PetroVietnam Oil Corporation (PV Oil) estimates its total revenue in 2018 may reach VND57 trillion (US$2.5 billion), beating its forecast by 15 per cent.

The company also estimates its pre-tax profit would be VND587 billion, exceeding its plan by 17 per cent. The company’s payment to the State budget would be VND8.25 trillion, up 15 per cent from the plan.

In 2018, the company’s sales are forecast to increase by 8 per cent year on year, accounting for 25.3 per cent of total domestic consumption.

In the first nine months of the year, PV Oil recorded VND45 trillion in revenue and VND483 billion in pre-tax profit.

According to the firm’s general director Cao Hoai Duong, the company will improve the quality of inventory governance, expand its station network and apply new technologies to become more competitive and raise market share.

PV Oil plans to spend VND7 trillion in the next five years to build more gas stations in order to win 35 per cent of the domestic market.

The company has recently capped its foreign ownership limit at 6.62 per cent of charter capital from the previous 49 per cent.

PV Oil is trading more than 200.4 million shares on the Unlisted Public Company Market (UPCoM) out of its total 1.03 billion outstanding shares.

The firm’s shares fell 0.7 per cent to close Friday at VND14,700 per share. — VNS