Binh Son Refinery posts Q4 after-tax profit at $54 mln

Though the company posted negative growth for the year as a whole, its indications in cash flow for payments and operations remained stable.

As of the end of 2020, its total property was worth VND54.53 trillion, an increase of VND2.31 trillion against 2019.

The company basically completed all of its targets in 2020. It operated the Dung Quat Oil Refinery in a safe and stable manner, with average operational capacity standing at 105 percent and total output at about 5.95 million tonnes, surpassing the target by 7 percent.

Total revenue hit more than VND57.89 trillion last year, while State budget contributions totalled VND6.24 trillion. It cut costs by about VND1.8 trillion (excluding costs for crude oil).

The negative growth in revenue was due to COVID-19 as well as the slump in the oil price. It managed, however, to minimise its losses and keep negative growth at the lowest possible level.

According to the company, a number of drastic and flexible measures were applied to keep the Dung Quat Oil Refinery operating at optimal capacity.

Thanks to such efforts, though the refinery was closed for 51 days for maintenance, it still ensured supply to customers. From the third quarter of 2020, it began to turn a profit.

It expects to recover quickly in 2021 as the global oil price rises.

Source: VietnamPlus