Vietnam's Petrolimex aims to double profit this year

Vietnam National Petroleum Corp. (Petrolimex), the country’s top fuel importer and distributor, has set a target of earning a profit of VND1.98 trillion (US$92.16 million) in 2013, up 102% from a year earlier.
Chairman of Petrolimex Board of Management, Bui Ngoc Bao, disclosed the news at its shareholders’ meeting on May 25, expecting that a rise in global petroleum prices and the recovery of the global economy will continue to facilitate the group’s operation.
The state-run conglomerate also plans to earn revenues of VND200.35 trillion (US$9.33 billion) and to pay a dividend of 8% of the shares’ par value this year, up from 5% in 2012.
Petrolimex is taking measures to save production costs and to clear overdue debts and inventories along with divesting unprofitable non-core operations.
Last year, due to the global economic slowdown and local uncertainties, Petrolimex made a profit of VND978 billion (US$45.5 million) on revenues of VND200.85 trillion (US$9.35 billion), meeting 97.8% of its target.
Currently, the group is Vietnam’s biggest petroleum trader, holding a 50% share of the domestic market with a network of 2,016 petrol stations across the country.
(May 28, 2013)