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Vietnam Petroleum Technical Services (PVS): 9-month profit exceeds yearly plan 

 Friday, November 24,2023

AsemconnectVietnam - Vietnam Petroleum Technology Joint Stock Company (PTSC, stock code PVS - HNX) has just announced its consolidated financial statements for the third quarter and accumulated 9 months of 2023.

In the third quarter, PVS net revenue reached VND4,175.5 billion, up 19% over the same period last year. Cost prices also increased by 21% to VND3,994.9 billion, leading to a 10% decrease in corporate gross profit, to VND180.6 billion. Gross profit margin narrowed from 5.8% to 4.3%.
This period, PVS's financial revenue increased by 56%, reaching VND211.4 billion. Expenses during the period also increased sharply with financial expenses increasing by 138% to VND46.8 billion; Sales expenses increased by 18%, to VND22 billion, and corporate management expenses increased by 55%, to VND261.9 billion. In addition, the Company had another loss of VND21.8 billion, while the same period profit was VND8.1 billion.
As a result, the Company's consolidated after-tax profit was VND143.6 billion, down 26% compared to the same period last year. Profit after tax of the parent company reached VND141 billion, down 27%.
Accumulated in the first 9 months of 2023, PVS brought in VND12,591 billion in net revenue, an increase of nearly 14% over the same period last year. Of which, revenue from oil and gas technical ship services reached VND1,124.6 billion; FSO and FPSO services reached VND1,297.2 billion; Mechanical services, new construction and installation reached VND7,085 billion; installation, operation and maintenance services for offshore oil and gas projects reached VND1,222.2 billion... Thanks to that, the Company's profit after tax was VND606.2 billion, an increase of 33.6% over the same period.
At the 2023 Annual General Meeting of Shareholders, PVS plans for consolidated revenue to reach VND13,200 billion, down 22.7% compared to the previous year and consolidated profit after tax to reach VND560 billion, down 40.7% compared to the previous year. 2022. Thus, with the above results, PVS has completed 95% of its revenue target and exceeded the year's profit target by more than 8%.
As of the end of the third quarter, PVS's asset scale reached VND28,564.2 billion, an increase of 10.6% compared to the beginning of the year, of which the Company owned more than VND11 billion in cash and VND3,183 billion in bank deposits; Held-to-maturity investment is more than VND5,183.4 billion.
PVS's short-term customer receivables amounted to VND5,883.6 billion, an increase of more than 41% compared to the beginning of the year. Of which, the majority comes from the Petroleum Exploration and Production Corporation with VND1,746 billion; PTSC Asia Pacific Private Limited VND1,439.2 billion; Vietnam Gas Corporation VND330.1 billion; North Oil Company VND295.5 billion... The company also has VND535.3 billion of other short-term receivables which are accruals from sales revenue and service provision.
PVS's inventory remains at VND1,442 billion, up 42% over the same period, most of which is unfinished business and production costs and raw materials. For unfinished production and business expenses, the main projects include: Hai Long OSS (VND265 billion); Southern Petrochemical Complex Project (VND197.5 billion); Steel structure processing project for GE (VND52.8 billion); Long Phu 1 Thermal Power Plant (VND30.8 billion); Thi Vai LNG Storage Warehouse (VND23.8 billion)…
On the other side of the balance sheet, PVS still has VND15,164.7 billion in liabilities, mostly short-term debt. The Company's short-term and long-term debt alone is VND788 billion and more than VND606 billion.
Evaluating PVS shares, TPS said that the average oil price outlook forecast at over 70 USD/barrel is the driving force for global oil and gas exploration and exploitation (E&P) activities to accelerate further during this period. This will create opportunities for breakthrough business results for PVS in mechanical construction and installation activities, marine construction (M&C)...
In addition, the Block B - O Mon project, a series of new oil and gas exploitation projects in Vietnam will also be implemented soon (Camel Vang A&B, Su Tu Trang 2B, Nam Du U Minh) which will contribute to creating a block of oil and gas. PVS has a large amount of work in the M&C segment for oil and gas technical services in the period 2024 - 2027.
On the stock market, PVS recorded a decrease of more than 2.8% last week. Closing the trading session on October 27, PVS was priced at 37,100 VND/share. However, since the beginning of the year, PVS has received many positive expectations from the effect of the Block B - O Mon project, helping its shares increase by more than 76.6%.
Source: VITIC/Tinnhanhchungkhoan


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