Petrovietnam's November performance sustains impressive momentum

Saturday, Dec 09, 2023 10:58

Ending November, Petrovietnam exceeded most production targets by 2.3-28 per cent. — Photo courtesy of Petrovietnam

Petrovietnam reported its key production figures in November, exceeding the planned targets by 2.7-72.7 per cent despite rising uncertainties in the world.

Particularly, noteworthy was the crude oil extraction output, reaching 0.86 million tonnes, surpassing the monthly target by 9.8 per cent. Other notable achievements include a 4-per-cent increase in electricity production by PV Power, a 95.1-per-cent surge in NPK production, and a 7.2-per-cent rise in polypropylene compared to the previous month.

Ending November, Petrovietnam exceeded most production targets by 2.3-28 per cent, with only NPK production meeting 76 per cent, and gas and electricity production achieving 95.5 per cent and 97.6 per cent, respectively.

Financial indicators continued to outperform targets, with total group revenue for November reaching VNĐ89 trillion (US$3.7 billion), exceeding the monthly target by 59 per cent. Tax contributions for November reached VNĐ13.1 trillion, surpassing the monthly target by 84 per cent.

For the 11-month period, Petrovietnam comprehensively achieved its annual financial targets for 2023, reaching them 1.5-5 months ahead of schedule and surpassing the annual targets by 7-81 per cent. Cumulatively, the group's total revenue is estimated to reach VNĐ833.6 trillion ($34.7 billion), surpassing the 11-month target by 34 per cent and exceeding the annual target by 23 per cent.

In the regular December meeting, Petrovietnam CEO Lê Mạnh Hùng indicated the global economic situation and macro-economic realities posed greater challenges than anticipated. This directly impacted Petrovietnam's operations, reflected in a 14.6 per cent reduction in electricity output and an 8.4 per cent decrease in gas mobilisation.

Additionally, unfavourable trends in the energy market saw a significant drop in world crude oil prices, averaging an 18 per cent decrease over the 11-month period compared to the same period in 2022.

Hùng highlighted the importance of adapting to these challenges and maintaining resilience in the face of market uncertainties, focusing on expanding the scale, facilitating transformation, restructuring business models, and enhancing competitiveness for greater efficiency. — VNS

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