PV Gas sees Q1 net profit go down 26% to $99 mln

PV Gas, Vietnam’s largest dry gas and LPG supplier, earned consolidated net profits of VND2,511.66 billion ($98.96 million) in Q1/2024, down 26.5% year-on-year.

During the period, its net revenue increased 9.9% year-on-year to VND23,315 billion ($918.64 million).

The firm’s consolidated financial statements also showed that its costs of goods sold jumped 19.86% to VND19,624 billion ($773.2 million), causing gross profits to fall 24% to VND3,691 billion.

The gas giant attributed the profit contraction to lower gas selling prices and weaker dry gas sales. Specifically, its average contract price decreased 11% year-on-year to $631.67 a ton. In addition, its dry gas and liquefied petroleum gas (LPG) sales volumes dropped 14% and 9% year-on-year, respectively.

Its earnings per share slipped to VND1,093 (4.3 U.S. cents) from VND1,749 a year earlier.

As of end-March, PV Gas had total assets of VND91,776 billion ($3.62 billion), up 4.5% from end-2023. This included VND6,075 billion in cash and cash equivalents, up 7.2%.

Meanwhile, its liabilities increased 6.3% from end-2023 to VND23,876 billion ($940.73 million).

Late last month, the firm took delivery of its third batch of liquefied natural gas (LNG) of nearly 60,000 tons. The second batch was received earlier this year.

The firm has targeted consolidated net profits of VND5,798 billion ($228.36 million) on revenues of VND70,176 billion this year, based on oil prices averaging $70 a barrel and U.S. dollar being priced at VND23,500.

Shares of PV Gas, listed on the Ho Chi Minh Stock Exchange as GAS, closed Thursday up 0.54% at VND73,900 ($2.91) apiece.