PVOIL loses over $160,000 each day

PetrolVietnam Oil Corporation (PVOil) released its third-quarter business performance report. As a result, the second biggest gasoline retailer, with 20% of the domestic market share, lost more than VND373 billion, despite the fact that net sales in the third quarter reached VND25,962 billion dong ($1 billion), more than double the same time last year, equating to a loss of VND 4.05 billion ($160,000) per day. This is the company's lowest profit in the past ten quarters.

PVOil executives stated that world prices continued to rise in the first six months of the year, particularly after the Russia-Ukraine conflict. However, from the end of June to the end of September, global prices fell steadily due to worries about an economic downturn and inflation.

PVOil's gross profit margin fell to 1.24% in the third quarter, the lowest level in the previous ten quarters; selling and administrative expenditures also jumped by 38% and 25%, respectively. PVOil's revenue in the first nine months of the year was VND 79,617 billion ($3.2 billion), which was 2.1 times greater than the same period last year. Profit after tax was VND 431 billion ($17.3 million), a 17.2% decrease.

This corporation projects consolidated revenue of VND45,000 billion ($1.8 billion) and consolidated profit after tax of VND400 billion ($16 million) in 2022. With the foregoing figures, this company actually exceeded 77% of its sales objective and roughly 8% of its profit target for the whole year.

PVOil had an inventory of VND 3,603 billion ($145 million) at the end of the third quarter, down 35% from the end of the second quarter but still up 34% from the start of the year.

Source: ZingNews