AsemconnectVietnam - According to Petrolimex's explanation, the main reason why profit after tax in the first quarter of 2024 increased compared to the same period in 2023 is due to the efficiency of petroleum business activities.

Vietnam National Petroleum Group - Petrolimex (code PLX - HOSE) recently announced the consolidated financial statements for the first quarter of 2024, recording net revenue increased by 11% over the same period, reaching VND75,106 billion. Cost prices also increased by more than 10% to VND75,106.2 billion, leading to gross profit reaching VND4,669 billion, an increase of 31% over the same period.
This period, PLX's financial revenue reached approximately VND450 billion, down 12%, due to a decrease in some subsidiaries selling petrochemical products and jet fuel due to the influence of exchange rate fluctuations compared to the beginning of the year.
In addition, selling expenses and corporate management expenses simultaneously increased by 14% and 15%, to VND3,198 billion and VND238 billion.
Therefore, Petrolimex recorded pre-tax profit of VND1,441 billion, an increase of nearly 72% over the same period last year. After deducting taxes, Petrolimex recorded a profit after tax of VND1,133 billion, an increase of 70%.
According to Petrolimex's explanation, the main reason why profit after tax in the first quarter of 2024 increased compared to the same period in 2023 is due to the efficiency of petroleum business activities and business activities in other fields of the Group basically stable and growing over the same period.
Besides, world energy supply and oil prices are stable, not as fluctuating as in previous years; The supply of gasoline from domestic refineries is quite stable, traders import and purchase gasoline according to plan and ensure efficiency.
In 2024, PLX sets a target of consolidated revenue of VND188,000 billion and consolidated profit before tax of VND2,900 billion, down 32% and 26% respectively compared to 2023. Thus, at the end of the first quarter, PLX nearly half of the year's profit target has been achieved.
By the end of the first quarter of 2024, Petrolimex's total assets reached VND80,732 billion, an increase of 1% compared to the beginning of the year. The amount of cash, cash equivalents and bank deposits is about VND25,086 billion, down VND3,530 billion compared to the beginning of the year.
Meanwhile, total liabilities are at VND50,419 billion, down slightly compared to the beginning of the year; Total debt alone is at VND16,624 billion, down VND3,158 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan