Outperformers in a challenging 2022

January 05, 2023 | 16:35
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Despite a challenging 2022, many businesses beat the headwinds and ended the year with a bang.

PetroVietnam Transportation Corporation (PVTrans) has reached its full-year business targets three months earlier than scheduled. The company posted an estimated $397.8 million in full-year revenue and $47.56 million in full-year post-tax profit, a 41 and 128 per cent jump on-year, respectively.

PVTrans CEO Nguyen Duyen Hieu said that on the threshold of celebrating its 20th anniversary, the company had secured exceptional growth, breaking the previous record and simultaneously confirming its pole role in the domestic shipping market.

Outperformers in a challenging 2022
Petroleum was one of the sectors eyeing buoyant performance in 2022

Amid volatile fuel prices due to geopolitical and economic uncertainties, PVTrans impressive growth leveraged its well-conceived preparation and efforts to finalise investment for several oil tankers, a Supramax bulk carrier, and a dry cargo lighter.

According to PVTrans leadership, constantly improved scale and asset quality would bolster the company’s competitiveness, meeting their stable and sustainable development demands.

Another member in the oil and gas sector, Vietnam Oil Corporation, just unveiled that for the first time in its history, the company’s consolidated revenue surpassed VND100 trillion ($4.34 billion), reaching 223 per cent of the full-year target. Its pretax profit was estimated at $33.17 million, a 53 per cent jump on-year.

According to VNDirect Securities, businesses distributing petroleum products would witness a bonanza year in 2023, thanks to two major factors.

First, the oil price in the world market would become more stable this year, helping to mitigate the risk of inventory price reduction. Second, the country’s demand for petroleum products consumption was forecast to reach a compound growth of 5.5 per cent during 2022-2030.

As for Binh Son Refining and Petrochemical JSC, CEO Bui Ngoc Duong shared that the company had outperformed its production and business targets in 2022 in which Dung Quat oil refinery turned out nearly 6.50 tonnes of oil, 23 days ahead of schedule, generating revenue estimated at $7.19 billion, up 80 per cent over projection, and post-tax profit reaching $529.4 million, over ninefold greater than projection.

In several other sectors, the market weathered the storm in the last quarter of 2022; thanks to applying flexible measures, a string of firms reached full-year targets beyond expectations.

Do Tien Dung, chairman of Hang Xanh Motors Service JSC, said that normally the last quarter was the peak period for the car business, but last year was different, with a nosedive in revenue.

However, the first three quarters of last year saw the company’s robust business with spiking profit, so Q4 did not affect the company’s accomplishment of reaching full-year targets. In 2022, the company's pretax profit was set at $9.2 million. In the first three quarters of last year, the company already counted $10.7 million, and full-year pretax profit was estimated at $12.6 million.

Similarly, Thanh Cong Textile Garment Investment Trading JSC secured upbeat business results in 2022 despite the declining export market in Q4 last year, particularly in the EU and US. By end of November 2022, the company had reached 96 per cent of revenue and 99 per cent of the profit target for the whole year.

Flexibility, export market diversification and getting hold of input material sources are the factors helping Thanh Cong Textile Garment to surmount difficulties. By end of mid-December 2022, the company has secured export orders for Q1 this year and has plans for Q2 orders.

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