Vietnam’s Petrolimex reports 17% rise in profits

Vietnam’s leading fuel importer and distributor, Petrolimex, reported a consolidated profit of VND 1.058 trillion (US$50.1 million) in 2012, on total revenues of VND 198 trillion (US$9.3 billion), up by 17% from the previous year, said Petrolimex Chairman Vu Ngoc Bao at a meeting in Hanoi on January 11. The chairman said Vietnam’s consumption of petroleum products in 2012 was 10% lower than the previous year, due mainly to poor business performance caused by the global and economic slowdown. He added that the VND 20 billion (US$948,231) in fuel sales was 5% lower than the previous year.
 
Petrolimex is Vietnam’s largest petroleum trader with a network of 2,015 petrol stations and stores across the country, holding a 50% share of the domestic market. The group aims to make a pretax profit of VND 4.47 trillion (US$211.9 million) in 2014.
 
Petrolimex has units in Singapore and Cambodia, from which total revenues of VND 136.2 trillion (US$6.4 billion) is expected in 2013, up from an estimated VND 57.78 trillion (US$2.7 billion) in 2012. (January 11, 2013)