Petrolimex profit falls to five-year low

Viet Nam’s largest petroleum retailer Petrolimex (PLX) saw VND1.27 trillion (US$55 million) in pre-tax profit in 2020, down nearly 76 per cent 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 hit its profit target for the year and recorded the company’s lowest annual profit figure since 2015.

Total consolidated revenue was estimated at VND123 trillion, beating the whole-year goal by 1 per cent, but the achievement was 35 per cent lower than the 2019 revenue.

In 2021, the group will implement its divestment plan and reduce the State's ownership. Currently, the State holds 81.89 per cent of Petrolimex's capital, a figure expected to be cut to 51 per cent.

Petrolimex will soon deploy the divestment of the group at Petrolimex Construction and Trade Corporation.

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