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NSH Petro (PSH) targets a 692% increase in after-tax profit in 2024 

 Wednesday, June 12,2024

AsemconnectVietnam - NSH Petro sets a production and business plan for 2024 with net revenue reaching VND14,566 billion, an increase of 237.83% compared to 2023; after-tax profit reaching VND327.7 billion, an increase of 692.01% compared to 2023.

On May 29, Nam Song Hau Petroleum Investment and Trading Joint Stock Company (NSH Petro; stock code: PSH) successfully held the 2024 Annual General Meeting of Shareholders in both direct and online formats.
According to NSH Petro, in 2023, the world's oil and gas industry and Vietnam in particular will face enormous difficulties and challenges when having to cope with the double impact of the consequences of the Covid-19 pandemic, which has severely impacted many economies; The Russia-Ukraine conflict has a profound and comprehensive impact on the world oil and gas market, inflation remains high; interest rate increases; monetary policy is narrowed... To cope with the actual situation, the Board of Directors of NSH Petro advocates maximum cost savings to overcome the difficult period.
According to the 2023 production and business results report, NSH Petro achieved net revenue of VND6,124.8 billion; total expenses of VND6,047.6 billion; total pre-tax accounting profit of VND63.9 billion; total after-tax profit of VND47.5 billion.
The NSH Petro General Meeting of Shareholders approved the 2024 production and business plan with net revenue of VND14,566 billion, an increase of 237.83% compared to 2023; after-tax profit of VND327.7 billion, an increase of 692.01% compared to 2023; The profit after tax/equity ratio is 12.65%.
To achieve the above goal, the Company has proposed implementation solutions. Specifically, in terms of business activities, building a business strategy for high-quality products to meet market demand, in order to increase revenue and profit. Implement cost savings right from the time of assigning plans to units on the basis of carefully reviewing each cost item. Continue to manage costs according to each sales method (retail, wholesale, agent, general agent), detailed by each cost item and each type of business. At the same time, closely monitor the State Bank's exchange rate management policy to select suppliers and sign contracts to supply raw materials with favorable terms, limiting the impact of exchange rate fluctuations. Develop a plan to effectively use capital from additional sources.
In terms of source creation, flexibly balance domestic and imported sources to get the best cost price. Optimizing source and inventory management, harmonizing goals, meeting enough sources for the Company's distribution system, avoiding source interruptions, and at the same time avoiding capital stagnation and limiting risks of price fluctuations...
Regarding the development of the product distribution system, the Company assesses and believes that in the future, the retail system will be the most effective business branch and account for a significant portion of the Company's profits, so it will continue to expand and develop the retail system, focusing on putting into operation many retail gas stations, in order to increase revenue and increase profits for the Company. Have a strategy to develop a system of retail stores on the highway. Continue to expand the system of branches and gas stations by applying for licenses to build new gas stations and buy back old gas stations. In addition, develop and expand the wholesale system.
At the General Meeting, shareholders also approved the plan to offer individual shares to supplement working capital for production and business activities.
Specifically, the expected number of shares to be offered is 130 million, the offering price is VND 10,000/share, the total issuance value at par value is VND1,300 billion. The implementation time is in 2024 and the first quarter of 2025 after the State Securities Commission announces receipt of the registration dossier for private share offering. The specific time is decided by the Company's Board of Directors.
The Congress also approved the amendment of the content of the loan of 290 million USD (from Acuity Funding) to pay off bank debt to invest in port warehouses and supplement working capital for importing gasoline and oil. The reason is that Circular 08 of the State Bank does not allow foreign loans to pay domestic debts. At the same time, through the submission to the State Securities Commission, the Ministry of Industry and Trade proposed to open 35% room for foreign investors.
Regarding personnel, the Congress unanimously elected Mr. Ranjit Prithviraj Thambyrajah, born in 1960, Australian nationality, General Director of NSH Petro (currently Chairman and CEO of Acuity Funding) as a member of the Company's Board of Directors. At the same time, 5/5 members of the Board of Directors agreed to elect Mr. Ranjit Prithviraj Thambyrajah as Vice Chairman of NSH Petro for the 2022 - 2027 term.
In his acceptance speech, Mr. Ranjit Prithviraj Thambyrajah thanked the shareholders, the Board of Directors and Chairman Mai Van Huy for their trust in him. Mr. Ranjit Prithviraj Thambyrajah shared that the reason he accepted the position of Vice Chairman of the Board of Directors of NSH Petro was to contribute to the success of NSH Petro in the next stage, with the goal of not only leading the domestic oil and gas market but also reaching out to the world market. According to him, that goal has a solid foundation to be realized in the near future, and he believes that NSH Petro will have strong development in the coming time.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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