PGS: MAINTAINING A STRONG POSITION IN THE GAS MARKET

Business recovery

With 20 years of experience in the gas business, PGS has built a reputable brand, becoming one of the leading LPG trading companies in Vietnam. The Company’s business portfolio includes residential LPG, industrial LPG, CNG, and LPG cylinder production.

Gas South’s LPG cylinder brands have long been trusted by Vietnamese consumers and recognized as high-quality Vietnamese goods, such as Gas Dau Khi, VT-Gas, A Gas, Jp Gas, Dak Gas, and Dang Phuoc Gas.

In 2021, the Covid-19 storm continued to sweep through the domestic and global economy. In particular, the fourth Covid wave shook thousands of enterprises, with Gas South also facing many challenges. In Q3/2021, the Company had to implement “three-on-site” production at warehouses and filling stations, while conducting regular Covid-19 testing for employees to ensure stable business operations.

Faced with these difficulties, PGS’s leadership quickly implemented innovations and restructuring. PGS established Vietnam LPG Co., Ltd. – VT GAS by reorganizing the Eastern Branch and VT Gas Branch. Accordingly, Vietnam LPG Co., Ltd. – VT GAS took over all facilities, customers, and selected personnel from these two branches and other regional branches, while simultaneously dissolving and terminating their operations. After more than one year of restructuring, PGS has recorded clear improvements in organizational efficiency, labor productivity, and business performance.

In addition, the Company formed a rapid response team to address fluctuations in global and domestic oil and gas prices, while proactively implementing Covid-19 prevention measures and maintaining flexibility in business plans.

Thanks to these proactive and decisive measures, PGS is now reaping the rewards after a challenging year. Specifically, in the first 11 months of 2021, the Company achieved revenue of VND 5,396 billion, up 118.0% compared to the same period in 2020, fulfilling 105.2% of the annual plan; pre-tax profit reached VND 90.1 billion, up 240.6% year-on-year, and completed 115.2% of the 2021 pre-tax profit plan.

Affirming its position in the market

In its long-term strategy for 2020–2025, PGS aims to maintain its growth position in the CNG market, while promptly adopting LNG technologies to seize opportunities in LNG products. The Company is also focused on improving service quality, from delivery and cylinder cleaning to enhancing LPG quality, brand promotion, and reinforcing its role as a professional distributor with a leading LPG cylinder trading brand. Additionally, PGS is moving toward successfully applying IT in management and control to reduce administrative costs.

At the Listed Companies Voting 2021, PGS’s Annual Report was highly evaluated by the judging panel and honored among the Top 5 Best Annual Reports in the Smallcap group. The panel noted that the report’s assessment section by the Board of Management/Board of Directors received a perfect score. In the corporate governance section, PGS scored the maximum 5/5 without any deductions. The 2021 annual report was a thoroughly prepared and well-invested publication.

PGS consistently affirms its motto of green and sustainable operations, using natural and environmentally friendly energy. All of the Company’s activities are oriented toward creating sustainable value and increasingly adopting green energy in production processes.

Over the past year, PGS invested in installing two rooftop solar power systems at its Western Branch (Can Tho) and Binh Khi Branch (Nhon Trach, Dong Nai), aimed at reducing production costs while making a practical contribution to environmental protection.
The stable and sustainable development of PGS in recent years has built a solid position and strengthened the Gas South brand’s reputation in the market.

Thu Hang / Dac San Doanh Nghiep Niem Yet 2021

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