TIẾNG VIỆT PVOIL targets 2020 after-tax profit at $16mln, plans to sell jet fuel
In 2020, PVOIL targets revenue to drop 35% on-year to $2.24 billion. Photo: PVOIL
The unit of State-owned Vietnam Oil & Gas Group is considering to add Jet A1 fuel to its product portfolio, President & CEO Cao Hoài Dương told the shareholders’ meeting on Monday.
Currently, in Vietnam market, there are two suppliers of jet fuel. Skypec sells fuel to Vietnam Airlines and foreign carriers while Petrolimex Aviation sell fuel to Vietjet Air and Bamboo Airways.
There is room for a new company in the market. Demand for jet fuel is expected to increase since new airlines are applying for licenses, said the corporation CEO Duong.
Vietravel Airlines, a new air carrier of tourism firm Vietravel has received approval from the government while Kite Air of hospitality group Thien Minh has applied for a license.
Binh Son Refining and Petrochemical and PVOIL are the largest producer of Jet A1 fuel in Vietnam. Both are subsidiaries of PetroVietnam.
In the first three months of 2020, the company reported a loss of VND537 billion ($23 million), largely due to plummeting oil prices and coronavirus pandemic.
In 2020, PVOIL targets revenue to drop 35% on-year to VND52,220 billion ($2.24 billion) while after-tax profit was projected at VND376 billion ($16 million), up 8% from a year earlier.
Last year, PVOIL recorded consolidated revenue of VND80,294 billion ($3.4 billion), beating whole-year goal by 64%. After-tax profit was reported at VND 347 billion ($14.9 million), completing 99% of 2019 whole-year plan.
