PV GAS honoured among businesses with best business performance in 2021

November 14, 2021 | 15:21
PetroVietnam Gas Corporation (PV Gas), a unit belonging to Vietnam’s state-owned oil and gas giant PetroVietnam, has made it into the Top 20 most profitable businesses in Vietnam in 2021 and secured a high ranking in the tally for the fifth consecutive year.
PV GAS honoured among businesses with best business performance in 2021
The government and PetroVietnam have been providing steady support for PV Gas to develop Vietnam's gas industry

Vietnam Report JSC (Vietnam Report) together with VietNamNet announced the PROFIT500 Ranking at the end of October, honouring the 500 most profitable companies in Vietnam in 2021.

For many years, PV Gas has been constantly a top contributor of revenue and profit in the PetroVietnam system, as well as a large tax payer in Vietnam, receiving high evaluation in terms of business performance and practical contributions to the country, shareholders, employees, and communities.

Undergoing 31 years of construction and development, PV Gas has become a large corporation with 19 affiliated units and members, nearly 3,000 highly qualified, experienced, dynamic and creative employees.

Diverse rating agencies have agreed that PV Gas has seen seamless strong development with safely, quality, and efficiency while achieving its tasks and targets.

PV Gas's safe system of gas collection, import, export, transportation, and treatment across the country supplies 20-30 per cent of the raw material and fuel input for the country's energy production, and 70 per cent of its nitrogen demand, accounting for 46-64 per cent of the domestic liquefied petroleum gas (LPG) market.

During the period, PV Gas has reached 115-208 per cent of its financial targets. Its revenue hit nearly VND340 trillion($14.8 billion) and pre-tax profit surpassed VND61 trillion ($2.65 billion), with nearly VND24 trillion ($1 billion) going to state coffers.

PV GAS honoured among businesses with best business performance in 2021
PV Gas projects always ensure safety and protect the environment

Total assets reached more than VND63 trillion ($2.74 billion) and owner's equity exceeded VND49 trillion ($2.13 billion). PV Gas also reported strong financial indicators, such as the return on equity ratio reaching 21 per cent and return on charter capital ratio reaching 51 per cent; high annual cash dividend (five-year total dividend value reaching 208 per cent of its charter capital); parent company’s capital disbursement surpassed VND17 trillion ($739.13 million); being listed among top corporate income tax payers and most profitable companies in Vietnam.

PV Gas has been focusing on infrastructure investment in the past five years. During the period, the company has completed seven important large-scale projects to high technical standards, such as wet gas supply from Nam Con Son Plant to Dinh Co gas processing plant (GPP) in 2016, Nam Con Son 2 Gas Pipeline phase 1 in 2017, Ca Mau GPP plant in 2017, improvement of the LPG recovery coefficient at Dinh Co GPP plant in 2018; shore and offshore pipelines and stations of Nam Con Son 2 project’s phase 2; Sao Vang-Dai Nguyet gas pipeline; and upgrading of Dinh Co GPP plant to receive gas from the Nam Con Son 2 project.

A representative of PV Gas said that in the first nine months of 2021, great challenges appeared in the oil and gas market due to COVID-19 impacts. Especially, gas supply for power generation dropped sharply on-year, equal to 72 per cent on-year. Besides, many difficulties persisted with travelling, transporting (LPG, CNG), and mobilising resources for project implementation as well as soaring operational costs due to pandemic impacts.

PV GAS honoured among businesses with best business performance in 2021
The construction of the 1 million-tonne LNG Thi Vai project is on schedule

In that situation, PV Gas has proactively responded to the pandemic situation, ensuring holding initiative in all cases so that production, business, investment, and construction activities take place seamlessly.

In the first nine months of 2021, PV Gas also cooperated closely with parties in the gas value chain, especially in forecasting, maintenance, and repair to operate the gas system safely, optimally and reduce the risk of damage. Accordingly, the company’s total revenue reached VND58.815 trillion ($2.56 billion) during the period, equaling 112 per cent of the nine-month plan, and up 21 per cent on-year.

Pre-tax profit reached VND8.654 trillion ($376.26 million), equal to 131 per cent of the nine-month plan, and up 10 per cent on-year. State budget contributions hit VND4.578 trillion ($199 million), accounting for 172 per cent of the plan, up 15 per cent on-year.

Despite the heavy impact of the COVID-19 pandemic on Vietnam, PV Gas' construction investment continues to be a bright spot in the general picture. Total disbursed value for construction investment in the first nine months was at a high level. In which, the parent company disbursed VND3.546 trillion ($154.17 million) concentrating on the Nam Con Son chain and LNG projects); and disbursed value of PV Gas reached VND3.992 trillion ($173.57 million).

Following positive business performance, PV Gas’ ticker (GAS on HSX) has been hitting new historical peaks reaching VND125,000 ($5.43) on October 28, 2021. The market cap of PV Gas has also surpassed VND200 trillion ($8.7 billion), ranking fifth among the largest market cap stock in Vietnam's stock market.

Over 31 years of development, PV Gas is a large corporation with 19 affiliated units and members, as well as nearly 3,000 highly qualified, experienced, dynamic, and creative employees.

Since its foundation, PV Gas supplied over 155 billion cubic metres of dry gas, nearly 20 million tonnes of LPG, and about 2 million tonnes of condensate, generated about VND915 trillion ($39.8 billion) in total revenue, more than VND175 trillion ($7.6 billion) in pre-tax profit, and paid nearly VND85 trillion ($3.7 billion) to the state budget.

In recent years, PV Gas received many prestigious titles: it was honoured with the Top 50 best performing listed companies in Vietnam by Forbes for the 9th time in a row; was one of 124 enterprises having products honoured as Vietnam National Brands by the Ministry of Industry and Trade; 10 biggest taxpayers; appearing on The Asia300, Nikkei’s exclusive list of the biggest and fastest-growing companies from 11 economies across Asia, and more.

By Son Thuy

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional