PVOIL strives to implement business targets for the first 6 months of 2019

On July 10th 2019, PetroVietnam Oil Corporation (PVOIL) organized a conference to evaluate business operation during the first six months of 2019.

The conference focused on analyzing and estimating advantages and disadvantages of local and international petroleum market; subjective and objective elements that helped bringing the current business results.

Beside disadvantaged developments of international crude oil prices, government’s policy on petroleum prices, environment tax, decreasing commission in the market, scarcity petroleum supplied from domestic oil refineries… left negative impacts to local petroleum market and operations of petroleum enterprises and PVOIL is among the affected businesses.

In spite of disadvantages in business environment, PVOIL has been striving to complete important business targets. The corporation accomplished well and safely the export target of crude oil. During first 6 months of this year, it exported 5.69 million tones of crude oil, completing 54% of full-year target. Beside, PVOIL supplied enough locally-extracted and imported crude oil for Dung Quat Oil Refinery.

Of the exported amount, domestic crude oil was 3.39 million tones, equivalent to 52% of whole-year goal; imported crude oil was reported at 437,000 tones, completed 218% of full-year target. Total sale of the entire PVOIL retail system during the first half 2019 was estimated at 1.59 million cubic meters, completed 49.8% whole-year goal. Gasoline E5 RON 92 sale was reported at 290,000 cubic meters, fulfilling 48.4% of 2019 full-year target.

The highlight of PVOIL business operation was the amount of petroleum sold under PVOIL Easy program which has been deployed recently. PVOIL continues to carry out the program at 618 petroleum stations of its subsidiaries and affiliates nationwide. The corporation has been upgrading service quality for more customers by launching non-cash payment methods via electronic payment services for individual customers including ViettelPay, VCBPAY, VCB Mobile Banking, Got It...

During the six-month period, PVOL sold 20,005 cubic meters petroleum based on PVOIL Easy program, completed 54.5% whole-year goal, an increase of nearly 100% against 2018 achievement. Petroleum sold via PVOIL Easy to new customers accounted for 51%.

For finance-related targets, first half of 2019 consolidated revenue was seen at 35.816 billion VND, completed 73.1% full-year goal. Total amount submitted to the State budget was estimated at 5.133 billion VND, completed 72.3% whole-year target. Six-month period, consolidated pretax profit of the corporation’s subsidiaries and consolidated profit were seen at 58.5% and 32% of whole-year goal respectively.

At the conference, leaders of corporation, divisions, subsidiaries and affiliates made reports and analyzed advantages and disadvantages they met when operating the business. They discussed, shared experiences and introduced solutions to limit negative impacts from the market and sought ways to bring into play advantages and salvage opportunities from the market for better achievements in the rest months of 2019.

Concluding the conference, on behalf of the corporation’s leaders, Mr. Cao Hoai Duong - PVOIL’s President & CEO acknowledged and praised efforts of leaders and staff in the whole PVOIL system for completing the business goal in the difficult situation of local and international oil market during the past six months.

PVOIL’s President & CEO predicted that it would be extremely challenging during the rest months of 2019. In order to complete well 2019 business goals, especially profit and sale revenue, Mr. Cao Hoai Duong suggested corporation’s divisions to make outstanding effort under guideline “buy quickly – sell quickly- reasonable inventory level” for fully taking advantages and avoid negative impact from the market.

He urged divisions to perform better in introducing PVOIL Easy, PVOIL Mobile at petroleum stations for boosting sales amid increasingly difficult and competitive situation of traditional form of business. The corporation’s employees were also asked to carry out Scheme 1114 and 808 in upgrading service quality at petroleum stations, petroleum storages, expand petroleum retail outlet system for 2019 revenue and profit targets…

For privatization and restructuring tasks, PVOIL’s President & CEO asked divisions and subordinate leaders to speed up the process, creating favorable condition and good background for PVOIL privatization.

Finally, for deployment of electronic payment solutions applied at petroleum retail outlet system, Mr. Cao Hoai Duong said “based on offering customers more electronic payment options via Got It, ViettelPay, VCBPAY, VCB Mobile Banking and applying electronic billing at PVOIL petroleum stations nationwide, from August 1st 2019, the corporation became pioneer in petroleum business community in the country in updating payment solutions. The strategy creates huge advantage for better competitiveness in the market. He asked the corporation and divisions’ leader and entire staff members to keep in mind this strategy for boosting sales, especially in the retail market”./.