Binh Son profit down 89% due to refinery maintenance

By Tat Dat   March 15, 2023 | 03:31 pm PT
Binh Son profit down 89% due to refinery maintenance
Dung Quat Oil Refinery in Quang Ngai Province. Photo courtesy of Binh Son Refining and Petrochemical
Binh Son Refining and Petrochemical, which operates the Dung Quat Oil Refinery, estimated its profit will fall by 89% to VND1.6 trillion ($67.86 million) this year against last year.

The profit decline is mainly because its Dung Quat Oil Refinery will stop operation for maintenance for some 50 days.

Binh Son also expected its consolidated revenue to fall 43% to VND95.6 trillion. The company has planned to produce and sell 2.3 million tons of diesel oil, 1.4 million tons of RON E95 gasoline, and other products this year.

Its plan was based on the price of crude oil reaching $70 per barrel in 2023.

Binh Son reported a net profit of nearly VND14.5 trillion last year, up 115% from the previous year, with a net revenue of VND167.123 trillion for a 65% increase.

Dung Quat in central Quang Ngai Province and the Nghi Son Refinery in the central province of Thanh Hoa account for around 70 percent of the country’s fuel demand. The rest is imported.

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