Dung Quat oil refinery owner reports six-fold profit increase

Binh Son Refining and Petrochemical JSC, owner of Dung Quat Oil Refinery, recorded an after-tax profit of VND9,910 billion ($424 million) in the second quarter, six times the year-on-year figure.

Its net revenue reached VND52,391 billion ($2.24 billion) in Q2, 1.9 times the year-on-year number, according to the firm's (BSR) financial report.

The sharp increase in Q2 profit was driven by the surging prices of crude oil and oil products, the report said. Crude oil prices in June averaged $123.7 per barrel, up about 40% compared to the end of last year.

In the first half, the company's net revenue and after-tax profits reached VND87,174 billion ($3.73 billion) and VND12,222 billion ($522.92 million), up 78% and 2.5 times over the same period last year, respectively.

With the figures, BSR has fullfilled 95% of the whole year's revenue plan and exceeded its year profit target.

Binh Son Refining and Petrochemical JSC is listed on the unlisted public company market UPCoM as BSR. At the closing session on July 27, BSR shares were priced at VND24,500 ($1.05) per unit.

As of June 30, 2022, BSR's total assets reached VND79,750 billion ($3.41 billion), up 19% compared to the beginning of the year.

The output plan of Dung Quat Oil Refinery in the third quarter is 1.98 million cubic meters, according to the state-run Petrovietnam.

Currently, BSR is working on a project to expand the capacity of Dung Quat Oil Refinery to 7.6 million tons a year at an estimated investment of $1.2 billion.