PetroVietnam reports rosy results for year so far amid pandemic strife

June 23, 2021 | 10:40
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State-owned Vietnam Oil and Gas Group (PetroVietnam) has fulfilled its 5-month business targets beyond expectations with on-year stable growth in all financial metrics.
PetroVietnam reports rosy results for year so far amid pandemic strife
PetroVietnam donates $17.4 million to the national COVID-19 vaccine fund

The group raked in $9.88 billion in total revenue during the period, surpassing the 5-month projection by 14 per cent more than the same period in 2020.

It paid $1.4 billion to state coffers, showing a 23 per cent jump over the plan and up 20 per cent on-year. PetroVietnam also posted pretax profits reaching $6.3 billion, more than 2.3-fold over the plan and triple that compared to one year ago.

All member units under the group succeeded in maintaining stable production and business, keeping close eyes on stockpiles and taking radical measures to ensure effective containment of the ongoing pandemic.

These figures came out at a recent periodical online meeting to review 2021 business performance so far for the group and its member units, which was chaired by CEO Le Manh Hung, with the attendance of chairman Hoang Quoc Vuong and other executives of PetroVietnam, as well as leaders of diverse member units.

In the early months of 2021, the global economy saw a strong rebound, particularly in developed nations, with effective COVID-19 vaccination strategies being seen in the United States, the European Union, and China.

Global growth, however, is divided clearly based on regions as well as economies; and hot-paced growth in trade and services has resulted in supply scarcity which is expected to entail a new price upsurge cycle of raw materials.

In Vietnam, from late April the resurgence of the pandemic has cast sweeping impacts across the whole spectrum of the economy and society, and is forecast to linger in the forthcoming months.

Through taking a raft of measures for effective containment of the pandemic, in the first five months of this year PetroVietnam has closely followed the set targets and attained upbeat results across the board.

Significantly, it posted an 18 per cent hike in oil exploitation output in May, helping the group to fulfill its cumulative oil equivalent extraction output target set for the first five months this year.

In the face of COVID-19 growing complicated, commitments to ensure absolute safety for the labourers, and no disruption to production and business activities, the parent company has timely enacted a suite of concrete measures to ensure efficient prevention of infections, like practising emergency situations of getting a positive COVID-19 test result, conducting screening testing for employees, and holding a first round of vaccination for labourers.

PetroVietnam and member units will be working with relevant bodies, sectors, and health facilities to carry out vaccinations for staff across the whole group.

Simultaneously, responsive to the call from the government and the prime minister, PetroVietnam has donated $17.4 million to the national COVID-19 vaccine fund, wishing to make contributions to push back the pandemic for the noble targets of ensuring safe environment for the people, and spurring social and economic development.

Up to now, PetroVietnam and member units have contributed over $20 million to the fight against the pandemic.

At the review meeting, PetroVietnam chairman Vuong praised the achievements member units have posted in the year to date despite facing a host of difficulties due to pandemic implications, including lower demand for power and gas consumption.

In the upcoming time, the group shall implement a raft of investment construction projects. Many are on a large scale and with long durations that may have lasting effects on member units’ operation.

Vuong, therefore, urged member units to focus on strengthening cost management and risk management capacity to ensure meeting important metrics related to speed, quality, and cost efficiency of investment projects.

In a closing speech, CEO Hung reviewed and recognised the efforts of member units that had made strides to post such encouraging 5-month business results. The leader required member units to ensure good containment of the pandemic situation across the entire group, along with working with the Ministry of Health and competent agencies to soon conduct vaccinations, particularly giving priority to those who are working at sites offshore or in foreign markets, and in those areas prone to risk.

It is also important to gauge impacts of macroeconomic factors like inflation and exchange rate situation in financial and investment management, and gauge market impacts, particularly pandemic impacts on production and consumption to be able to present effective remedy measures.

As for production, Hung mandated member units to increase oil exploitation output to offset for the shortfall in gas output, ensure effective production and business in the context of favourable oil price, expand output market, ensure good management of the stockpile, and strengthen cooperation among member units striving for successful accomplishment of 2021 business targets.

By Anh Duc

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