Retail giant Petrolimex targets 42% hike in 2023 pre-tax profit

Vietnam's biggest gasoline retailer Petrolimex has set a pre-tax profit target of VND3.23 trillion ($137.14 million) in 2023, a year-on-year increase of 42%.

Petrolimex is expected to make consolidated revenue of VND190 trillion ($8.07 billion) in the year, and pay a dividend rate of at least 10%.

The figures were released at the company's annual general meeting of shareholders (AGM) on Monday.

At the AGM, Tran Ngoc Nam, deputy general director, said that Petrolimex expects business conditions to return to normal in 2023 after a turbulent 2022, given the Russia- Ukraine conflict and a number of gasoline traders having their business licences scrapped due to violations.

Answering shareholders' questions about the corporation's plans for its petrol station network expansion, Nam said Petrolimex will consider investing when there are opportunities, but the principle is that investment must be efficient.

Petrolimex reported after-tax profit of VND667 billion ($28.43 million) in the first quarter of 2023, up 51% year-on-year, on a net reveunue of VND67.43 trillion ($2.87 billion), up 0.6%, according to its financial statement.

In Vietnam, the corporation holds more than 50% of the retail gasoline market share. It has 43 member units directly trading gasoline nationwide with 5,500 gas stations,

On the Ho Chi Minh City Stock Exchange, Petrolimex (PLX) shares hit VND38,100 ($1.62) on Tuesday.