PV Gas profit hits $296 mln in 6 months on soaring oil price

Petrovietnam Gas JSC, a subsidiary of the state-run Petrovietnam, recorded an after-tax profit of $6,919 billion ($296 million) in the first six months of the year, up 87% compared to the target and 59% year-on-year.

Its revenue reached $54,560 billion (nearly $2.34 billion) during the period, surpassing the target by 34% and increasing 34% year-on-year.

PV Gas said surging prices of oil and liquefied petroleum gas (LPG) were an advantange, but its business also faced many challenges due to the Russia-Ukraine conflict and global supply chain disruptions caused by China’s Covid-19 control policy.

In the last six months, there were times when Brent crude oil topped $130 per barrel compared to $80 in early of the year.

The firm produced and supplied over 1 million tonnes of LPG in the first half of 2022, exceeding 23% of the plan and dropping 1% against the same period last year, accounting for about 70% of the country's wholesale market share.

It also produced and supplied 56,800 tonnes of condensate, up 67% compared to the plan and 85% year-on-year.

PV GAS contributed over VND3,626 brillion ($155 million) to the state budget in the period, an increase of 70% against the plan and 8% year-on-year.