PVOIL meets investors before the 2022 AGMS

On the eve of the 2022 Annual General Meeting of Shareholders, on April 21, 2022, PetroVietnam Oil Corporation (PVOIL, UPCoM: OIL) held a meeting with major shareholders, investment funds, securities firms to update information on the production and business activities of PVOIL. At the meeting, the corporation’s leaders discussed and answered questions raised by investors.

PVOIL’s shareholders were informed of business results and operation in the first quarter of 2022. In 2021, despite being heavily affected by the Covid-19 pandemic, PVOIL achieved impressive results with a total sale volume of the system at 3,132,000 m3/ton, completing 100% of the whole-year goal, up 7% compared to 2020.

Total revenue of the reviewed year reached 58,299 billion VND, completing 105% of the plan, up 15% over the same period. Consolidated pre-tax profit reached 928 billion VND, 2.3 times higher than the assigned plan.

In the first quarter of 2022, along with the complicated development of the epidemic, the fluctuated domestic and foreign petroleum markets due to the Russia - Ukraine conflict, and the shortage of petroleum since the Nghi Son oil refinery’s production was unstable, PVOIL completed the quarter’s business targets.

With proactive response to fluctuations, reasonable business management, and good use of market opportunities, PVOIL has exceeded the targets of the first quarter with a record total petroleum sale volume at 875,000 cubic meters, reaching 105.2% of the quarterly plan and 26.3% of the whole-year plan.

Consolidated revenue was estimated at 17,800 billion VND, reaching 158.2% of the quarterly plan and 39.6% of the whole-year plan. Consolidated pre-tax profit was estimated at 295 billion VND, reaching 236.1% of the quarterly plan and 59% of the whole-year plan.

Investors asked several questions related to the development of wholesale and retail channels, business output, development orientation of the retail system, influence from the unstable operation of Nghi Son Oil Refinery, Petec restructuring situation, develop services at petroleum stations such as convenience stores, rest stops on highways, the impact of the conflict between Russia - Ukraine on petroleum imports, the situation of participating in the jet fuel market, and the impacts from the development of the electric vehicle…

Answering the investors’ questions, PVOIL Chairman Cao Hoai Duong and PVOIL President & CEO Doan Van Nhuom gave specific information to all investors. PVOIL orients to develop wholesale and retail channels in parallel to support each other in the face of market fluctuations, ensuring sustainable development.

In terms of business output, which depends greatly on the socio-economic situation with many unpredictable fluctuations, PVOIL targeted to increase output by at least 5% this year. PVOIL also proactively plans to source domestic and imported goods to compensate the shortage of sources from Nghi Son Refinery. The strategy has been demonstrated in the first quarter of 2022 when many suppliers were in trouble of arranging petroleum. PVOIL ensured a stable supply of goods throughout the system to its loyal customers and occasional customers.

According to PVOIL leaders, PVOIL will invest in petroleum depots and petroleum stations to expand and increase market share. Jet A1 gasoline business is still in the strategy of PVOI. However, the plan was interrupted by the Covid-19 pandemic, which strongly affected the aviation industry.

Currently, when the pandemic situation has been improved gradually, PVOIL continues to carry out preparations and investments to participate in this market. PVOIL also intends to continue developing value-added services at petroleum stations according to the trend of the world and in accordance with the requirements of the market by opening convenience stores. Some stores have been opened and initially shown to be effective. However, the investment will be in a prudent and effective direction, in line with the strategic direction of PVOIL.

In the face of the strong impact of the energy transition trend, especially the electric vehicle market that directly affects PVOIL's operations, PVOIL's leaders closely monitor the market to take right investment strategies, turning challenges into opportunities.

Currently, PVOIL plans to convert a number of petroleum stations into diversified service stores with both petroleum pump stations and electric vehicle charging stations to serve customers.

Speaking at the end of the meeting, Chairman of the Board of Management of PVOIL Cao Hoai Duong thanked shareholders and investors for their interest, sharing and support for PVOIL's activities during the past time, especially at different stages. In response to the trust and support of shareholders and investors, PVOIL always tries its best to ensure the highest efficiency in operations, maximizing benefits for businesses, shareholders and employees.

Mr. Cao Hoai Duong - Chairman of the Board of Management of PVOIL (right) and PVOIL President & CEO Doan Van Nhuom (left) chair the meeting


An overview of the meeting


Representatives of shareholders and investors ask questions and discuss at the meeting


Representatives of shareholders and investors ask questions and discuss at the meeting

PVOIL News.