In 2011, the overall economic downturn strongly affected enterprises across industries, including oil and gas companies. However, for key players in the sector, business results remained impressive, with many surpassing their original targets. These companies also expressed optimism about their business plans for 2012.
Speaking with Dau Tu Chung Khoan, Mr. Nguyen Sy Thang, Chairman of Southern Gas Trading JSC (PGS), said that in 2011 PGS expected revenue of around VND 5 trillion and profit of VND 300 billion, exceeding its target by more than 65% (the 2011 plan had set profit at VND 180 billion). For 2012, PGS projects business indicators to exceed 2011 by about 20%. The company also decided to make a first-round dividend payment for 2011 at a rate of 12%, with the remaining amount to be decided at the upcoming shareholders’ meeting, but not lower than 20%.
PetroVietnam Technical Services Corporation (PTSC, ticker: PVS) continued to lead in specialized vessel services, FSO/FPSO operations, petroleum port bases, and mechanical services. PVS currently provides about 90% of the specialized vessel services for oil and gas exploration and production in Vietnam. According to General Director Nguyen Hung Dung, 2011 was a successful year, with PVS exceeding its business targets. For 2012, PVS has set preliminary goals, to be presented at the shareholders’ meeting, including estimated revenue of VND 25 trillion and profit of VND 9.5 trillion.
Petrosetco (PET) also reported positive results, thanks in part to distributing 40% of polyester fiber output from the Dinh Vu Plant, with an estimated annual distribution of 70,000 tons. PET expanded into distributing new Sony Ericsson mobile phones while maintaining strong sales of its traditional products. General Director Phung Tuan Ha stated that in 2011, PET expected revenue of over VND 10 trillion and pre-tax profit of VND 400 billion, more than 80% above its target of VND 220 billion. For 2012, PET set preliminary goals of over VND 10 trillion in revenue and pre-tax profit of VND 240 billion (nearly 10% above its 2011 plan). PET also plans to pay 2011 dividends at 18–20%. In real estate, PET will focus on the Thanh Da high-rise project in Ho Chi Minh City’s Binh Thanh District, with 35 floors, over 100,000 m² of commercial space, and total investment exceeding VND 2 trillion.
Northern Gas Trading JSC (PVG) also expressed optimism. Chairman Doan Quang Vinh said PVG would exceed its 2011 profit target of VND 198 billion. While specific figures for 2012 were not given, the company aims to maintain performance at least on par with 2011. Recognizing the urgent need for LPG storage facilities, PVG is developing a 7,500-ton storage terminal in Dinh Vu Industrial Zone (Hai Phong) and a 3,285-ton terminal in Vung Ang Economic Zone (Ha Tinh).
For PetroVietnam Drilling & Well Services Corporation (PV Drilling, ticker: PVD), the 2012 target is 10–15% growth in revenue and profit. To achieve this, the company plans to continue investing, particularly in offshore drilling rigs, in line with market demand and Vietnam’s strategy to expand oil and gas exploration activities.
Overall, oil and gas companies are increasingly specializing their investments to strengthen market position and business efficiency, steadily moving toward achieving higher growth targets compared with the previous year.
(Dau Tu Chung Khoan 14/12)
