Unexpectedly, the oil giant lost nearly 1,500 billion VND in the third quarter of 2024

Nearly 900 enterprises on the stock exchange have announced their financial reports for the third quarter of 2024. According to current estimates, the leading enterprise in the petroleum sector is Binh Son Refining and Petrochemical Joint Stock Company - the unit that manages and operates the Dung Quat oil refinery (stock code BSR ) and is currently the enterprise on the stock exchange that recorded the biggest loss in the last quarter.

Specifically, the company achieved revenue in the third quarter of 2024 of nearly 32,000 billion VND, down nearly 16% compared to the same period last year. Notably, after deducting expenses, the company suffered a loss after tax of nearly 1,210 billion VND, while in the same period last year it had a profit of 3,235 billion VND. This is BSR's first loss in the past 4 years.

Unexpectedly, the petroleum company - the unit managing and operating Dung Quat oil refinery reported a loss in the third quarter of 2024.

According to the company's explanation, the reason for the large loss was due to the sharp decline in crude oil and product prices in the third quarter of 2024. Crude oil prices fell from an average of 85.31 USD/barrel in July to 74.33 USD/barrel in September, and the gap between crude oil prices and product prices also narrowed significantly compared to the second quarter of 2024 and the same period last year. In the first 9 months of 2024, Binh Son Refining and Petrochemical achieved revenue of VND 87,058 billion, down 17%, and after-tax profit of parent company shareholders was VND 715 billion, down sharply by 88% compared to the same period last year.

The large loss of Binh Son Refining and Petrochemical occurred in the context that many other petroleum and gas companies still earned high profits. For example, Vietnam Gas Corporation (stock code GAS) achieved revenue in the third quarter of 2024 of more than VND 25,252 billion, up 14.13% and profit after tax of more than VND 2,578 billion, up 7.2% over the same period last year. In the first 9 months, GAS achieved total revenue of more than VND 78,640 billion, up more than 16.6% and profit after tax of over VND 8,354 billion, down 5.32% over the same period last year. However, compared to the 2024 plan approved by shareholders, GAS has exceeded the revenue and profit plans for the whole year of 2024.

Or Vietnam Oil and Gas Technical Services Corporation (stock code PVS) achieved revenue in the third quarter of 2024 of more than VND 4,821 billion, up 15.42% over the same period last year; profit after tax reached VND 192.7 billion, up 34.3%. In total, after the first 9 months of 2024, the company achieved revenue of more than VND 14,103 billion, up more than 12% and profit after tax reached VND 706.7 billion, up 16.5% over the same period in 2023 and exceeding the annual profit target by 7%.

Meanwhile, Vietnam National Petroleum Group - Petrolimex (stock code PLX) reported revenue in the third quarter of 2024 reaching more than VND 64,350 billion, down 11.17% over the same period last year and profit after tax reaching only more than VND 130 billion, down sharply by 82.2% over the same period last year. However, in the first 9 months of 2024, PLX reported net revenue reaching nearly VND 213,000 billion and profit after tax reaching over VND 2,551 billion, up 3.6% and 11.49% respectively over the same period last year. In addition, this result exceeded the revenue plan by 13% and the profit target set for the whole year by 10%...

Source: https://thanhnien.vn/bat-ngo-ong-lon-xang-dau-thua-lo-gan-1500-ti-dong-trong-quy-3-2024-185241104143426346.htm