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PV Gas raise dividend to 53 per cent, posting $124m revenue in Q1

by ,http://vietnamnews.vn/economy/518493/pv-gas-raise-dividend-to-53-per-cent-posting-124m-revenue-in-q109 April 2019 Last updated at 17:22 PM

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PV Gas (GAS) decided to raise its 2018 dividend from 40 per cent to 53 per cent thanks to its spectacular business performance last year.

The company has already paid 40 per cent for 2018's dividend and the remaining 13 per cent will be paid this year. Photo laodong.vn

This information was reported at the company’s annual shareholders’ meeting on Tuesday.

The company has already paid 40 per cent for 2018's dividend and the remaining 13 per cent will be paid this year.

PV Gas planned a low profit target for 2018 but by the end of the year, it recorded net profit of VNĐ11.7 trillion (US$502.1 million), surpassing its yearly goal by 82 per cent thanks to higher-than-planned oil prices (up $23.4 per barrel).

It continued to set modest targets for 2019, with total revenue of VNĐ63.9 trillion (US$2.74 billion) and net profit of VNĐ7.64 trillion ($328 million), down 16 per cent and 35 per cent year-on-year, respectively. This projection is based on the forecasted oil price of $65 per barrel.

The dividend rate is planned at 30 per cent this year.

With positive performance of global oil prices, the company estimates revenue of about VNĐ20 trillion ($858.4 million) and pre-tax profit of VNĐ2.9 trillion ($124.4 million) in the first quarter.

Regarding State capital divestment, the company said the Government has a policy to reduce its stake to 65 per cent but has yet to set out a specific roadmap. PetroVietnam, the representative of the State capital, holds nearly 97 per cent.

PV Gas plans to raise ownership in two liquefied petroleum gas (LPG) companies to 51 per cent. This would show the company’s commitment in retail operations, increasing market share and support channel for wholesale activities, the company said.

PV Gas, a member of PetroVietnam, is Việt Nam’s largest natural gas company which runs integrated operations, from drilling for gas through marketing. It controls nearly 70 per cent of the domestic market for liquefied petroleum gas.

Shares of the company, listed on the Hồ Chí Minh Stock Exchange with sticker GAS, declined 1.9 per cent on Tuesday at VNĐ107,000 ($4.60) per share. VNS