PetroVietnam: H1 pre-tax profit surpasses plan by 165%

Friday, Jul 16, 2021 17:04

Bach Ho (White Tiger) oil field. PetroVietnam's first half net profit tripled last year to US$926 million. — VNA/VNS Photo Huy Hung

The Vietnam Oil and Gas Group (PetroVietnam) reported that its pre-tax profit in the first six months of the year surpassed the plan by 165 per cent and tripled that in the same period last year, reaching VND21.3 trillion (US$926 million).

Thanks to the global economic recovery and the COVID-19 pandemic being brought under control, PetroVietnam met and surpassed the assigned targets.

During the first half of the year, PetroVietnam’s crude oil and condensate output surpassed the plan by 15 per cent, contributing to fulfilling the goal of tapping 9.68 million tonnes of oil equivalent. The output of petrol, oil and fertiliser was also higher than the target.

The group’s total revenue hit VND299.3 trillion, exceeding the plan by 20 per cent and up 22 per cent on a yearly basis. Its contribution to the State budget soared by 33 per cent to VND45.2 trillion.

With return on equity (ROE) reaching 4.6 per cent in the first half of the year, PetroVietnam was among oil and gas companies with the best ROE in the world.

Its strategic products such as oil, gas, petroleum, electricity and fertiliser not only brought high revenue to the State budget but also helped stabilise market prices, especially amid the complicated developments of the COVID-19 pandemic and the hike in prices of imported necessities. — VNS

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