AsemconnectVietnam - According to the financial report of the first quarter of 2024 of PetroVietnam Drilling and Drilling Services Joint Stock Company - PV Drilling (code PVD), during the period, the Company's profit after tax was nearly VND149 billion, 2.8 times higher than the same period and completed. 39% of the year plan.

In the first quarter of 2024, PVD achieved net revenue of VND1,755.5 billion, an increase of 43% over the same period last year because this quarter had 1 drilling rig operating since the end of March compared to the first quarter of 2023 without a rented drilling rig, At the same time, drilling-related service revenue also increased.
Cost of goods this quarter accordingly increased by 32%, to VND1,305 billion, but due to slower growth than revenue, gross profit reached VND450 billion, an increase of 89% compared to the first quarter of 2023.
Along with increased revenue, PVD's expenses this period also increased simultaneously: Financial expenses increased 25%, to 123 billion VND; Selling expenses increased by 6%, to VND1.46 billion; Business management costs increased by 4%, to VND115 billion.
In addition, PVD had a loss of VND9.9 billion in joint ventures and associates due to reduced workload at joint ventures.
As a result, PV Drilling's profit after tax in the first quarter of the year reached nearly VND149 billion, 2.8 times higher than the same period. The parent company's profit alone is VND157.9 billion. PVD said that the main reason for increased profits in the first quarter was that the unit price for renting jack-up rigs was about 34% compared to the first quarter of 2023.
In 2024, PVD targets total consolidated revenue of VND6,200 billion, a slight increase compared to 2023; However, profit after tax is expected to decrease by 30%, to VND380 billion. With careful business planning, by the end of the first quarter, PVD had completed 39% of the year's profit target.
At the 2024 Annual General Meeting of Shareholders, Mr. Nguyen Xuan Cuong, General Director of PVD, said that the 2024 plan has been established since the end of 2023. Up to now, the Company's revenue can increase to VND8,000 billion. PVD's profit can also confidently reach and exceed 2023.
By the end of the first quarter of 2024, PVD's total assets reached VND22,515 billion, an increase of 4% compared to the beginning of the year. PVD currently has VND2,168 billion in cash and cash equivalents, down 3.4% compared to the beginning of the year; Short-term financial investments also decreased by more than 3%, to VND1,235.5 billion. Meanwhile, short-term receivables increased sharply by 40%, to VND3,229 billion.
On the other side of the balance sheet, the business still has VND7,208.6 billion in liabilities, an increase of 7% compared to the beginning of the year. PVD's total debt is about VND3,493 billion, an increase of 4.5% and accounting for nearly half of total debt.
On the stock market, closing the afternoon session on May 3, PVD shares increased 1.02%, reaching 29,850 VND/share, with trading volume reaching more than 3.4 million units.
N.Nga
Source: VITIC/Tinnhanhchungkhoan