AsemconnectVietnam - After 4 months of 2024, PV Drilling is expected to bring in about VND190 billion in profit after tax, completing half of the yearly plan of VND380 billion.

During the working session on medium and long-term development strategy/plan and implementation of the 2024 plan of Vietnam Oil and Gas Group (Petrovietnam) with PetroVietnam Drilling and Well Services Corporation (PV Drilling - code PVD) Over the weekend, Mr. Nguyen Xuan Cuong, General Director of PV Drilling, said that currently all owned rigs have long-term contracts abroad, PV Driling is actively investing and hiring more rigs.
In the first 4 months of PV Drilling, the Company's estimated revenue reached VND2,436 billion (up 20% compared to plan); Pre-tax profit is estimated at VND279 billion (up 97% compared to plan) and profit after tax is estimated at VND190 billion. In the first 4 months of the year, the parent company's revenue increased 17% compared to plan and pre-tax profit increased 102% compared to plan.
Regarding the plan for the whole year, PV Drilling is in good control compared to the management plan, expected to achieve revenue of about VND8,005 billion.
With a profit after tax target of VND380 billion in 2024, PVD has accomplished half of the year's plan.
In the energy transition trend, PV Drilling determines the direction by taking advantage of all experience, resources, and infrastructure as inherent strengths to seize opportunities to increase participation in the supply chain for the new energy industry.
Regarding the upcoming strategy, Mr. Le Ngoc Son, General Director of Petrovietnam asked PV Drilling to focus on mine/well cleanup services, services related to energy transition, and at the same time focus on digital transformation applications. , artificial intelligence to improve efficiency, reduce costs, and soon apply it to key projects such as Block B - O Mon...
According to a recent opinion of Phu Hung Securities Company (PSH), PVD's 2024 plan is very conservative when all of the Company's jack-up rigs have been rented for the whole year 2024 in the context of high rental prices compared with the same period and shows no signs of cooling down because oil prices still maintain high levels (over 80 USD/barrel).
Based on the assumption that the average rental price of jack-up rigs will increase by 30%, PHS believes that PVD's net revenue and net profit in 2024 will reach VND7,287 billion and VND780 billion, respectively, corresponding to an increase of 25.5% % and 42.9% over the same period last year. In addition, gross profit margin and net profit margin will continue to expand to 23% and 11%, marking 2024 as possibly the company's most favorable year in recent years.
N.Nga
Source: VITIC/Tinnhanhchungkhoan