PVGas's profit jumped over 34 per cent in Q2

Tuesday, Jul 27, 2021 08:19

A ship loading LPG at PVGas's Vung Tau Port. — Photo pvgas.com.vn

PetroVietnam Gas JSC (PVGas, GAS) reported profit after tax of more than VND2.3 trillion (US$100.1 million) in the second quarter of 2021, resulting in a rise of 4.3 per cent in profit after tax in the first six months of this year.

In its second-quarter financial statement, PVGas witnessed a gain of 34.4 per cent year-on-year to more than VND22.7 trillion ($988 million) in the second quarter. With slower pace in its cost of goods sold growth, the company’s gross profit reached over VND3.78 trillion, up 57.4 per cent over last year.

During the second quarter, income from financial activities halved to VND204.4 billion, while its expenses for financial activities jumped 230.3 per cent.

The company’s sale expenses and general and administrative expenses surged 10.9 per cent and 162.2 per cent over the same period last year in the second quarter.

Deducting expenses and taxes, PVGas recorded profit after tax of more than VND2.3 trillion, up 34.3 per cent year-on-year.

In the first half of 2021, the company’s net revenue reached over VND40.27 trillion, up 23.2 per cent over last year, resulting in a gain of 4.3 per cent in profit after tax to nearly VND4.4 trillion. Its earning per share (EPS) during the period was VND2,116.

In this year’s annual General Meeting of Shareholders, the company approved the plan of total revenue of VND70.2 trillion, up 9 per cent compared to 2020. However, its profit after tax is expected to drop 12 per cent to VND7.03 trillion, the lowest result in the past nine years, since 2012.

Therefore, PVGas has completed 57.3 per cent of the revenue target and 62 per cent of this year’s profit plan in the first half of 2021.

As of June 30, its total assets reached VND74.8 trillion, up 18.3% compared to the beginning of the year. Of which, its short-term investments accounted for the largest part of the total assets, 34 per cent, with a value of VND25.56 trillion. Its fixed assets reached VND19.33 trillion, accounting for 25.8 per cent of total assets, while the company’s short-term receivables was VND15.32 trillion, equivalent to 20.5 per cent of total assets.

By the end of the second quarter, PVGas’s time deposits were worth VND25.65 trillion, an increase of more than VND4 trillion compared to the beginning of the year.

Meanwhile, on the stock market, GAS shares closed Monday morning at VND86,700 per share, down 1.48 per cent. The shares lost 2.36 per cent since the beginning of the year. — VNS

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