For each liter of gasoline sold, SFC's average gross profit is about 891 VND.
Petroleum business is a special field, so for a long time, few people outside the industry have had detailed information. Recently, when the Government Inspectorate announced the conclusion of the inspection on the implementation of policies and laws in the State management of petroleum, the hidden corners of the petroleum market have gradually been revealed.
In addition to the enterprises that have been pointed out by the Government Inspectorate for violations in petroleum trading, among the 36 key enterprises (previously 38 enterprises, but now the business licenses of Xuyen Viet Oil and Bach Khoa Viet have been revoked), there are still enterprises with a not-so-optimistic financial picture.
According to Lao Dong's research, Saigon Fuel Joint Stock Company is one of the "big guys" in the petroleum business in the country, operating mainly in Ho Chi Minh City. According to the introduction on the website, the company has a vision of being a sustainable and effective development company, aiming to become one of the prestigious petroleum retail companies in Ho Chi Minh City.
At the end of December 2023, Saigon Fuel Joint Stock Company announced its 2023 annual report, thereby showing many notable financial information.
Accordingly, implementing the business plan for fiscal year 2023 (from October 1, 2022 to September 30, 2023), by the end of 2023, Saigon Fuel Joint Stock Company recorded revenue of VND 1,630 billion, an increase of 12% compared to 2022.
At the same time, Saigon Fuel Joint Stock Company reported a pre-tax profit of more than VND36 billion, an increase of VND10 billion compared to the previous year. Of which, pre-tax profit from petroleum trading reached more than VND11 billion, accounting for 32% of total profit. It is known that in fiscal year 2023, for each liter of gasoline, this enterprise's average gross profit is about VND891.
Information from the 2023 annual report of Saigon Fuel Joint Stock Company shows that the revenue realized this year compared to last year is due to the increase in gasoline and oil sales. Meanwhile, the total pre-tax profit in the last 5 years is nearly 149 billion VND, an average of approximately 30 billion VND per year. The highest year is 36 billion VND, and the lowest year is 26 billion VND.
As of September 30, 2023, Saigon Fuel Joint Stock Company's total assets reached VND 292 billion, an increase of 26% over the same period in 2022.
Of which, cash and cash equivalents were nearly VND143 billion, an increase of VND86 billion compared to the figure of more than VND57 billion at the beginning of the year. Including, cash at the company was nearly VND5 billion, bank deposits were more than VND18 billion, nearly VND6 billion in cash in transit, and more than VND113 billion in bank deposits with a term of no more than 3 months. Inventory at Saigon Fuel was more than VND19 billion, an increase of 92% after 12 months.
Debts swell
On the other side of the balance sheet, Saigon Fuel Joint Stock Company's liabilities as of September 30, 2023 reached VND 107 billion, an increase of 98% compared to the same period in 2022. Notably, this enterprise incurred VND 38 billion in financial debt, while the previous year did not record it.
Despite the growth in business results, cash reserves and bank deposits of more than 100 billion VND, Saigon Fuel Joint Stock Company also surprised when its debt to employees and tax debts in the 2023 fiscal year increased compared to the same period.
Accordingly, as of September 30, 2023, taxes and amounts payable to the State of Saigon Fuel Joint Stock Company were more than 26 billion VND, an increase of 13 billion VND, equivalent to an increase of about 97% compared to the end of September 2022 (more than 13 billion VND).
Saigon Fuel Joint Stock Company informed that tax debt increased rapidly compared to the same period, mainly due to environmental protection tax due to increased sales volume compared to the same period in 2022.
Meanwhile, the list of payables to employees of Saigon Fuel Joint Stock Company at the end of fiscal year 2023 was more than 7 billion VND, an increase of 74% after 12 months. It is known that as of September 30, 2023, the number of employees of the company reached 179 people.
Entering 2024, Saigon Fuel sets a business plan with pre-tax profit reaching 29 billion VND, down 19% compared to 2023.
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