In the first 6 months, BSR's net revenue reached VND87,174 billion ($3.7 billion), and profit after-tax was VND12,222 billion ($522 million), up 78% and 247% respectively. With this business result, BSR has fulfilled 95% of the revenue plan and exceeded 8.4 times the target of after-tax profit in 2022 after only 6 months.
As of end-June 2022, BSR's total assets reached over VND79,750 billion ($3.4 billion), up nearly VND13 trillion ($556 million) compared to the beginning of the year, the increase mainly came from idle cash, short-term receivables, and inventory.
Specifically, the oil firm has more than VND26,100 billion ($1.1 billion) in cash, cash equivalents and bank deposits, an increase of about VND5,700 billion ($244 million).
By the end of June, BSR had paid off its long-term debt, only short-term debt was VND4,625 billion ($198 million), a sharp decrease compared to the loan balance at the end of the first quarter of VND8,012 billion ($342 million).
At the end of the second quarter, the company's equity reached VND48,744 billion ($2 billion), including undistributed profit after tax of VND12,177 billion ($520 million) and VND5,598 billion ($239 million) for the investment and development fund.
