AsemconnectVietnam - PetroVietnam Technical Services JSC (code PVS - HNX) has just announced its Q1/2025 financial statements with consolidated after-tax profit reaching approximately VND300 billion, down slightly by 1.6% over the same period.

In the first quarter, PVS's net revenue reached VND6,013.7 billion, up 62.1% over the same period in 2024. The main driving force came from the construction contract segment with revenue of VND3,972.7 billion, followed by oil and gas technical services contributing VND1,988 billion and sales activities bringing in nearly VND53 billion.
However, the cost of goods sold increased by 66.8%, higher than the revenue growth rate, causing gross profit to slightly decrease to VND257.1 billion.
The bright spot was that PVS's financial revenue increased sharply by 125.7% to VND339.9 billion, mainly due to the difference in profit from asset revaluation and the increase in exchange rate difference. Accordingly, financial expenses also increased by 138.8% to VND33.6 billion.
In addition, selling expenses and administrative expenses also increased by 3% and 82%, to VND22.7 billion and VND372.8 billion, respectively.
As a result, PVS's consolidated profit after tax reached approximately VND300 billion, a slight decrease of 1.6% over the same period. Profit after tax attributable to the parent company's shareholders reached VND331.5 billion, an increase of more than 10%; while the profit of non-controlling shareholders recorded a loss of nearly VND32 billion.
As of March 31, 2025, PVS's total assets reached VND35,208.5 billion, an increase of 3.3% compared to the end of 2024. Short-term assets accounted for 70.8% of total assets, of which cash and cash equivalents reached VND12,331 billion, an increase of 8% and accounting for a large proportion of 35%. Inventories also increased by 11.7%, to VND2,045 billion and accounted for 5.8% of total assets.
In terms of capital, PVS's payable debt increased by 4.3%, to VND20,174 billion. PVS's short-term and long-term financial debts were VND826.7 billion and VND843 billion, respectively.
N.Nga
Source: VITIC/Tinnhanhchungkhoan