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Petrolimex’s profit falls to five-year low

by VNA18 January 2021 Last updated at 21:00 PM

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Currently, the State holds 81.89 percent of Petrolimex's capital and is expected to reduce the State capital to 51 per cent. (Photo: VNA)

VTV.vn - Vietnam’s largest petroleum retailer Petrolimex has reported that earned almost 1.27 trillion VND (55 million USD) in pre-tax profit in 2020, equivalent to 81 percent of this year’s target and down nearly 76 percent from 2019.

Under the double impact of the COVID-19 pandemic and the plunge in oil prices in 2020, Petrolimex failed to hit its profit target for the year and recorded the company’s lowest annual profit figure since 2015.

Total consolidated revenue was estimated at 123 trillion VND, surpassing the whole-year goal by 1 percent, but the achievement was 35 percent lower than the 2019 revenue.

The company contributed 38.5 trillion VND to the State budget in 2020.

In 2021, the group will implement its divestment plan and reduce the State's ownership. Currently, the State holds 81.89 percent of Petrolimex's capital, a figure expected to be cut to 51 percent.

Petrolimex will soon deploy the divestment of the group at Petrolimex Construction and Trade Corporation.