AsemconnectVietnam - PVTrans (PVT) exceeded 141.7% profit target in 2022; Petrolimex Petrochemicals (PLC)’s profit decreased by 23.6% in 2022; PTSC (PVS)’s profit reached VND834.3 billion in 2022, exceeding 71% of the plan.

PVTrans (PVT)
PetroVietnam Transportation Corporation (PVTrans, stock code PVT - HOSE) has just announced its consolidated business results for the fourth quarter and the whole year of 2022.
Particularly in the fourth quarter of 2022, PVTrans recorded net revenue of VND2,438.7 billion, up 17.2% over the same period last year, mainly increasing revenue from transportation services due to the increase in freight rates in line with fuel prices. The ship is fully exploited and due to the addition of investment ships in 2022. Cost of goods also increased by 14.4%, to VND2,000 billion, so the gross profit of the enterprise reached VND438.3 billion, up 33.5 %.
This period, financial revenue of PVT increased by 37%, to VND88.34 billion. Meanwhile, expenses in the quarter recorded an increase, specifically: financial expenses increased by 76% to VND82 billion; selling expenses increased by 131% to VND5.1 billion and general and administrative expenses increased by 62% to VND147.8 billion.
As a result, the company's profit after tax was more than VND276.4 billion, an increase of 16% compared to the fourth quarter of 2021. The reason for the increase in profit is attributed to the increase in profit from the efficiency of operating new investment vessels.
For the whole year of 2022, PVTrans announced net revenue of VND9,047.5 billion and profit after tax of VND1,160 billion, up 21.1% and 39% respectively compared to 2021.
In 2022, the Company sets a business plan with revenue of VND6,500 billion and profit after tax of VND480 billion. Thus, at the end of the financial year, PVTrans exceeded 39% of revenue target and 141.7% of annual profit target.
As of December 31, 2022, PVT's total assets reached more than VND14,247 billion, up 14% compared to the beginning of the year. PVT is holding more than VND334.1 billion in cash and VND1,587.9 billion in cash equivalents. Short-term financial investment increased by 44.3% to VND2,583.6 billion. Meanwhile, short-term receivables decreased by 12.6% to VND1,290,6 billion. In particular, the cost of capital construction increased sharply from more than VND1.53 billion, to VND138.19 billion.
Liabilities also increased by 12.6% to VND6,228.5 billion; short-term and long-term debt alone is VND886.5 billion and VND2,798 billion, respectively. Undistributed after-tax profit reached VND1,593 billion. EPS reached VND2,661.
Petrolimex Petrochemicals (PLC)
Petrolimex Petrochemical Corporation - JSC (Stock code PLC - HNX) recorded revenue up 30.5% but profit down 17.1% in the last quarter of 2022, cumulative profit for the whole year decreased by 23.6 % returned to VND133.23 billion.
Profit in 2022 decreased and did not fulfill the annual profit plan
In the fourth quarter of 2022, Petrolimex Petrochemicals recorded revenue of VND2,606.9 billion, up 30.5% over the same period and profit after tax recorded VND22.75 billion, down 17.1% over the same period last year. In which, gross profit margin decreased from 13.1% to 12.4%.
During the period, gross profit increased by 23.4% over the same period, corresponding to an increase of VND61.45 billion to VND324.02 billion; financial revenue decreased slightly by 0.6% over the same period, equivalent to VND0.13 billion to VND22.29 billion; financial expenses increased by 262.6%, equivalent to an increase of VND61.35 billion to VND84.71 billion; selling and administrative expenses decreased by 5.8%, corresponding to a decrease of VND13.44 billion to VND218.96 billion and other activities did not change significantly.
The company notes that the sudden increase in financial expenses in the fourth quarter is mainly related to exchange rate loss when it recorded a loss of VND53.14 billion over the same period, a loss of VND3 billion, up 16.71 times over the same period, respectively increased by VND50.14 billion.
Accumulated in 2022, Petrolimex Petrochemicals recorded revenue of VND8,600.98 billion, up 25.2% over the same period and profit after tax recorded VND133.23 billion, down 23.6% over the same period last year.
In 2022, Petrolimex Petrochemicals sets a revenue target of VND7,514.6 billion, profit after tax of VND152.26 billion. Thus, at the end of fiscal year 2022 with a profit of VND133.23 billion, the Company did not complete the plan assigned by the General Meeting of Shareholders to the Executive Board, the completion rate was 87.5% of the annual profit plan.
Record negative cash flow from 2005 to now, negative value up to VND379.5 billion
Besides declining profit, in 2022, the main business cash flow also recorded negative VND379.5 billion compared to the same period of positive period of VND327.5 billion. In addition, investment cash flow was positive VND493.2 billion and financial cash flow was positive VND60.2 billion.
According to iBoard data of SSI Securities, from 2005 to now, in no year has the main business cash flow of Petrolimex been negative more than VND379.5 billion. In which, the five largest negative cash flows were in 2008 with a negative value of VND336.55 billion.
As of December 31, 2022, the total assets of Petrolimex Petrochemicals decreased by 4.4% compared to the beginning of the year to VND4,616.2 billion. In which, the main asset inventory was recorded at VND1,432.1 billion, accounting for 31% of total assets; short-term receivables were recorded at VND1,431.6 billion, accounting for 31% of total assets; cash and short-term financial investment recorded VND768.2 billion, accounting for 16.6% of total assets; Fixed assets were recorded at VND744.7 billion, accounting for 16.1% of total assets and other items.
As for capital sources, by the end of 2022, total short-term debt increased by 14.4% compared to the beginning of the year, corresponding to an increase of VND222.4 billion to VND1,771 billion and accounting for 38.4% of total capital (the beginning of the year accounted for 32.1% of total capital).
PTSC (PVS)
PetroVietnam Technical Services Corporation - PTSC (code PVS - HNX) has just announced the fourth quarter and accumulated business results in 2022.
In the fourth quarter, PVS recorded net revenue of VND5,440.7 billion, up 15.6% over the same period last year, due to the results of production and business activities of oil and gas ship services; mechanical services, construction and new construction in the fourth quarter of 2022 was higher than the fourth quarter of 2021. Cost of goods sold also increased by 14.7%, to VND5,004 billion, resulting in gross profit of VND326.6 billion, up 32.9%.
This period, financial revenue of PVS reached VND123 billion, up 42%. Financial expenses also increased by 100%, to more than VND91.1 billion. In addition, the company's selling expenses in the fourth quarter increased slightly to more than VND26.8 billion; but the cost of business administration is nearly VND200 billion, 2 times higher than the same period last year.
However, a positive point is that the Company recorded a profit of VND134.4 billion from joint ventures and associates, (while the same period in 2021, it only reached VND650 million) due to profits from related companies when consolidating into the consolidated financial statements of the fourth quarter of 2022 is higher than the fourth quarter of 2021.
As a result, PVS has a profit of VND325.6 billion, up 85.8% compared to the results of the fourth quarter of 2021. The parent company brought in more than VND302 billion, up 93%.
In the whole year of 2022, PVS recorded net revenue of VND16,412.6 billion and profit after tax of VND834.3 billion, up 15% and 11% respectively compared to 2021.
In 2022, PVS plans to achieve consolidated revenue at VND10,000 billion, down 30% compared to 2021; Profit after tax accordingly decreased 28% to VND488 billion. Thus, with the above results, PVS has exceeded 71% of the annual profit plan.
By the end of the fourth quarter of 2022, total enterprise assets reached VND25,776.56 billion, up 4% compared to the beginning of the year. In which, the Company's cash and cash equivalents decreased by 9% to VND5,250 billion; Inventories also fell by more than half to VND1,010.84 billion. In contrast, short-term financial investment increased by 80% to VNd4,807.3 billion; short-term receivables also increased by 7% to VND4,990.5 billion.
Liabilities also increased by 6% to VND12,938 billion, mainly due to short-term payables increased by 24% to VND5,296.38 billion. Short-term and long-term loans remained at VND752.2 billion and VND623.77 billion, respectively. Undistributed profit after tax is VND3,680 billion.
Previously, on January 19, 2023, the Board of Directors of PVS made a decision to dissolve PTSC Ca Rong Ltd Joint Venture Company and terminate the offshore investment project for "Projects of investment capital contribution, warehouse business. Floating, processing and exporting oil and gas (FPSO) for Talisman Vietnam 07/03 B.V. Limited leased to develop the Ca Rong Do field in Block 07/03 off the coast of Vietnam”.
However, the reasons for dissolution of Ca Rong Ltd Joint Venture Company and termination of the offshore investment project were not stated in the notice by PVS.
N.Nga
Source: VITIC/Tinnhanhchungkhoan