PetroVietnam posts three-fold rise in pre-tax profits
The Vietnam Oil and Gas Group (PetroVietnam) reported that its pre-tax profit in the first eight months of the year surpassed the set plan by 177% and tripled the figure for the same period last year, reaching VND30.2 trillion (US$1.32 billion).
During the period, the group’s crude oil output surpassed the plan by 12.7%, and the outputs of petrol, oil and fertiliser were also higher than the targets.
The group's total revenue hit over VND390.7 trillion, exceeding the plan by 17% and up 24% on a yearly basis. Its contribution to the State budget soared by 38% to VND56.9 trillion.
PetroVietnam cut costs by VND2.04 trillion, equivalent to 75% of its yearly target. It also contributed VND733.8 billion to the COVID-19 fight, of which VND554.9 billion went to the COVID-19 vaccine fund.
However, the group’s operation was severely affected in August when the social distancing order was imposed in most of cities and provinces nationwide, including several economic hubs such as Ho Chi Minh City and the southeastern region.
Given the challenges, the group has taken drastic actions to cope with the pandemic, including imposing strict preventive measures, securing vaccination for its employees, while rolling out suitable, effective production models.
At the same times, PetroVietnam units have kept updated on market developments, adjusted production chains and boosted digital transformation to adapt to the new working environment amid COVID-19.