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Four subsidiaries of PetroVietnam named in Forbes Vietnam’s list of top 50 listed firms

Four member companies of the Vietnam Oil and Gas Group (PetroVietnam) have been named in the list of the top 50 listed firms in Vietnam in 2022 compiled by Forbes Vietnam.

They are Petrovietnam Gas Corporation (PV Gas), PetroVietnam General Service Joint Stock Corporation (Petrosetco), PetroVietnam Fertilizer and Chemicals Joint Stock Corporation (PVFCCo), and PetroVietnam Camau Fertilizer JSC.

PV Gas is at the ninth place in the list this year. This is the 10th consecutive year that the company has been honoured in the list.

The company posted record revenue and profit in the first six months this year, with net turnover at 54.342 trillion VND (2.32 billion USD at current exchange rate), up 35% year on year and after-tax profit at 8.637 trillion VND, up 98% year on year. In the period, PV Gas produced and supplied more than 1 billion tonnes of LPG, accounting for 70% of the domestic gas wholesale market.

Meanwhile, it is the sixth time PVFCCo has made its way onto the list. The company has maintained its growth in the first half of this year, posting revenue of around 10 trillion VND and parent company’s pre-tax profit of over 4 trillion VND. The production and business outcomes in the period demonstrated the rising contribution of chemical business to the company.

PVFCCo produces more than 600,000 tonnes of chemicals of all types each year, with 540,000 tonnes of ammonia (NH3). The company supplies 90% of NH3 demand in the southern region’s market. It now holds 10% of the domestic fertilizer market and 37% of the urea fertilizer market.

The company reported two-digit growth rates in net revenue and post-tax profit in the period from 2017 to 2021, at 11.42% and 23.28%, respectively.

For PVCFC, this is the second time it has been named in the list. It reported more than 8.24 trillion VND in total revenue and 2.451 trillion VND in pre-tax profit in the first half of this year.

During the period, PVCFC had accomplished all business targets. Accordingly, the company’s urea fertiliser equivalent production output reached 474,350 tonnes, equal to 55% of the year’s plan and up 4% year on year.

Meanwhile, urea fertiliser consumption was estimated at 432,380 tonnes, equal to 56% of the full-year plan and up 3% year on year.
The company paid 297.85 billion VND to the State coffer, up 3.4 fold of the yearly target.  

Meanwhile, this is the first time Petrosetco has been named in the list. It reported revenue of 8.7 – 9.0 trillion VND and consolidated profit of 160 billion VND in the first six months of this year, an increase of 6-7% year on year.
Last year, the company posted a ten-year high revenue of 17.598 trillion VND, surpassing the yearly plan by 17% and rising 31% from the previous year. Its pre-tax profit topped 415 billion VND, surpassing plans by 66% and doubling the figure of 2020.

US business magazine Forbes Vietnam applied its global ranking method to compile the list but also took into consideration the characteristics of the Vietnamese market. 

Voting criteria are based on the results of three rigorous screening rounds. The preliminary round selects companies with a good business situation, stable listing on HOSE and HNX, market capitalization and revenue of at least 500 billion VND. The next round of assessment is based on metrics like compounded annual growth rate, return on equity, return on capital, and earnings per share in 2016-20.

Besides, companies also have to satisfy criteria like sustainable development, their position in the industry, profit sources, governance quality, and industry development prospects./.