AsemconnectVietnam - PV Drilling (PVD) reported profit after tax of nearly VND149 billion in Q1/2024 and completed half of its yearly profit target in 4 months; PVOIL (OIL) reached VND244 billion profit after tax in Q1/2024, completing 41% of the year's plan; Petrolimex (PLX) reported profit after tax of VND1,133 billion in Q1/2024.

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.
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.
In the first quarter, PV OIL had to pay nearly VND25 billion in deferred corporate income tax, so profit after tax decreased by 8% over the same period, to VND244 billion, completing 41% of the year's profit target.
The latest financial statements of Vietnam Oil Corporation - PVOIL (code OIL) show that, in the first quarter, OIL recorded net revenue of VND29,624 billion, an increase of 44% over the same period last year. With the cost price increasing by 45% to VND28,447 billion, the company's gross profit also increased by 20%, to VND1,177 billion.
This period, OIL's financial revenue increased by 30%, to 207 billion VND thanks to the exchange rate difference. Financial expenses decreased by 41%, to VND 52 billion, mainly due to reduced interest expenses. In addition, OIL's selling expenses increased by 30%, to VND 743 billion, and corporate management expenses increased by 11%, to VND 301 billion.
As a result, OIL's pre-tax profit is VND299 billion in the first quarter of 2024, an increase of 5% over the same period; But profit after tax decreased by 8%, to VND244 billion. The reason is that this period, OIL had to pay nearly VND25 billion in deferred corporate income tax, while in the same period it was only VND3.2 billion.
This year, OIL targets petroleum business output to reach 5 million m3/ton; Consolidated revenue reached VND83,000 billion (built according to the planned crude oil price of 70 USD/barrel); Consolidated pre-tax profit reached VND740 billion; Consolidated profit after tax reached VND592 billion. Thus, in the first quarter, OIL completed 41% of the year's profit target.
On the balance sheet by the end of the first quarter of 2024, PVOIL has nearly 36,660 billion VND in total assets, down VND2,179 billion compared to the beginning of the year. OIL owns more than VND4,634 billion in cash and cash equivalents, down VND743 billion; Short-term receivables also decreased by VND2,744 billion, to VND10,366 billion. In contrast, short-term financial investments increased by VND350 billion, reaching VND10,242 billion, and inventories increased by VND965 billion, to VND5,136 billion.
Meanwhile, OIL still has VND24,988 billion in liabilities, a reduction of VND2,458 billion. The largest portion of OIL's debt structure is short-term payments to sellers of VND11,018 billion, accounting for 44%; short-term financial lease debt of VND5,279.5 billion, accounting for 21%.
According to Petrolimex's explanation, the main reason why profit after tax in the first quarter of 2024 increased compared to the same period in 2023 is due to the efficiency of petroleum business activities.
Vietnam National Petroleum Group - Petrolimex (code PLX - HOSE) recently announced the consolidated financial statements for the first quarter of 2024, recording net revenue increased by 11% over the same period, reaching VND75,106 billion. Cost prices also increased by more than 10% to VND75,106.2 billion, leading to gross profit reaching VND4,669 billion, an increase of 31% over the same period.
This period, PLX's financial revenue reached approximately VND450 billion, down 12%, due to a decrease in some subsidiaries selling petrochemical products and jet fuel due to the influence of exchange rate fluctuations compared to the beginning of the year.
In addition, selling expenses and corporate management expenses simultaneously increased by 14% and 15%, to VND3,198 billion and VND238 billion.
Therefore, Petrolimex recorded pre-tax profit of VND1,441 billion, an increase of nearly 72% over the same period last year. After deducting taxes, Petrolimex recorded a profit after tax of VND1,133 billion, an increase of 70%.
According to Petrolimex's explanation, the main reason why profit after tax in the first quarter of 2024 increased compared to the same period in 2023 is due to the efficiency of petroleum business activities and business activities in other fields of the Group basically stable and growing over the same period.
Besides, world energy supply and oil prices are stable, not as fluctuating as in previous years; The supply of gasoline from domestic refineries is quite stable, traders import and purchase gasoline according to plan and ensure efficiency.
In 2024, PLX sets a target of consolidated revenue of VND188,000 billion and consolidated profit before tax of VND2,900 billion, down 32% and 26% respectively compared to 2023. Thus, at the end of the first quarter, PLX nearly half of the year's profit target has been achieved.
By the end of the first quarter of 2024, Petrolimex's total assets reached VND80,732 billion, an increase of 1% compared to the beginning of the year. The amount of cash, cash equivalents and bank deposits is about VND25,086 billion, down VND3,530 billion compared to the beginning of the year.
Meanwhile, total liabilities are at VND50,419 billion, down slightly compared to the beginning of the year; Total debt alone is at VND16,624 billion, down VND3,158 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan