Oil giant Petrolimex reports 6-month profit 6 times higher than the same period last year

Petrolimex announced its consolidated financial report for the second quarter of 2023 with net revenue reaching VND65,752 billion, down 22% year-on-year. However, many expenses decreased more sharply, helping Petrolimex earn a profit after tax of nearly VND850 billion, while in the same period last year it lost VND140.7 billion.

In total, in the first 6 months of this year, the petroleum giant achieved net revenue of 133,184 billion VND, down 12% over the same period last year. However, the cost of goods sold decreased more sharply, plus financial revenue increased by nearly 30%, helping pre-tax profit to be 6 times higher than the same period in 2022, reaching 1,868 billion VND. Excluding corporate income tax, Petrolimex reported net profit more than 6 times higher than the same period, reaching 1,393 billion VND.

Petrolimex reports 6 times larger profit in 6 months of 2023

As of June 30, Petrolimex's total assets reached nearly VND80,818 billion, an increase of VND6,342 billion compared to the beginning of the year, of which VND15,446 billion was inventory. At the same time, the amount of cash and cash equivalents was about VND16,242 billion and nearly VND11,000 billion of investments held to maturity...

Compared to the 2023 business plan, Petrolimex has completed 70% of the revenue target and about 58% of the yearly profit target.

Gasoline and oil prices increased sharply from the afternoon of August 1

According to Petrolimex's explanation, the second quarter of 2023 profit increased because the petroleum business was operating under normal conditions, resulting in better profits. The world's energy supply and oil prices were not affected by unusual impacts as when the armed conflict between Russia and Ukraine occurred in February 2022. At the same time, the supply of petroleum from domestic refineries was quite stable, traders imported petroleum according to plan and ensured efficiency.

In addition, the group's other business activities were basically stable and grew compared to the same period last year. However, profits from subsidiaries and joint ventures in petrochemicals - the sector that accounts for a large proportion of Petrolimex's non-petroleum profit structure - decreased in the second quarter of 2023 due to the stabilisation of consumption demand...

Source: https://thanhnien.vn/ong-lon-xang-dau-petrolimex-bao-lai-6-thang-cao-gap-6-lan-cung-ky-nam-truoc-185230801153232695.htm