PV Trans set to achieve record-high business results this year
PV Trans set to achieve record-high business results this year
Consolidated revenue for the year 2024 is estimated to reach VNĐ12 trillion (US$472.1 million), with profits before tax expected to hit VNĐ1.8 trillion.
A vessel of PV Trans. — Photo pvtrans.com |
Petrovietnam Transportation Corporation (PV Trans) is expected to see record results in 2024, boosted by higher charter rates.
In a recent announcement, its consolidated revenue for the year 2024 is estimated to reach VNĐ12 trillion (US$472.1 million), with profits before tax expected to hit VNĐ1.8 trillion. These figures mark a 26 per cent and 16 per cent increase, respectively, compared to 2023, representing the highest results in the company's operational history.
In the fourth quarter (Q4), PV Trans anticipates revenue of over VNĐ3.5 trillion, up 28 per cent year-on-year. However, profits before tax are estimated to fall by 18 per cent to VNĐ293 billion.
Setting ambitious targets for the year 2024, PV Trans aimed for a revenue of VNĐ8.8 trillion and an estimated profit before tax of VNĐ950 billion. However, with the projected outcomes, the company could potentially exceed its annual revenue plan by 36 per cent and profit plan by 89 per cent.
CEO of PV Trans Nguyễn Duyên Hiếu disclosed that in 2024, the corporation invested in eight new vessels, including oil product and chemical tankers, LPG carriers and bulk carriers, to meet the growing market demands and reduce reliance on external leasing.
PV Trans currently operates a fleet of 58 vessels with a total deadweight tonnage exceeding 1.6 million DWT, establishing itself as the largest liquid cargo transporter in Việt Nam.
Moreover, PV Trans successfully increased its charter capital from VNĐ3.2 trillion to VNĐ3.56 trillion through the issuance of dividend-paying stocks.
This strategic move enhances the company's financial capabilities, laying the groundwork for expanding its operations in the near future, as shared by PV Trans leadership.
Looking ahead to 2025, PV Trans has set a target of VNĐ10.3 trillion in consolidated revenue and VNĐ1.2 trillion in profits before tax, down 14 per cent and 33 per cent, respectively, compared to the estimated results for 2024.
Next year, PV Trans' leadership anticipates various challenges amid the global economic growth forecasted at 2.7 per cent.
However, according to recent analysis by Vietcap Securities JSC, the crude oil transportation sector, including companies like PV Trans, could benefit from Donald Trump's re-election.
President-elect Trump has expressed intentions to boost US oil production and exports, potentially driving the demand for crude oil transportation on long-haul routes from the US to Asia or Europe, consequently raising charter rates despite a global decrease in transport volume compared to 2024.
Similarly, MB Securities forecasts that fixed charter rates for crude oil carriers are expected to remain high in 2025, given the ongoing global geopolitical tensions.
The securities firm suggests that as the European Union (EU) extends sanctions against Russia and increases crude oil imports from the Middle East and the US, there will be a surge in demand for long-haul oil tankers between the Atlantic and Asia.
The rising crude oil supply in North American countries, combined with the primary growth in oil refining capacity in Asia, could also create an imbalance, subsequently boosting the global demand for crude oil transportation.
