PVOIL records positive business results in the first quarter of 2022

09.04.2022

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On April 8th, 2022, the Executive Committee of PVOIL’s Party Committee held the 9th Conference to review the Party's work and the production and business activities of the corporation in the first three months of 2022.

Comrade Cao Hoai Duong, Secretary of the Party Committee, Chairman of the Board of Management of the Corporation, and PVOIL President &CEO Doan Van Nhuom, who is also Deputy Secretary of the Party Committee of the Corporation chaired the conference.

The Conference also received participation of members of the Executive Committee of the Corporation's Party Committee, the Board of Management, Board of Directors, Chief accountant, Chairman of Trade Union, Secretary of Youth Union; Head of Divisions/Office of the Corporation as well as directors, chairman of affiliated units and subsidiaries.

In the first quarter of 2022, despite the complicated development of the Covid-19 pandemic, the domestic and foreign petroleum market, and the conflict between Russia and Ukraine that caused petroleum shortage, PVOIIL recorded positive business results.

The world oil price continued to increase, while the petroleum shortage as the Nghi Son Refinery’s operating capacity fell. The imported petroleum arrived end-February led to limited sales, affecting the efficiency of the Corporation’s retail system.

In such a difficult situation, PVOIL implemented several solutions to ensure a stable source of petroleum throughout PVOIL's system of warehouses to serve customers and even non-regular customers.

The strategy contributed to stabilizing the market and affirming the brand and reputation of PVOIL. Along with reasonable business management solutions, and making good use of market opportunities, PVOIL beat the business targets for the first quarter of 2022.

Notably, in the first quarter, the total petroleum sale reached 875.000 cu.m/ton, reaching 105.2% of the quarterly plan and 26.3% of the year plan. Consolidated revenue is estimated at 17,800 billion VND, reaching 158.2% of the quarterly plan and 39.6% of the year plan.

Consolidated pre-tax profit was estimated at 295 billion VND, reaching 236.1% of the quarterly plan and 59% of the year plan. All units in the PVOIL system achieved positive business results. No unit suffered a loss.

Sales volume through PVOIL Easy program continued to grow. Besides, sale revenue from non-cash payment methods continued to grow after the corporation cooperated with the large electronic payment applications including Got It, Viettel Pay, Vietcombank, MoMo, HD Bank, Shopee Pay ... Though the non-cash payment platform designed for wholesale and industrial customers (PVOIL B2B) has only been deployed since October 2021, it has initially achieved remarkable results.

At the conference, participants spent most of the time reporting, discussing, offering solutions to solve problems, and implementing key tasks in the coming time.

At the Conference, PVOIL President & CEO Doan Van Nhuom requested the corporation’s units to actively and seriously implement fire prevention in production and business. He urged leaders of the member companies to research and build petroleum stations in potential areas as well as invest in brand building, and upgrading facilities, helping the Corporation to enhance the image and reputation of PVOIL.

Concluding the Conference, Secretary of the Party Committee, Chairman of the Board of Management of PVOIL Cao Hoai Duong summarized the situation of Party work and production and business activities in the first quarter. He recognized and highly appreciated the Corporation's Board of Directors for their effort in operating production and business during the past months.

He praised PVOIL leaders for creating sources, ensuring the petroleum source, and maintaining output for the entire system of PVOIL's petroleum stations as well as regular customers and other customers.

Comrade Cao Hoai Duong thoroughly understood the Corporation's leaders and employees' policy on personnel work; in which, the mobilization and rotation of cadres in the system is a regular activity according to the regulations of the Party, the Group and the Corporation.

At the same time, the Secretary of the Party Committee, the Chairman of the Board of Management of the Corporation also thoroughly grasped the Joint Resolution of the Standing Board of the Party Committee and the Board of Management of the Corporation "On strengthening supervision and control of interests in activities of PetroVietnam Oil Corporation”