Petrolimex reports increase in profits

By Phuong Dong September 3, 2019 | 05:28 pm PT

Petrolimex employees work at a gas station in District 1, Ho Chi Minh City. Photo by VnExpress/Thanh Nguyen.

Petrolimex, Vietnam’s biggest petroleum retailer, has reported an 8 percent year-on-year increase in pre-tax profits in the first 6 months.

Falling financial and operating expenses contributed to the rise in Petrolimex’s pre-tax profits, which reached VND3.05 trillion ($132 million), or 58 percent of the company’s yearly target, it said in a newly-released audited financial report.

Revenue for the period reached VND91.7 trillion ($3.97 billion), down 5 percent year-on-year, largely due to average world crude oil prices (WTI) in the first six months having fallen 12 percent compared to the same period in 2018, to $54.9 per barrel, Petrolimex said.

In the first half of 2019, gasoline sales rose one percent, and profits from this business segment accounted for 53 percent of pre-tax profits.

Non-gasoline sales, including petrochemicals, asphalt, gas, water and ground transport, aviation jet fuel, construction, and insurance and banking, accounted for the remaining 47 percent of pre-tax profits.

By the end of the second quarter, Petrolimex’s total assets were valued at VND58.47 trillion ($2.53 billion).

Petrolimex is 83.85 percent state-owned. Japanese integrated energy corporation JXTG Group has an 8.84 percent stake and the remainder is held by Vietnamese individuals.