Petrolimex 2020 pre-tax profit falls to five-year low at $55 mln on pandemic

Khanh Minh Thursday | 01/14/2021 11:03

Photo: VNA

Vietnam’s largest petroleum retailer Petrolimex (HoSE: PLX) sees VND1,268 billion ($55 million) in pre-tax profit in 2020, a reduction of nearly 76 percent from 2019, the company reported.

Under the double impact of the COVID-19 pandemic and the plunge in oil prices in 2020, Petrolimex failed to fulfill its whole-year profit target for the year. This has been the company’s lowest profit since 2015.

The total consolidated revenue was estimated at VND123,000 billion ($5.3 billion), beating the whole-year goal by 1 percent, but the achievement was 35 percent lower than the 2019 revenue.

In 2021, the group will implement the divestment plan and reduce the State's ownership. Currently, the State holds 81.89 percent of Petrolimex's capital and is expected to reduce the state capital to 51 percent.

In addition, Petrolimex will deploy the divestment of the group at Petrolimex Construction and Trade Corporation.