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Petrovietnam (PVN) estimates 9-month pre-tax profit to reach VND42,500 billion 

 Wednesday, October 11,2023

AsemconnectVietnam - Vietnam Oil and Gas Group - Petrovietnam (PVN) said that in the first 9 months of 2023, the Group's total revenue is estimated to reach VND643,200 billion and pre-tax profit reaches VND42,300 billion.

Petrovietnam assessed that in the first 9 months of the year, the Group has ensured a high level of domestic and foreign oil exploitation output. Factories and enterprises operate safely, stably, with high capacity, exceeding output plans; ensure maximum gas supply for electricity production and non-electricity consumers; Production output of electricity, petroleum, fertilizer and many other key products are all at a high level, exceeding assigned plans, making important contributions to the production of other economic sectors and the country's energy security.
Specifically, in the first 9 months of 2023, Petrovietnam will achieve oil exploitation output of 7.85 million tons, exceeding 14.1% of the 9-month plan, equal to 84.6% of the yearly plan. Of which, domestic oil exploitation output reached 6.51 million tons, exceeding 16.8% of the 9-month plan, equal to 86.5% of the yearly plan; Crude oil exploitation abroad reached 1.34 million tons, exceeding 2.7% of the 9-month plan, equal to 76.2% of the year plan.
Gas exploitation output in 9 months reached 5.76 billion m3, exceeding 11% of the 9-month plan, equal to 72.1% of the year plan (yearly plan 7.94 billion m3).
Electricity production and supply in 9 months reached 17.55 billion kWh, exceeding 1.2% of the 9-month plan, equal to 73.1% of the yearly plan, up 45.6% over the same period in 2022 (12.06 billion kWh).
Nitrogen production in 9 months reached 1.30 million tons, exceeding 5.2% of the 9-month plan, equal to 81% of the year plan, down 4.8% compared to the same period in 2022.
As a result, the total revenue of the whole Group in 9 months is estimated at VND643,200 billion, exceeding 26% of the 9-month plan, equal to 95% of the year plan. Consolidated pre-tax profit is estimated at VND42,500 billion, exceeding the yearly plan by 22%. PVN also contributed to the Group's entire budget reaching VND102,400 billion, exceeding 31% of the 2023 plan.
Regarding investment work, PVN has completed investment and operation at high capacity of Thai Binh 2 Thermal Power Plant from April 27, 2023; The reservoir test was successful and gave good results from the Dai Hung Nam-4X appraisal well, with a flow of about 6,350 barrels of oil/day and 4.5 million cubic feet of gas/day, ensuring enough conditions for commercial development, bringing come into operation as soon as possible.
At the same time, PVN is also preparing to inaugurate the 1 million ton Thi Vai LNG warehouse (the first and largest LNG terminal in Vietnam); Nhon Trach 3 and 4 Power Plant projects; Block B project chain, O Mon III and O Mon IV power plant projects... are all given high priority for implementation.
As of September 30, 2023, Petrovietnam's total consolidated assets are estimated to reach 998,000 billion VND, Petrovietnam brand value reached USD1,382 billion (up 3 times compared to 2019) with a brand strength index at AA-.
Source: VITIC/Tinnhanhchungkhoan


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