AsemconnectVietnam - In the first 9 months of 2024, PTSC achieved VND706.7 billion in after-tax profit, up 16.6% over the same period in 2023 and exceeding the annual profit target by 7%.

PetroVietnam Technical Services Corporation (PTSC, code PVS) has just announced its financial statements for the third quarter of 2024 with net revenue reaching VND4,820 billion, up 15% over the same period last year. After-tax profit reached VND192.7 billion, up 34% over the same period. The parent company's profit alone reached VND134.9 billion.
In the third quarter, PTSC's cost of goods sold was VND4,486 billion, up 12%, so the company's gross profit reached VND333.8 billion, up approximately 85% over the same period. Gross profit margin improved from 4.3% to 6.9%.
This period, PTSC's financial revenue decreased by 60%, to only VND83.7 billion. However, financial expenses increased 3.56 times, to VND166.2 billion, mainly due to exchange rate differences. In addition, PTSC's sales and administrative expenses were also VND22.4 billion and VND222.9 billion, respectively.
PTSC explained that in the third quarter, after-tax profit increased by 34% compared to the same period, mainly because in the third quarter of 2024, PTSC recorded a decrease in deferred corporate income tax expenses for unrealized exchange rate differences and provisions payable according to regulations.
Accumulated in the first 9 months of 2024, PTSC achieved revenue of VND14,101 billion and profit after tax of VND706.7 billion, up 12% and 16.6% respectively over the same period in 2023. The parent company's profit after tax alone reached VND631 billion.
In 2024, PTSC has set a business plan with consolidated revenue of VND15,500 billion and profit after tax of VND660 billion. Thus, after 9 months, the Company has exceeded the annual profit target by 7%.
As of September 30, 2024, PTSC's total assets reached VND27,342.4 billion, up 3.5% over the beginning of the year. Of which, PTSC has VND8,232.4 billion in cash and cash equivalents, up 43%; short-term financial investments are VND3,356 billion, down 25%; Short-term receivables increased slightly to VND4,256.5 billion.
In addition, PTSC still has VND949.5 billion in inventory, down 35%, mainly from unfinished production and business costs of VND529.6 billion at projects. Notably, the value of the contract for "design, procurement, construction and installation of IT platforms, housing platforms and flare towers" under the Block B - O Mon gas project is currently recorded at nearly VND10.3 billion.
On the capital column, PTSC still has VND13,401 billion in payables, up 4.1% compared to the beginning of the year. PTSC's debt alone is VND1,305.4 billion in short-term financial loans and VND674 billion in long-term financial loans. Equity is at VND13,941.7 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan