Dung Quat refinery operator doubles post-tax profit to $614 mln in 2022

By Tri Duc
Tue, January 24, 2023 | 3:14 pm GMT+7

Binh Son Refining and Petrochemical JSC, operator of Vietnam's first oil refinery Dung Quat, earned a post-tax profit of VND14,394 billion ($613.8 million) in 2022, up 115.4% year-on-year.

The firm, listed on the unlisted public company market UPCoM as BSR, posted a revenue of VND167,123 billion ($7.13 billion), up 65.34%.

As a result, the business exceeded its revenue and profit targets by 82% and 11 times, respectively.

Dung Quat oil refinery in Quang Ngai province, central Vietnam. Photo courtesy of PetroTimes magazine.

Dung Quat oil refinery in Quang Ngai province, central Vietnam. Photo courtesy of PetroTimes magazine.

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In Q4/2022, BSR earned a post-tax profit of VND1,494 billion ($63.7 million), down from VND2,700 billion ($114.5 million) in Q4/2021.

BSR attributed the fall to the rising prices of crude oil. Average prices skyrocketed from $49.89 per barrel in December 2020 to $83.66 in October 2021, $87.22 in January 2022, and $123.7 in June 2022.

As the rates went down to $81.12 in December 2022, the firm had expected worse performance in Q4/2022, versus that of a year ago.

Another reason is the price difference between crude oil and oil products, like diesel oil, A1 jet fuel, petroleum, polypropylene.

Vietnam has two operational oil refineries - Nghi Son Refinery and Petrochemical complex in Thanh Hoa province, and Dung Quat Refinery in Quang Ngai province, both in the central region.

Nghi Son is a $9 billion refinery co-owned by Petrovietnam, Kuwait Petroleum Europe B.V. (KPE), and Japan’s Mitsui Chemical and Idemitsu Kosan Co. Dung Quat Refinery is a Petrovietnam subsidiary and has received more than $3 billion in investments.

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