PTSC on the eve of the 2025 Shareholders' Meeting: Ready for a new momentum

2024: The year of comprehensive "breakthrough"

2024 marks a remarkable growth milestone for PTSC , with consolidated revenue reaching VND 24,986 billion - the highest level ever, exceeding 161% of the annual plan and increasing by more than 15% compared to 2023. Consolidated profit after tax reached VND 1,255 billion, completing 190% of the plan and reaching the highest level in the past 9 years. The profit after tax ratio on charter capital reached 30.43%, reflecting the efficiency of capital use and outstanding operating capacity in the context of many fluctuations in the energy market. A clear highlight in 2024 is that revenue from overseas markets accounts for over 50%, demonstrating competitiveness and global integration through the implementation of a series of contracts for the provision of offshore engineering services in the Middle East, Asia - Pacific and Europe. The revenue structure by sector shows clear growth in most business segments. Mechanical engineering segment reached VND 17,227 billion, up 49%, accounting for 69% of total revenue; of which, oil and gas - industrial projects reached VND 11,310 billion (up 56%) and offshore renewable energy projects reached VND 5,917 billion (up 38%). FSO/FPSO services reached VND 2,792 billion, up 7%. Transportation, installation and maintenance services for marine works reached VND 3,016 billion, up 51%. Underground construction survey services using ROV equipment reached VND 525 billion, up 50%. Port and logistics services reached VND 2,156 billion, up 28%.

Some notable projects include: in the oil and gas - industrial sector, PTSC has begun to manufacture the CPP central processing platform of the Block B project - the largest project ever designed and constructed in Vietnam. At the same time, PTSC has signed the EPCIC general contract for the Lac Da Vang field development project and the FSO supply contract for the same project. In the renewable energy sector, PTSC completed the export of offshore wind power bases for the CHW2204 project and delivered the OSS booster platform to the Hai Long project (Taiwan - China). The enterprise also continues to execute many new orders for offshore wind power projects in the Asia - Pacific region. In the industrial infrastructure sector, PTSC participates in the construction of items at Long Thanh airport, Long Son petrochemical complex, Dung Quat oil refinery; deploying investment in the construction of wharf No. 3 - Dung Quat I Port Area and expanding the wharf system at Hon La. Along with that are notable investment items such as: building new service ships, upgrading the automated mechanical system, building a new Prefab workshop and equipping modern survey equipment, to improve construction and manufacturing capacity in the coming years.

Improve organization and operational efficiency

The year 2024 marks a strong transformation in the management and operation of PTSC. The Board of Directors and the Executive Board of PTSC have restructured senior personnel, appointed a General Director and Deputy General Director in line with the development orientation and strategy in the new period. The merger of PTSC G&S (now the Survey and Underground Services Branch) helps to streamline the organization and optimize internal linkage capacity. Operational solutions are deployed synchronously to strictly control costs, increase resource efficiency, minimize risks and improve overall financial capacity. PTSC is one of the enterprises with high budget contributions in the oil and gas technical services industry. In 2024, the total contribution to the State budget reached VND 1,318 billion, exceeding nearly 220% of the plan, demonstrating a positive contribution to the national budget. The company also fully fulfilled its obligations to pay dividends, take care of employees' lives and set aside development investment funds in accordance with regulations. According to the report submitted to the General Meeting of Shareholders, PTSC proposed to pay dividends in 2024 in shares at a rate of 7% on charter capital, equivalent to a value of VND 334.6 billion. Paying dividends in shares not only ensures shareholders' rights but also contributes to increasing charter capital and improving the financial capacity of the company in the coming period. Along with that, PTSC has allocated more than VND 436 billion to the Development Investment Fund and continues to maintain more than VND 595 billion in undistributed profits - the actual profit remaining after distribution, creating long-term resources for investment and enhancing financial resilience to effectively respond to market fluctuations.

2025 Plan - Balancing growth and financial efficiency

Entering 2025, PTSC aims to develop with a spirit of proactive adaptation, maintaining efficiency and ensuring financial safety. Consolidated revenue is planned to reach VND 22,500 billion, continuing the high scale established in the previous year. Consolidated profit after tax is expected to reach VND 780 billion - a realistic forecast, reflecting the policy of controlling costs, stabilizing operations and accumulating resources for the medium and long-term investment period. The focus of the 2025 plan is to promote comprehensive investment in a long-term orientation. PTSC plans to increase its charter capital from VND 4,779 billion to VND 5,114 billion after paying dividends in shares, thereby consolidating its financial foundation to implement large-scale projects domestically and internationally. The total investment value of the entire system in 2025 is estimated to reach over VND 5,000 billion, of which the parent company alone plans to invest over VND 2,500 billion, focusing on key areas such as offshore wind power, oil and gas service ports, industrial mechanics and LNG infrastructure - in line with the global energy transition trend.

Notably, at this General Meeting of Shareholders, PTSC will submit for approval the Contract for Supply, Operation and Maintenance of Floating Storage and Offloading (FSO) for Block B project - one of the largest gas fields in Vietnam today. The project has an exploitation period of up to 23 years, the total contract value is estimated at hundreds of millions of USD, implemented under a joint venture model with international partners, in which PTSC owns 51% of the charter capital. This is a strategic step, not only bringing long-term stable cash flow, but also affirming PTSC's leading role in the oil and gas technical service supply chain. With a solid financial foundation, an increasingly complete service ecosystem and a project portfolio expanding to the fields of offshore wind power, LNG and electricity export, PTSC is accumulating resources to enter a new growth cycle. 2025 is identified as a pivotal year, opening a period of in-depth medium and long-term investment, creating solid momentum for the strategic development that the enterprise has prepared over the years.

According to PetroTimes

Source: https://www.ptsc.com.vn/tin-tuc/tin-ptsc-1/san-xuat-kinh-doanh/ptsc-truoc-them-dai-hoi-dong-co-dong-2025-sn-sang-cho-suc-bat-moi