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Petrolimex (PLX) earned VND1,517 billion profit in the first half of 2023 

 Wednesday, August 9,2023

AsemconnectVietnam - Vietnam National Petroleum Group (Petrolimex, stock code PLX - HOSE) has just announced its consolidated financial statements for the second quarter and the first half of 2023.

In the second quarter of 2023, PLX recorded net revenue of VND65,752 billion, down 22% compared to the same period last year. Thanks to the 24% decrease in cost of goods, to VND61,913 billion, the gross profit increased by 60%, reaching VND3,839 billion.
This period, PLX's financial revenue increased by 4%, reaching VND433 billion. Meanwhile, financial expenses were reduced by 30%, to only VND357 billion. In contrast, financial and administrative expenses increased by 13% (to VND2,907 billion) and 4% (to VND217 billion) respectively.
As a result, PLX made a profit after tax of VND850 billion in the second quarter of 2023, while in the same period last year a loss of VND141 billion. Parent company reached VND774 billion profit after tax.
The Group said that in the second quarter, petroleum business under normal conditions should achieve better profits than in the same period last year because energy supply and oil prices are not affected by abnormality like when the conflict occurred conflict between Russia and Ukraine in February 2022.
The domestic supply of petrol and oil is quite stable; traders carry out the import and purchase of petrol and oil according to the plan and ensure efficiency. In addition, the Group's business activities in other fields were basically stable and increased over the same period, helping to increase profits.
Accumulated in the first half of 2023, Petrolimex recorded net revenue of nearly VND133,200 billion, down 12%; pre-tax profit reached VND1,868 billion; profit after tax reached VND1,517 billion, 3.9 times higher than the same period in 2022. Parent company's profit alone reached VND1,393 billion.
In 2023, PLX sets a plan for consolidated profit before tax to reach VND3,228 billion, up 42% compared to 2022. Thus, at the end of the first half of the year, PLX achieved 58% of the year's profit target.
At the end of the second quarter of 2023, total enterprise assets reached VND80,817.8 billion, up 8.5% compared to the beginning of the year. In which, PLX owns VND16,242 billion of cash and cash equivalents, VND10,924 billion is short-term financial investment. Besides, PLX's receivables also increased by 10.4%, to VND13,996 billion; inventories decreased by 10.8% to VND15,367 billion.
Petrolimex's liabilities also increased by more than 13%, to VND52,926 billion. Particularly, short-term and long-term loans were VND17,793.6 billion and VND775.8 billion, respectively.
N.Nga
Source: VITIC/Tinnhanhchungkhoan

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