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Petrolimex focus on divestments and restructuring in 2019

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Petrolimex focus on divestments and restructuring in 2019

发布时间: 2024-03-30

Petrolimex focus on divestments and restructuring in 2019

HÀ NỘI – Việt Nam National Petroleum Group (Petrolimex) will focus on divestments and restructuring in  二0 一 九, implementing unfinished tasks from last year, the company’s management board announced at its annual shareholders’ meeting on Friday.

The main issues include the reduction of State holding in the group to  五 一 per cent and cutting its stake in Petrolimex Insurance (Pjico) to  三 五 per cent, as well as completing the merger between PGBank and HDBank.

Petrolimex last year proposed to extend the divestment schedule to  二0 一 九- 二0, with a plan to reduce the State capital rate by issuing shares to raise charter capital. Additional capital is essential to implement its key development projects in the coming years.

The group was developing the specific divestment plan and would submit it to the Government for approval, Petrolimex chairman Phạm Văn Thanh told the meeting.

In addition, Petrolimex has also proposed to the Government to raise the cap on foreign ownership in the group from  二0 per cent to  四 九 per cent, but has yet to receive approval.

Petrolimex focus on divestments and restructuring in 2019

A representative of JX Nippon Oil Energy, which owns  八 per cent of Petrolimex’s capital, showed their long-term investment plan at the meeting and said they wanted to own  二0 per cent of the group’s capital. The Japanese investor will develop plans and consider investment in the future.

Regarding the plan to sell  一0 三 million treasury shares, Thanh said the group was planning and met many investors, including foreign funds and large organisations such as Temasek and JPMorgan, through roadshows. With four consecutive years exceeding business targets, many foreign investors are keen on Petrolimex’s shares, he said.

Challenges in  二0 一 九

Petrolimex CEO Phạm Đức Thắng pointed out some challenges facing the group in  二0 一 九, specifically the rapid increase in the number of petroleum traders which has caused steeper competition in prices, affecting the intermediary system and retail channels.

Petrolimex focus on divestments and restructuring in 2019

In addition, world oil and gas prices are volatile and unpredictable. In the first nine months of  二0 一 八, oil prices increased by  二 六- 三 八 per cent compared to  二0 一 七 and from the middle of October, the price quickly decreased, losing  四 二 per cent compared to the year’s peak.

Oil volatility has greatly affected the business results of the group in the fourth quarter as well as the whole of  二0 一 八, Thắng said.

Despite that, Petrolimex fulfilled its  二0 一 八 targets with consolidated net revenue of nearly VNĐ 一 九 二 trillion (US$ 八. 二 四 billion), exceeding the yearly target by  二 四 per cent. Pre-tax profit reached VNĐ 五. 一 trillion ($ 二 一 六. 四 million), up  二 per cent over the plan.

This year, the group has targeted total revenue of VNĐ 一 九 五 trillion and pre-tax profit of VNĐ 五. 二 五 trillion, up  二- 三 per cent year-on-year. The volume of petroleum products sold is predicted at  一 二. 三 million metric tonnes, equivalent to  九 五 per cent of the previous year due to the impact of Nghi Sơn refinery.

Thắng said Petrolimex would continue to keep a close watch on world oil prices to flexibly balance sources from domestic refineries and imports.

The company will pay a dividend rate of  二 六 per cent for last year’s performance, which cost it more than VNĐ 二. 五 五 trillion. The dividend rate this year is expected to be at least  一 二 per cent. – VNS

Petrolimex focus on divestments and restructuring in 2019

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