PV Gas 5-month pre-tax profit seen at $193.5mln, completing 54% whole-year goal

The company (HoSE: GAS) reported VND27,600 billion ($1.18 billion) in revenue during the period, exceeding the target by 6%, the company said in a posting on its website, adding its production and business activities were affected by the impacts of the Covid-19 pandemic and the oil price war.

In the period, the company produced nearly 3.8 billion cubic meters of gas and 720,000 tons of LPG, exceeding the 5-month plan by 41%.

In 2020, PV Gas targets VND8,294 billion ($356.4 million) in pre-tax profit from VND66,163 billion ($2.8 billion) in revenue. The has completed over 54% of the whole-year profit target.

In the remaining months of the year, PV Gas is expected to continue to face many challenges including falling gas production.

In the first quarter, PV Gas admitted more than 2.35 billion cubic meters of wet gas, equaling 102 percent of the quarter plan; produced and supplied nearly 2.3 billion of cubic meters of dry gas, equalling 107 percent of the plan.

It also produced and supplied 15.2 thousand of tonnes of condensate, equalling 108 per cent of the plan; and 426.2 thousand of tonnes of LPG, equalling 131 per cent of the quarter plan and 110 per cent compared to last year’s the same period.

PV Gas workers are performing The maintenance tasks at site. Photo: PV Gas

PV GAS is one among the 5 Vietnamese companies to be named in the list of Nikkei Asia 300 Companies, of which the others are FPT, Vietcombank, Vinamilk and VinGroup.

The Asia 300 is Nikkei’s exclusive list of the biggest companies with business activities relating to finance, technology, food processing (milk), oil & gas and real estate contributing crucially to the national economic growth. These companies have been honored in the list of Nikkei Asia 300 Companies in the recent consecutive years.

PV GAS is evaluated as a company with high business efficiency and growth rates. Nikkei also appreciates PV GAS’s strategic vision and strategic deployment, becoming a leading enterprise specializing in whole gas value chain from upstream throughout midstream and downstream with various activities: gas processing, transporting, distributing, trading and providing of technical services.