Profit following tax and net profit of PVTrans (PVT) reached more than 1,200 billion VND and 980 billion VND, respectively, an increase of 7% and 14%. Compared to the set plan, PVT’s profit is 2.3 times the set target.
PVTrans exceeded plan 2.3 times
Petroleum Transportation Joint Stock Company (PVTrans, HoSE: PVT) just announced the business situation in the fourth quarter of 2023 and accumulated for the whole year 2023. In particular, PV Trans’s net revenue in the last quarter of 2023 recorded VND 2,753 billion, an increase of 13%. Cost of goods sold is at 2,252 billion VND, up 12% over the same period in 2022. Gross profit this period increased 14% to more than 500 billion VND.
Financial activity revenue reached 95 billion VND, an increase of 7%, however financial costs skyrocketed 66% to 138 billion VND, of which more than 100 billion VND was interest expenses. Selling expenses decreased 37% to 3.2 billion VND, management expenses increased 18% to 163 billion VND.
PVT’s fourth quarter profit following tax reached 268 billion VND, down 4% over the same period. Profit following tax for shareholders of the Parent Company reached 230 billion VND, an increase of 10% compared to the same period in 2022. PVT said the reason for the increase in Parent Company profits is due to increased financial profits, while increasing the efficiency of fleet exploitation. .
Compared to the set plan, PVT exceeded the revenue target by 40% and 2.3 times the profit following tax target for the whole year.
Full year revenue increased slightly by 5% compared to the previous year, to nearly 9,500 billion VND; Profit following tax and net profit reached more than 1,200 billion VND and 980 billion VND, respectively, an increase of 7% and 14%. Compared to the set plan, PVT exceeded the revenue target by 40% and 2.3 times the profit following tax target for the whole year.
As of December 31, 2023, PVT’s total assets reached nearly 17,500 billion VND, an increase of 23% compared to the beginning of the year. Of which, short-term assets went sideways, recording nearly 6,300 billion VND. Cash and deposits are held at nearly 4,500 billion VND, with insignificant fluctuations compared to the beginning of the year.
Short-term receivables decreased by 14% to nearly 1,200 billion VND. Inventory increased by 25% to nearly 225 billion VND.
Short-term debt increased by 31% to more than 1,300 billion VND; Long-term debt increased sharply by 77% to VND 4,600 billion. All are loans from joint stock commercial banks.
PVTrans plans to profit 760 billion VND in 2024
PVTrans’s Board of Directors has just approved the production and business plan for 2024 with a revenue target of 8,800 billion VND, pre-tax and following-tax profits of 950 billion and 760 billion VND, respectively.
This is a cautious step, but also a big challenge for state-owned enterprises, as this target is a 39% decrease compared to pre- and following-tax profits achieved in the previous year. However, PVTrans is famous for its ability to exceed plans, often achieving impressive results with an excess of regarding 170-230% compared to set goals.
The goal of paying 354 billion VND to the state budget and creating an average labor productivity of 233.5 million VND/person/month reflects PVTrans’s commitment to the community and society. The Corporation will also pay an average income of 30.3 million VND/person/month, while focusing on the main goals:
Ensuring safe transportation of crude oil materials to Dung Quat and Nghi Son refineries. Stable exploitation of FSO PVN Dai Hung Queen and CPP platform at Sao Vang Dai Nguyet field.
Investment: The company estimates investment capital needs of regarding VND 3,374 billion. Invest in VLGC ships, Aframax or MR ships, and invest in 2 new MR ships or 1 Aframax ship.
The company also plans to pour an additional 262 billion VND to contribute capital to member companies such as PVTrans Logistics, HH Thang Long, and Indochina Transport.
PVTrans aims to pay dividends in 2024 at 8%/charter capital. Continue to implement the plan to increase charter capital by paying 10% stock dividends, approved from 2022.
PVTrans, with 12 ships invested last year, continues to maintain its position as the largest transporter and maritime service provider in Vietnam. This bold step in the 2024 plan promises to create a year full of challenges and opportunities for PVTrans.
