AsemconnectVietnam - Vietnam Oil Corporation (PV OIL, stock code OIL - UPCoM) has just announced its financial statements for the third quarter and accumulated 9 months of 2023.

Specifically, OIL's net revenue in the third quarter of 2023 reached VND24,012 billion, down 7.5% over the same period last year. Thanks to a sharper decrease in cost price of 10.8%, to VND22,864.8 billion, the enterprise's gross profit reached VND1,147.5 billion, 3.6 times higher than the same period.
This period, OIL's financial revenue doubled the same period, reaching VND246.5 billion. Financial costs also increased by 82%, to VND93 billion. In addition, OIL's selling expenses increased by 33%, to VND729 billion, and corporate management expenses increased by 28%, to VND268.4 billion.
As a result, the Company's after-tax profit was VND234.7 billion in the third quarter, while the same period's loss was VND373.4 billion. The parent company recorded a profit of VND219.3 billion (the same period loss was VND319.3 billion).
OIL said that in the third quarter, due to the increase in oil prices on the world market, the retail prices of domestic petroleum products were also continuously adjusted to increase accordingly. This is in contrast to the third quarter of 2022 when world prices continuously dropped sharply due to concerns about economic recession and inflation.
In addition, in the third quarter of 2023, a number of small focal points will temporarily suspend or narrow their business, creating conditions for PV OIL to expand the market, increase market share and increase consumption output. This helps the Company's after-tax profit change from loss to profit.
In the first 9 months of 2023, OIL brings VND66,875 billion in net revenue, down 16% over the same period; However, profit after tax increased by 54%, reaching VND664 billion. The parent company's profit reached VND628.3 billion, an increase of 100%.
By the end of the third quarter of 2023, total corporate assets reached VND33,587 billion, an increase of 16.6% compared to the beginning of the year. Of which, OIL has VND2,907 billion in cash and cash equivalents. Short-term receivables from corporate customers remained at VND3,705 billion, down 19%. OIL's inventory increased approximately 99%, to VND5,894 billion, mainly goods and goods purchased on the go.
On the other side of the balance sheet, OIL's liabilities are VND21,935.5 billion, an increase of 25% over the same period. A lot of debt comes from short-term payables to sellers of more than VND6,776 billion; Other short-term payables of VND4,598 billion. OIL's short-term and long-term debt alone is VND8,061 billion and VND56.4 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan