AsemconnectVietnam - Vietnam Oil Corporation - JSC (PVOIL, code OIL) has just announced its financial report for 2022.

Accordingly, PVOIL has experienced a sudden growth in business output so far, reaching 4 million m3 of petroleum of all kinds, completing 127% of the year plan and growing 27% compared to 2021. On that basis, PVOIL achieved net revenue of VND104,213.8 billion, up 80.2% over the previous year.
The remarkable point is that PVOIL has ensured the adequate supply of goods for the whole system during periods of petroleum scarcity, both conducting business activities, and performing political tasks and stabilizing the petrol and oil market, especially in times of scarcity in September, October, 2022.
While many gas stations in Hanoi and Ho Chi Minh City closed due to lack of supplies and business losses, the gas stations in the PVOIL system were still open continuously, sales volume increased 3 times compared to normal; at the same time, the petroleum output supplied by PVOIL to the distribution hubs also exceeded 28% of the plan.
This is the reason for the increase in sales volume but the decrease in business efficiency in the third quarter of 2022. However, for the whole year of 2022, PVOIL's after-tax profit was recorded at VND723.20 billion, equal to 93.6% of the profit in 2021.
With the above business profit, PVOIL's post-audited financial statements recorded a consolidated accumulated loss of only VND185.53 billion, a decrease of VND1,490.87 billion compared to the time before equitization on December 31, 2017 when it recorded a cumulative loss of VND1,676.4 billion. This is also PVOIL's efforts in business activities over the years, since its equitization. With this growth momentum, it is possible for PVOIL to erase accumulated accumulated losses in the near future.
PVOIL's 2022 post-audit consolidated financial statement is recording bad debts of VND894.29 billion. In which, bad debts are mainly debts from subsidiaries (PETEC) of VND683.43 billion, accounting for 76.45% of total bad debts. These debts were recorded prior to PVOIL's equitization in 2018 and all were made with 100% provision so they would not affect the current business performance of PVOIL, which can be reversed and recognized in profit when debt recovery.
In addition, in 2022, PVOIL cooperated with VinFast and quickly completed the installation of nearly 300 electric vehicle charging stations at PVOIL petrol stations nationwide.
This cooperation is the first step in implementing a strategy for PVOIL to adapt to the current strong trend of energy transition; making PVOIL a diversified energy supplier for vehicles, not only petrol but also electric and hydrogen energy in the future.
With this cooperation potential, PVOIL and VinFast will also continue to search for suitable locations to expand the number of charging stations to meet the development needs of both sides.
N.Nga
Source: VITIC/Tinnhanhchungkhoan