Petrovietnam reports $580 mln profit in Q1

State-run giant Petrovietnam (PVN) recorded an estimated pre-tax profit of VND13.6 trillion ($580 million) in the first quarter of this year, exceeding its quarterly plan by 67% and fulfilling 39% of the year target.

This information was announced by PVN general director Le Manh Hung at the group's business briefing on Monday.

PVN's total revenue is estimated at VND193.7 trillion ($8.26 billion), exceeding its quarterly plan by 17% and reaching 29% of the year target.

It paid VND29.8 trillion ($1.27 billion) to the state budget, exceeding its quarterly plan by 21% and fulfilling 38% of the year plan.

In Q1, PVN's production reached 2.6 million tons, and gas exploitation output 1.97 billion cubic meters, exceeding its quarterly plan by 12.6% and 17.6% respectively, equal to 28% and 33% of the year target.

The group's electricity production reached 5.65 billion kWh, up 35.3% year-on-year, nitrogen fertilizer production hit 461,000 tons, while production of gasoline and oil (excluding Nghi Son refinery products) rose 7% to 1.74 million tons.

PVN said that with efforts to optimize and improve production and business efficiency, it achieved positive financial indicators, exceeding the plan, amid the decline in oil prices and adverse market fluctuations. In Q1, the average selling price of oil slipped 15% year-on-year.

PVN chairman Hoang Quoc Vuong told the meeting that from now until June 2023, power plants under the group must maintain supply; the next milestones of its Thai Binh 2 thermal power plant development be ensured; the Dung Quat Shipbuilding Industry Company Limited (DQS) restructuring project be updated; and the role of DQS in the marine economic development strategy be determined.

PVN recorded a consolidated pre-tax profit of VND82 trillion ($3.49 billion) in 2022, 3.3 times higher than its target and up 60% year-on-year. Its total revenue reached VND931 trillion ($39.67 billion), exceeding its plan by 67% and up 48% year-on-year, chairman Hoang Quoc Vuong said at a government conference in January.

The oil and gas group paid more than VND170 trillion ($7.24 billion) to the state budget in 2022, 2.64 times higher than the year plan and up 52% year-on-year.

The PVN leader said that the group's oil and gas reserves reached nearly 17 million tons of oil equivalent in 2022, exceeding its plan by 21% and up 26% year-on-year.

Domestic oil and gas exploitation output hit 9 million tons, exceeding its target by 28% and equivalent to 2021.