Vietnam National Petroleum Group ( Petrolimex ) has just sent a document explaining its production and business results in the first 6 months of 2024 to the State Securities Commission and the Ho Chi Minh City Stock Exchange.

According to Petrolimex, in the first 6 months of 2024, the parent company's after-tax profit reached nearly VND 1,531 billion; while in the same period last year it reached more than VND 649 billion, an increase of nearly VND 881.6 billion.

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Petrolimex made big profits in the first 6 months of this year. Photo: Petrolimex

Petrolimex's consolidated profit after tax in the first 6 months of 2024 reached nearly VND 2,421 billion, an increase of more than VND 862 billion compared to the first 6 months of 2023.

Explaining the reason for the large profit, Petrolimex said that its petroleum business activities were basically stable, effective and sales volume increased compared to the same period in 2023.

This comes from the fact that the world energy supply and oil prices are stable, not fluctuating as much as in previous years. Along with that, the supply of gasoline from domestic refineries is quite stable, traders import gasoline according to plan and ensure efficiency.

Besides, Petrolimex's financial profit increased compared to the same period last year mainly due to higher dividends from subsidiaries and joint ventures compared to the same period.

According to the audited consolidated financial statements, Petrolimex's after-tax profit in the first 6 months of 2024 increased compared to the same period in 2023, mainly due to the efficiency of petroleum trading activities. Business activities in other areas of the group were basically stable and grew compared to the same period.

However, profits from subsidiaries trading in petrochemicals and jet fuel (a sector that accounts for a large proportion of Petrolimex's non-petroleum profit structure) in the first 6 months of 2023 decreased compared to the same period.

In addition, divestment from PG Bank in the third quarter of 2023 also caused profits from joint ventures and associates in the first 6 months of 2024 to decrease compared to the same period.

On the stock market, at the end of the trading session on August 30, PLX shares decreased by VND 200 compared to the previous session, down to VND 48,600/share.