Illustrative image (Photo: VNA) Hanoi (VNA)- PetroVietnam GAS Corporation JSC (PV GAS), a subsidiary of the VietnamOil and Gas Group (PetroVietnam), raked inover 6 trillion VND (over 259 million USD) of post-tax profit in the first ninemonths of the year, exceeding the target set for the period by 27 percent.
The firm’s revenue was estimated to reach nearly 49.5 trillion VND (2.1billion USD) in the last three quarters, exceeding the target by 7 percent. Meanwhile,the pre-tax profit was estimated at 77.57 trillion VND, 28 percent higher than theset plan.
Despite facing many disadvantages due to impacts caused by the COVID-19pandemic, PV GAS still completed most of the main targets of the nine-monthplans assigned by PetroVietnam. Its production and financial targets exceededthe set plans by between 3-51 percent, and between 7-64 percent, respectively.
In the last three quarters, PV GAS receivedmore than 6.9 billion cubic metres of wet gas to produce nearly 6.8 billioncubic metres of dry gas, 44,500 tonnes of condensate gas and 1.45 milliontonnes of liquefied petroleum gas (LPG).
The corporation has also completed the two targets of LPG production andbusiness and State budget contribution.
It contributed an estimated 3.5trillion VND to the State budget in thereviewed period, up 64 percent compared to the nine-month plan andcompleting the whole year’s target.
Thefirm forecastedits total revenue in 2020 will fall to 66.16 trillion VND and post-tax profitwill be halved to 6.63 trillion VND. The company plans to pay a dividend rateof 30 percent.
PV GASrecently has decided it would sell itsstake in the Southern Gas Trading JSC (PV Gas South).
The firm is now the biggest shareholder at the Southern GasTrading with a 35.26 percent stake.
Southern Gas Trading is listing 50 millionshares on the Hanoi Stock Exchange (HNX) with code PGS.
PGS soared 5.3 percent to end October 5 at15,900 VND apiece following the news. At that price, the stake of PV GASat the Southern Gas Trading JSC is worth 280 billion VND.
The company’s share price has fallen nearly ahalf from its one-year high of 32,000 VND apiece reached in October 2019.
PV GAS shares, listed on the Ho Chi Minh StockExchange as GAS, edged up 0.8 percent to 72,500 VND apiece at the end ofOctober 5.
PV GAS’s divestment plant was determined after the company previously failedto increase its stake in the Southern Gas Trading JSC.
In October 2019, PGS planned to sell 16.1million shares for 23,409 VND per share, valuing the deal at 377 billion VND,to PV GAS to raise funding for its production and trading activities.
If the deal had been done, PV GAS would haveupped its ownership in the Southern Gas Trading to 51.03 percent or 33.7million shares.
PV GAS then could have been the parentcompany. But the deal was rejected by the Southern Gas Trading’s shareholdersat the annual meeting on October 29, 2019.
PGS sells liquefied and compressed natural gas(LNG and CNG). The company takes a 35 percent market share in selling LPG inthe South and Southern Central Region.
The company has recently acquired the Vietnam GasTank Co, which now produces a total of 379,000 tanks a year.
PGS also supplies CNG for the southern regionwith a wide range of customers working in different sectors, includingmaterials and consumer segments.
In 2019, PV Gas South earned a total 6.38trillion VND worth of revenue, fulfilling 97 percent of the year’s plan.Pre-tax profit in 2019 was 93 billion VND, equal to 90 percent of the year’splan.
In the first half of 2020, the spread ofcoronavirus around the globe made PV Gas South suffer a post-tax loss of20 billion VND./.
VNA
