PV GAS exceeds H1 financial targets

PV GAS exceeds H1 financial targets

In the first six months of 2021, the Petrovietnam Gas Joint Stock Corporation (PV Gas) exceeded its financial targets by 6-35 percent, an increase of 3 to 12 percent over the same period last year.

The conference on safety, health and environment organized by PV Gas in April 2021

Production and business picked up despite the resurgence of Covid-19 in the country and increased LPG contract prices. Gas demand was unstable and lower than the plan and the same period last year. Gas use for electricity production during the period was very low, at only about 79 percent of the plan.

In response, PV GAS regulated gas mobilization for optimal operation; promoted LPG trading to offset declining revenues from gas mobilization; strengthened internal governance and cost reductions; and strictly implemented directives on Covid-19 epidemic prevention and control.

These efforts enabled the group to achieve the tasks and targets of the first half of 2021 and record positive results. Accordingly, financial targets were exceeded by 6-35 percent, an increase by 3 to 12 percent year-on-year, with total revenue estimated at VND37.48 trillion, equivalent to 112 percent compared to the same period in 2020. Pre-tax and post-tax profits were estimated at over VND5.4 trillion, and over VND4.3 trillion respectively, both equivalent to 103 percent compared to the same period in 2020. Payment to the state budget was estimated at nearly VND2.4 trillion, equal to 103 percent of the corresponding period in 2020.

In the first half of 2021, PV GAS produced and supplied more than four billion cubic meters of gas and 29.9 thousand tonnes of condensate, which did not meet the plan due to low demand for gas for power production and other adverse developments. However, PV GAS produced and supplied 1,022.9 thousand tonnes of LPG, equaling 128 percent of the six-month plan and 112 percent over the same period last year, accounting for about 70 percent of the wholesale market share and about 11 percent of the retail market nationwide.

Progress has been accelerated on gas works construction, with the LNG 1 MMTPA storage project in Thi Vai coming in ahead of schedule. Total disbursement value for gas work construction in the first six months by all member units of PV GAS reached more than VND3.3 trillion. The parent company disbursed more than VND2.9 trillion of this sum.

In the second half of 2021, PV GAS will continue to strengthen efficient Covid-19 prevention and control measures, maintaining stable and safe operation, especially during maintenance/repair periods, and regulating gas mobilization flexibly and efficiently. PV Gas will also cooperate closely with relevant parties to maximize gas consumption, improve corporate governance, and gradually digitize and simplify management systems.

VietNam Economic News