Beating pandemic, PVOIL records positive business results in 2021

20.12.2021

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On December 17th, 2021, PetroVietnam Oil Corporation (PVOIL) held a conference to review the Party's work, production and business activities in 2021. The Employee Conference in 2022 was also held at the same time.

Mr. Cao Hoai Duong - Secretary of the Party Committee, Chairman of the Board of Management, Mr. Doan Van Nhuom - Deputy Secretary of the Party Committee, President and CEO, Mr. Vo Khanh Hung, Deputy Secretary of the Party Committee and Vice President of the Corporation and Mr. Doan Duy Cong, Chairman of the Corporation's Trade Union chaired the conference.

The meeting was attended by members of the Executive Committee of the Corporation's Party Committee, Board of Management, Board of Directors of the Corporation, President of PVOIL's Trade Union and 280 delegates selected from the Divisions, Offices of the Corporation, affiliated units, and subsidiaries of PVOIL.

Opening the Conference, PVOIL President & CEO Doan Van Nhuom summarized the situation of the petroleum business market with negative impacts from Covid-19 pandemic in 2021. Facing with the difficulties, the Corporation synchronously implemented solutions on business and pandemic prevention. Mr. Doan Van Nhuom acknowledged and highly appreciated the efforts of the Corporation's Board of Directors, specialized departments, affiliated units and member units for bringing Corporation overcoming a challenging year. He was proud of the results achieved.

The report summarizing the Party's work and the report on business and production in 2021 emphasized that the most influential factor on PVOIL's business was the impact of the Covid-19 pandemic. In that context, PVOIL actively implemented measured to respond to the epidemic, strengthening business management, cost-saving and disease prevention measures.

PVOIL maintained jobs and incomes for employees. None of PVOIL's employees had to lose their jobs due to the pandemic. The corporation ensured safety of nearly 6,000 employees during the lockdown. In particular, the vaccination program for employees was implemented properly by the Corporation and its member units. This campaign made an important contribution to the protection of workers' health.

Up to now, 5,478 out of 5,528 employees have been vaccinated, reaching 99.10%. The number of people getting two shots are 5,323 people, about 97.17% of the people who have been vaccinated.

In terms of business results, by minimizing the damage caused by the pandemic, PVOIL achieved business targets. In 2021, the Corporation's consolidated revenue reached 55,000 billion VND, completing 98.7% of the whole-year plan, up 8.8% over the same period of 2020. Parent company's revenue was estimated at 32,522 billion VND, completing 120.5% of the year plan, an increase of 55.2% from a year ago.

The Corporation submitted 8,483 billion VND to the State budget, completing 100 % of the year plan, up 1.7% over the same period. Of the amount, the parent company paid 900 billion VND, completing 100% of the year plan while member units paid 7,583 billion VND, completing 100% of the year plan, up 2.8% over the same period of last year.

Consolidated pre-tax profit was seen at 884 billion VND, completing 221% of the year plan. Of the amount, parent company reported 754 billion VND profit, completing 251% of the year plan. Subsidiaries recorded 160 billion VND profit, completing 101% of the year plan.

Concluding the conference, Mr. Cao Hoai Duong praised the corporation for adopting timely and effective solutions to response to the Covid-19 pandemic. This was an important factor for PVOIL to achieve good production and business results in 2021.

Although the market's consumption dropped severely due to the heavy impact of the pandemic, total output reached 97.5% of the year plan. Consolidated profit of the Corporation reached a record high, 2.4 times higher than the year plan which is a remarkable achievement, he added.

The achievement proved that the Corporation and its member units have seized the business opportunity and transformed it into reality. On the basis of the results achieved in 2021, Mr. Cao Hoai Duong outlined the development orientation for 2022, which is to continue to expand business activities, develop markets, and expand to areas that PVOIL has not been established.

Besides, Mr. Cao Hoai Duong also urged the corporation’s leaders to urgently apply digital transformation to meet the market demands. The goal is to quickly modernize the pumping stations retail outlet system, connecting with digital payment devices, promoting and expanding non-cash payment methods and improving business administration. At the same time, PVOIL will have to take appropriate steps to adapt to the current trend of energy transition.

With the best efforts of the Board of Directors and employees, PVOIL has overcome the difficulties of the Covid-19 pandemic in 2021, recording positive business results, creating a premise and motivation to enter 2022 with new opportunities and challenges.