PVOIL exceeds full-year revenue plan in 9 months 2024

On 16/19/2024, The Executive Committee of the Party Committee of PetroVietnam Oil Corporation (PVOIL) held its 19h Expanded Conference to review the Party's work and business operations in third quarter and the first 9 months of 2024.

Mr. Cao Hoai Duong, Secretary of the Party Committee and Chairman of the Board of Management, and Mr. Doan Van Nhuom, Deputy Secretary of the Party Committee, President and CEO, presided over the conference.

The conference was attended by members of the Party Committee, Board of Directors, Executive Board, Supervisory Board, Chief Accountant, heads of departments, Party leaders affiliated with PVOIL, and directors of subsidiary units.

During the first 9 months of 2024, the Party Committee and PVOIl’s Board of Management operate Party-building efforts and production and business objectives and achieve remarkable results

PVOIL’s Party Committee followed key targets, duties to manage the implementation and achieve the set plan; also reviewed and directed the implementation of resolutions set forth at the 3rd Party Congress of PVOIL for the 2020-2025 term.

In business operations, the third quarter is extremely challenging time for petroleum business activities as the world oil price continuously decreased; domestic petroleum retail prices had also been adjusted 10-12 times with a total decrease of 16 - 20%; the impact of Yagi storm caused damage to the petroleum station system and petroleum business activities; and demand decreased….

Accumulated for the first 9 months of the year, business output reached nearly 4.2 million m3/ton; increase by 11% over the same period, reaching 80% of the yearly plan; consolidated revenue reached over 94 trillion VND, increase by 39% over the same period, exceeding 13% of the yearly plan. The development of gas stiation continued to record fast growth with 78 new stores, reaching 130% of the annual plan, increase the total number of gas stations to 823.

PVOIL also actively promotes the effectiveness of digital transformation and develops non-petroleum services at petrol stations. Production through the online apps such as PVOIL Easy, PVOIL B2B, PVOIL Mobile all recorded high growth. After 2 weeks of launching, the sales application for individual customers - PVOIL 4U has received positive reception from customers with more than 28,000 accounts registered. Electric vehicle charging stations, convenience stores, cafes, etc. at petrol stations operate effectively, contributing positively to the overall business results of the Corporation.

In his directives at the conference, Mr. Cao Hoai Duong, Secretary of the Party Committee and Chairman of the Board, analyzed and evaluated the market situation and the Corporation's operating results in the third quarter and the first 9 months; identify opportunities and challenges for the Corporation's operations. He highly appreciated the efforts of the Executive Board and units in maintaining growth and limiting negative impacts on the market. At the same time, he highly appreciated the prevention of the recent storm No. 3 (Yagi) with minimal damage, and the damaged petrol station was quickly resolved and back to normal operation to meet people's needs, creating a good image, increasing the prestige and brand of PVOIL. On that basis, he proposed summarizing, drawing lessons and replicating solutions for application throughout the system in the context of climate change becoming increasingly complex and unpredictable.

Chairman of the Board also noted issues in labor safety, fire prevention, directed to strengthen inspection and supervision transportations during the import and export of goods at petroleum depots; organized training, improved legal work at units realting to bidding regulations, completed legal procedures on land; continued to propagate, promote and develop the PVOIL 4U application to effectively promote the Corporation's technology platform; increased retail output; promoted Jet A1 aviation fuel business; invested in highway stops, long-distance truck service stations;...

In Party work, the Secretary of the Party Committee emphasized the key tasks in the last 3 months of the year; including the dissemination and implementation of Conclusion 76-KL/TW throughout the system and organizing training preparations for Party congresses for the 2025-2030 term.

Speaking at the conclusion of the Conference relating to business activities, Deputy Secretary of the Party Committee, President and CEO acknowledged the determination and efforts of all employees to overcome difficulties, achieve growth in revenue, products, and development of gas station; thereby, expanding modules and increasing market share.

With the extremely difficult market situation in the third quarter as well as the forecast for continued difficulties in the last months of the year, Mr. Doan Van Nhuom directed the units to follow the market situation and fluctuation of gasoline prices in order to have effective business plans and minimize losses. He also directed the units to strictly implement in labor safety and fire prevention; specialize the gasoline transportation services of member units; continue to improve and develop the sales application for individual customers - PVOIL 4U; strengthen coordination and mutual support among units in the system; seek opportunities to develop DO to meet Euro 5 standard for competitive advantages; focus on developing the gas station system; continue to follow the planning targets, especially the revenue target assigned by the Vietnam Oil and Gas Group in the 2024 management plan./.

Mr. Cao Hoai Duong, Secretary of the Party Committee and Chairman of the Board of Management, presided over the conference.

Mr. Doan Van Nhuom, Deputy Secretary of the Party Committee, President and CEO, presided over the conference.

Panorama of conference

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