Oil company's profits hit 9-year high
Oil company's profits hit 9-year high
This success is attributed to enhancements in production and business operations, optimisation resources and expansion into international markets.
Components of the transformer station manufactured at the PTSC M&C construction site in Vũng Tàu City. — Photo bnews.vn |
Petrovietnam Technical Services Corporation (PVS) has achieved remarkable financial success in 2024, with the highest profits before tax in nine years.
The company's consolidated revenue is estimated at VNĐ24 trillion (US$956.6 million) for the year, surpassing targets by 155 per cent and reflecting a 10 per cent increase from 2023.
Notably, the projected profit before tax of VNĐ1.5 trillion is the highest since 2015, exceeding expectations by 175 per cent and marking a 17 per cent rise from the previous year.
In the fourth quarter alone, PVS anticipates achieving nearly VNĐ9.9 trillion in gross revenue, up 46 per cent year-on-year. Moreover, profit before tax is expected to soar by 96 per cent to VNĐ642 billion, marking the highest level in nearly a decade.
CEO of PVS Trần Hồ Bắc attributed this success to the company's focus on enhancing production and business operations, optimising resources and expanding into international markets.
The company has accelerated its offshore renewable energy mechanical projects and enhanced participation in new bidding activities to ensure future stability.
For 2025, PVS has set ambitious financial targets, aiming for a consolidated revenue of VNĐ22.5 trillion, profit before tax of VNĐ1 trillion, profit after tax of VNĐ780 billion and State budget contributions of VNĐ720 billion.
The company plans to maximise resources to develop new products and services, enhance competitiveness and expand into new markets both domestically and internationally.
PVS is a key player in the oil and gas sector, holding dominant market shares in various related fields.
The company's recent securing of contracts for Project Lot B - Ô Môn is expected to accelerate project implementation and boost revenues for the Mechanical and Construction (M&C) segment.
MB Securities Company (MBS) is optimistic about PVS's prospects for 2025. The company's gross profit margin in the M&C segment is forecasted to improve, driven by contributions from domestic oil projects and offshore wind energy projects.
The projected gross profit margin for the M&C segment in 2025 is 2.2 per cent, higher than the estimated margin in 2024.
Analysts expect PVS's net profits to increase significantly in the fiscal year of 2025-26 period, driven by the progress of Project Lot B and new workloads from EPCI contracts in the offshore wind energy sector.
Despite challenges in 2024, positive effects are expected to be more pronounced in 2025 with the full contract awards.
