AsemconnectVietnam - On June 26, Vietnam National Petroleum Group (Petrolimex – code PLX) held its annual General Meeting of Shareholders in 2023 and approved a profit target to increase 42%.

Specifically, PLX approved the output target of 12.95 million tons, down 7% compared to 2022. Consolidated revenue of the Group reached VND190,000 billion, down 38% compared to 2022, but consolidated profit before tax reached VND3,228 billion, up 42% compared to 2022. Expected dividend payout ratio is at least 10%.
Explaining the prudent revenue planning, Mr. Tran Ngoc Nam, Deputy General Director of PLX, shared that one of the objective factors is 2022, when the conflict between Russia and Ukraine has a serious impact on the consumer market. For domestic consumption, many traders and small clues restrict the import of goods; even some key traders have their licenses revoked because of violations, leading to inability to perform their functions.
In the context of high loss in petroleum business, PLX had to make efforts to ensure the stability of national energy security, so the sales volume in 2022 is very high. In 2023, the Group determines that business conditions can return to normal, and the plan is also based on this criterion.
The revenue target will be based on sales volume and forecast of price fluctuations in 2023. In addition, PLX also consults crude oil price to set targets. Meanwhile, profit from other segments must be based on 2022 results and 2023 forecast related to gasoline prices and the amendment of Decree 95 on petroleum trading.
Shareholders also questioned the expansion strategy of petrol stations, whether to open a new one or receive a transfer, Mr. Tran Ngoc Nam said, Petrolimex will consider investing when there are opportunities. But the principle is that the investment must be effective, both buying and selling. PLX will choose the appropriate plan from time to time.
As planned, by the end of 2023, PLX will have 65 stores with a balance between buying new, renewing or subleasing depending on the locality and the most efficient for Petrolimex. Up to now, the investment rate of the Company is about 50%.
N.Nga
Source: VITIC/Tinnhanhchungkhoan