AsemconnectVietnam - PetroVietnam General Services Corporation (Petrosetco, code PET - HOSE) recorded a profit of VND74.45 billion in the third quarter of 2024 and a cumulative profit of VND158.58 billion in the first 9 months, up 67.3% and completing 77.4% of the yearly plan.

Completing 77.4% of the yearly plan after 9 months
In the third quarter of 2024, Petrosetco recorded revenue of VND 5,653.29 billion, up 32.9%; after-tax profit reached VND 74.45 billion, up 46% over the same period. In which, gross profit margin remained flat at 4.6%.
In the period, gross profit increased by 31%, equivalent to an increase of VND61.33 billion, to VND 259.09 billion; Financial revenue decreased by 12.3%, equivalent to a decrease of VND8.51 billion, to VND60.46 billion; financial expenses decreased by 45.6%, equivalent to a decrease of VND33.35 billion, to VND39.78 billion; sales and administrative expenses increased by 55.8%, equivalent to an increase of VND70.33 billion, to VND196.36 billion and other activities fluctuated insignificantly.
In the first 9 months of 2024, Petrosetco recorded revenue of VND14,444.4 billion, up 10.9% over the same period; profit after tax reached VND158.58 billion, up 67.3% over the same period last year.
In 2024, Petrosetco plans to have revenue of VND18,540 billion, up 8%; After-tax profit is expected to be VND205 billion, up 47% compared to the actual performance in 2023. Thus, after 9 months, Petrosetco has completed 77.4% of the 2024 profit plan. Previously, at the 2nd Annual General Meeting of Shareholders on June 14, Mr. Vu Tien Duong, General Director of Petrosetco, commented on the prospects for 2024: “2023 was very difficult, but 2024 has many positive developments in market share, the dumping situation has been controlled, so the profit margin of the distribution industry will improve. In 2024, the Company will also sign more brands to increase revenue and profit, so the Company plans based on the general market situation. In addition, the situation has not yet clearly grown in the first 6 months of the year, the company expects better growth than the end of 2024".
Business cash flow is negative VND579.4 billion, a record since 2014
In contrast to the increase in profits, in the 9 months since the beginning of 2024, Petrosetco's business cash flow recorded a negative VND579.4 billion compared to the same period of positive VND611.8 billion. In addition, investment cash flow recorded a positive VND412.3 billion and financial cash flow recorded a positive VND22.2 billion.
According to data on SSI Securities' iBoard, from 2014 to 2023, there has never been a year when Petrosetco's business cash flow was as negative as in the first half of 2024. In which, the year with the largest negative cash flow was 2023 with a negative value of VND299.9 billion.
In terms of asset size, as of On September 30, 2024, Petrosetco's total assets decreased by 4.4% compared to the beginning of the year, equivalent to an increase or decrease of VND420.1 billion, to VND9,059.4 billion. Of which, cash and short-term financial investments were mainly recorded at VND3,220.1 billion, accounting for 35.5% of total assets; short-term receivables were recorded at VND3,122.9 billion, accounting for 34.5% of total assets; inventories were recorded at VND1,265.6 billion, accounting for 14% of total assets and other items. During the period, assets fluctuated strongly, mainly short-term receivables increased by 31.8% compared to the beginning of the year, equivalent to an increase of VND753.9 billion, to VND3,122.9 billion; Inventory decreased by 33.5% compared to the beginning of the year, equivalent to a decrease of VND636.8 billion, to VND1,265.6 billion...
Regarding capital sources, by the end of the third quarter of 2024, total short-term and long-term debt increased by 0.9% compared to the beginning of the year, equivalent to an increase of VND39.83, to VND4,566.6 billion and equal to 198% of total equity. Of which, all debt is short-term with a value of VND4,566.6 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan