PV Gas Trading revenue tops $1 billion in 8 months

PV Gas Trading posted revenues of VND25 trillion ($1.04 billion) in the first eight months of 2023, reaching 86% of its year plan.

The company, a subsidiary of leading Vietnamese gas supplier PV Gas, contributed 40% of the corporation’s total revenue during the period.

Despite fluctuations in the domestic and foreign liquefied petroleum gas (LPG) markets, the company was able to sell 1,704 million tons of LPG, surpassing the eight-month plan by 41%, fulfilling 95% of its year plan of 1.8 million tons, and posting a year-on-year increase of 29%.

It attributed the impressive numbers to leaders implementing many effective measures to develop business and expand markets.

In particular, PV Gas Trading focused on promoting exports and international trade – a segment with great potential and huge opportunities.

Its LPG output for export and international trade in the first eight months reached 640,000 tons, or 245% of its eight-month plan and 173% of the year plan. The figure was 2.2 times higher than the same period last year.

In the domestic market, despite facing many disadvantages and fierce competition, the company enjoyed a year-on-year growth of 4% in LPG output, maintaining its leading position with 70% of the wholesale market share in the country.

In addition to solutions for business development and market expansion, PV Gas Trading took corporate governance steps towards building a lean, professional and adaptive system in line with its business orientations and development scale. This resulted in improved labor productivity and business efficiency, the firm said.

It also noted that all employees of the company will work very hard in the remaining four months of 2023 to achieve the LPG output milestone of 2.5 million tons, a growth of 25% compared to 2022.

PV Gas, the parent company of PV Gas Trading, is a subsidiary of state-run Petrovietnam, Vietnam's national oil and gas corporation. Established in 1990, it focuses on gathering, transporting, storing, processing and distributing gas and gas products, as well as distributing LPG.

It is listed on the Ho Chi Minh Stock Exchange (HoSE) as GAS, which closed Wednesday at VND101,500 ($4.22) per share.