PV GAS expects to reap $4.2 bln revenue this year

PV GAS, a subsidiary of state-run Petrovietnam, expects a revenue of VND100,000 billion ($4.2 billion) this year, a record high since 2015.

The company's nine-month financial indices are estimated to exceed its plans by 40-60%. The figures are expected to exceed the year's plans by 25-77%, PV GAS said at an investor meeting late last week.

Top broker SSI Securities estimated PV GAS's revenue in the first nine months of the year at VND76,500 billion ($3.2 billion), up 30% year-on-year and pre-tax profit at VND14,000 billion ($586 million), up 61.8%.

PV GAS posted an after-tax profit of nearly VND7 trillion ($299 million) in the first six months, up 87% compared to its target and 59% year-on-year. Its revenue reached $54,560 billion ($2.34 billion), surpassing the target by 34% and increasing 34% year-on-year.

The firm produced and supplied over 1 million tonnes of liquefied petroleum gas (LPG) in the first two quarters of 2022, surpassing 23% of the plan and equal to 99% of that in the same period last year, accounting for about 70% of the wholesale market share of the country.

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

PV Gas is listed on the Ho Chi Minh Stock Exchange as GAS. At the closing morning session on Tuesday, GAS shares were priced at VND106,800 ($4.47) per unit.