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Petrolimex Import-Export (PIT) plans to close the petroleum segment, focusing on the spice industry 

 Friday, April 12,2024

AsemconnectVietnam - Petrolimex Import-Export Joint Stock Company (PITCO, stock code PIT) has just announced its 2023 annual report, including the 2024 business plan.

Pitco said that in 2023, with world demand falling sharply and international shipping costs increasing due to world political instability, the board of directors focuses on controlling risk costs in the sales process. Develop and implement detailed and effective business plans.
The consolidated revenue result of the entire company reached VND709 billion, implementing 89% of the plan and only equal to 89.5% compared to the result of 2022, corresponding to a decrease of 10.5% in revenue over the same period. Consolidated profit after tax recorded negative VND8.95 billion while in the same period in 2022, the company's profit was VND3.2 billion.
"The main reason is that Pitco set up a provision for bad debts of Dong A Group of VND10.5 billion arising from previous years at the request of the Supervisory Board and independent auditors", the Company said.
Pitco's business lines include: pepper spices, high-end spices (filling), petroleum products, Petrolimex paint.
As for gasoline, Pitco only has one gasoline store in Binh Thuan. However, since the Dau Giay - Phan Thiet expressway was put into operation from April 30, 2023 and does not collect tolls, a large number of vehicles have not passed through the store. This resulted in the gas station's output plummeting by about 70% compared to the previous time. In addition, Pitco's traditional wholesale customers working at Long Thanh airport also reduced output due to reduced construction volume. It is expected that in the first quarter of 2024, Pitco will close the petroleum industry to focus human resources on developing the high-end spice industry in the domestic market.
Regarding the 2024 plan, Pitco believes that in 2024, Vietnam's economy will regain high growth momentum due to increased world demand. However, there are still political and social uncertainties in the world because conflicts show no signs of ending. While Pitco is an enterprise that mainly exports, it also faces many risks. The 2024 business plan was cautiously proposed by Pitco's Board of Directors with the target of consolidated net revenue reaching VND781 billion, total consolidated profit before tax reaching VND4 billion, total consolidated profit after tax reaching VND3.2 billion.
Regarding some specific solutions for 2024, Pitco said that in the field of exporting pepper and other spices, continue to maintain output with traditional customers and seek new sources of customers and new potential markets through through promoting participation in international fairs.
In the field of high-end spice production and export, maintaining stable output and quality, looking for new suppliers, reducing costs, increasing efficiency and promoting the domestic consumption market.
Regarding the paint business, Pitco said that the real estate market in 2024 is forecast to remain gloomy, causing many difficulties for the paint industry. Pitco promotes the reduction of intermediate costs such as renting transit warehouses, domestic personnel, promoting export processing cooperation with domestic and foreign partners to operate the paint factory at maximum capacity. It is expected that in 2024 the paint industry will be profitable.
In addition, the Company said it will research and develop a number of new high-end spice products suitable for the production capacity at Tan Uyen spice factory. At the same time, research to invest in additional lines to increase production capacity at Tan Uyen factory.
Petrolimex Import-Export Joint Stock Company will hold the 2024 Annual General Meeting of Shareholders on June 24 at the company office hall at 54-56 Bui Huu Nghia Street (Ward 5, District 5, HoChiMinh City).
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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