PV GAS reaps $564 mln profit, a record high

PV GAS, a subsidiary of state-run Petrovietnam, reported after-tax profits of over VND13.3 trillion ($564 million) in 2022, up 51% year-on-year and nearly doubling its year target.

The company's total revenues reached over VND100 trillion ($4.23 billion), equaling 125% of the plan and up 25% year-on-year, according to information released at the company's 2022 employee conference.

PV GAS's contribution to the state budget was over VND7.2 trillion ($304.44 million), equaling 177% of the plan and up 14% year-on-year.

Return on total assets (ROA) was over 14% and return on equity (ROE) topped 22%. It has maintained a high dividend payout ratio amounting to 25% of charter capital in cash.

In 2022, PV GAS supplied over 7.7 billion cubic meters of dry gas, an increase of 8% compared to 2021. The firm's condensate output reached over 100,000 tons, equaling 155% of the plan and completing the target five months ahead.

Its LPG output hit over 2 million tons, equaling 118% of the plan, equivalent to 2021 and fulfilling the target two months ahead.

PV GAS has maintained a stable gas supply to produce over 11% of the country's electricity output, accounted for about 70% of nitrogen fertilizer output, held nearly 70% of the national LPG market and 11% of the retail LPG market (excluding Gas South) in the context of increasingly fierce competition, said PV GAS general director Hoang Van Quang.

In October, PV GAS forecast revenue of VND100 trillion ($4.2 billion) this year, the highest since 2015. The company's nine-month financial indices are estimated to exceed its targets by 40-60%.

Top broker SSI Securities estimated PV GAS's pre-tax profit in the first nine months of the year at VND14 trillion ($586 million), up 61.8% year-on-year.

PV Gas is listed on the Ho Chi Minh Stock Exchange as GAS. At the closing session on Friday, GAS shares were priced at VND101,500 ($4.29).