PVOIL Holds 2025 Annual General Meeting of Shareholders

25.04.2025

00:00/00:00

PVOIL Continues Expanding Business to Ensure Stable and Sustainable Growth

On April 25, in Ho Chi Minh City, PetroVietnam Oil Corporation – JSC (PVOIL, stock code: OIL) successfully held its 2025 Annual General Meeting of Shareholders (AGM) online, with shareholders representing over 954 million shares, equivalent to 92.28% of total voting shares, in attendance.

Representing the major shareholder, the parent company of PVOIL – Vietnam National Industry – Energy Group (Petrovietnam) – was Ms. Nguyen Thuy Linh, a supervisor of the Group.

The chairing board of the AGM included: Mr. Cao Hoai Duong – Chairman of Board of Directors; Mr. Nguyen Dang Trinh – Member of the Board of Directors, President and CEO; Mr. Le Van Nghia – Member of the Board of Directors; and Mr. Tran Hoai Nam – Member of the Board of Directors.

According to reports presented at the meeting, despite the challenges and difficulties of the oil market in 2024, PVOIL achieved impressive business results, continued its growth, and set new records, fulfilling and exceeding key targets assigned by the AGM.

Specifically, in 2024, PVOIL set a new record in petroleum trading volume, reaching over 5.6 million m³/tons, fulfilling 113% of the annual target. Its consolidated revenue hit an all-time high of over VND 125 trillion, completing 151% of the yearly plan and growing by 21% compared to the same period last year. Consolidated pre-tax profit reached VND 633 billion, accomplishing 106% of the annual plan. The parent company alone achieved a pre-tax profit of VND 448 billion, fulfilling 112% of the target.

In 2025, PVOIL sets targets of consolidated revenue of VND 97.5 trillion, pre-tax profit of VND 780 billion, and the development of at least 70 petrol stations. This plan is based on a crude oil price of USD 70 per barrel and an exchange rate of VND/USD at 25,000.
These targets are based on crude oil prices at USD 70/barrel and an exchange rate of VND/USD at 25,000.

During the meeting, the Chairing Board addressed several shareholder questions, particularly about how PVOIL plans to overcome challenges and ensure sustainable growth. Leaders emphasized optimizing operations and service quality at petrol stations and fuel depots, leveraging these strengths especially as the draft decree on fuel trading moves toward a more market-driven model.

With a strategic orientation toward new fuel business, PVOIL has been granted a license by the Ministry of Industry and Trade as a key trader of Jet A1 aviation fuel and is currently carrying out necessary procedures to commence operations in the fourth quarter of 2025. In the future, PVOIL aims to enter the hydrogen fuel market as this energy source becomes more mainstream in line with global energy transition trends.

Another solution is that PVOIL will continue to actively apply digital transformation and Industry 4.0 technologies to further enhance corporate governance, improve business efficiency, align with market trends, and elevate customer experience with PVOIL’s products and services, thereby increasing its competitive advantage.

The development of non-fuel services at PVOIL petrol stations in recent times—such as electric vehicle charging stations, convenience stores, cafés, and rest stops for long-haul trucks—has shown positive initial results, contributing to increased operational efficiency at the stations. PVOIL aims to further expand these non-fuel services to capitalize on the commercial potential of its station locations and boost both revenue and profit.

Mr. Cao Hoài Dương – Chairman of the Board of Directors of PVOIL – stated, “These solutions help PVOIL expand its business and achieve growth in both revenue and profit, thereby ensuring sustainable benefits for shareholders. Beyond direct profits, PVOIL holds greater expectations for the synergy between non-fuel services and its traditional business, which will help attract customers and enhance operational efficiency.”

Regarding the outlook and the foundation for setting its 2025 growth targets—especially in light of an unfavorable market at the start of Q1—Mr. Nguyễn Đăng Trình, President & CEO of PVOIL, stated that as of April 2025, despite significant market challenges and a 15% drop in oil prices since the beginning of the year, PVOIL has demonstrated flexibility in management, optimized operations, and achieved commendable results. It has maintained output and recorded a 9% increase in revenue compared to the same period last year. With expectations that oil prices will recover from current lows and that economic development, alongside the national GDP growth target of 8%, will drive up fuel consumption, conditions are favorable for PVOIL to fulfill its 2025 plan.

Regarding the listing of OIL shares on HOSE (Ho Chi Minh Stock Exchange), PVOIL leaders stated that only one audit exception remains—an old investment in Petrochemical and Biofuel JSC (PVB), made prior to PVOIL’s equitization. This does not affect current operations or future plans. PVOIL is working with stakeholders to initiate PVB bankruptcy proceedings to resolve this audit issue and proceed with the HOSE listing.

Based on its business performance, actual provisioning, and the goal of transferring PVOIL’s stock listing from the UPCoM to the HOSE exchange—while ensuring the rights and interests of shareholders—the PVOIL Annual General Meeting of Shareholders approved a profit distribution plan, including a cash dividend for 2024 at a rate of 2.5% of charter capital, equivalent to an estimated payout of over VND 258 billion.

Additionally, in the near future, PVOIL plans to carry out scientific and technological development tasks assigned by Petrovietnam and expand non-fuel business activities and e-commerce applications already invested in by the company (PVOIL Easy, PVOIL 4U). To prepare for implementation, PVOIL has added related business lines such as: leasing solar power equipment systems, scientific research and technology development, advertising (on the PVOIL 4U app), and activities related to the collection and treatment of used cooking oil, ...

AGM also approved the dismissal of Mr. Doan Van Nhuom from his position as a Member of Board of Directors (due to retirement), and concurrently elected Ms. Nguyen Linh Giang as a new Member of Board of Directors of PVOIL.

At the close of the meeting, Mr. Cao Hoài Dương – Chairman of the Board of Directors of PVOIL – expressed his gratitude for the trust of the shareholders and pledged to work with integrity and prudence to protect their highest legitimate rights and interests, while supporting the Executive Board in successfully fulfilling the tasks assigned by the AGM.

The Executive Board of the Congress

The Executive Board answers shareholders' questions online.

Mr. Cao Hoai Duong – Chairman of the Board of Directors of PVOIL (right) and Mr. Nguyen Dang Trinh – Member of the Board and President & CEO of PVOIL (left) congratulate Ms. Nguyen Linh Giang on being elected by the AGM as a Member of the Board of Directors of PVOIL.