AsemconnectVietnam - In the first quarter of 2025, PSD's after-tax profit was more than VND22 billion, up 10% over the same period last year and completing approximately 22% of the annual profit plan.

Petroleum General Distribution Services Joint Stock Company (code PSD) announced its Q1/2025 financial statements with net revenue down 7.8%, reaching VND1,342.6 billion. However, thanks to a sharper decrease in cost of goods sold of 8.2%, gross profit increased slightly to VND65.5 billion. Gross profit margin also improved from 4.4% to 4.8%.
This period, PSD's financial revenue reached VND23.4 billion, up 34% thanks to increased interest on deposits, loans and exchange rate differences. Meanwhile, financial expenses were slightly reduced to VND12.9 billion. In addition, PSD also spent an additional VND 38.4 billion on sales expenses and VND 10.7 billion on business management expenses, up 7.2% and 28.1% respectively over the same period last year. The main reason is that PSD invested more costs in the process of converting the distribution model for the Samsung brand from the beginning of 2025.
As a result, the Company's after-tax profit was more than VND22 billion, up 10% over the first quarter of 2024. The Company said that in the first quarter, due to the Company's improved profit margin and increased financial revenue, the Company's after-tax profit increased.
At the 2025 Annual General Meeting of Shareholders, PSD approved the business plan with revenue reaching VND7,000 billion, profit after tax reaching VND102 billion, up 19% and 24% respectively compared to 2024. Thus, with the achieved results, PSD has achieved approximately 22% of the annual plan.
By the end of the first quarter of 2025, the total assets of the enterprise reached VND3,040 billion, up 8.9% compared to the beginning of the year, mainly due to short-term assets increasing by 9.2%, to VND2,976 billion. Of which, cash and cash equivalents increased by 2.6%, reaching VND106.9 billion; short-term receivables increased by 25.5%, to VND907.8 billion and inventories increased by 26.2%, to VND663.5 billion.
On the other side of the balance sheet, PSD has VND2,441 billion in liabilities, up 10.3%, almost all of which comes from short-term debt. PSD's short-term debt alone is at VND1,500 billion, down 2.4% compared to the beginning of the year and accounting for nearly 62% of the company's total debt.
N.Nga
Source: VITIC/Tinnhanhchungkhoan