At the annual General Meeting of Shareholders on Friday, PVI’s Board of Directors said the global economy is negatively affected by the COVID-19 pandemic, and that the company would take all measures to reduce costs and minimise the damage caused by the disease. — Photo pvi.com.vn

PetroVietnam Insurance Corp (PVI), an affiliate of the National Oil and Gas Group (PVN) plans to pay 2019's dividend at a rate of 22.5 per cent, 2.5 per cent higher than the initial plan.

The company has approved the target revenue for 2020 of VND10.1 trillion (US$432.8 million), down 8 per cent from last year.

Post-tax profit is hoped to hit VND669 billion, equivalent to the same as last year. The expected dividend rate is the same as 2019 at 22.5 per cent.

In 2020, PVI plans to restructure its subsidiaries in a more streamlined and efficient manner and promote the application of information technology in corporate governance to increase revenue and efficiency, especially in retail operations.

By the end of 2019, PVI achieved revenue of nearly VND11.1 trillion, 2 per cent above the yearly plan. Pre-tax profit reached VND874 billion, exceeding the goal by 13 per cent and up 17 per cent over the previous year.

At the annual shareholders meeting on Friday, PVI’s Board of Directors said the global economy has been negatively affected by the COVID-19 pandemic, and the company would take all measures to reduce costs and minimise damage caused by the disease.

PVI would also accelerate reviewing its investment portfolios to turn risks into opportunities, the leaders said.

At the meeting, shareholders also agreed on the dismissal and addition of supervisory board members for the term 2017-2022. The company dismissed Tran Thu Ha and elected Le Tai Duc, a representative of the Vietnam Oil and Gas Group. — VNS