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Petrolimex reports over VND2.8t of net profit in 2021

The Saigon Times

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HCMC – The Vietnam National Petroleum Group (Petrolimex/PLX) announced that its consolidated net profit in 2021 reached VND2.83 trillion, up three times year-on-year.

In the last quarter of last year, the parent company reported VND455 billion of profit after tax, declining 67% versus the year-ago figure. Its volume of petroleum sold in the period was equal to 90% of the previous year’s period due to the impact of the Covid-19 pandemic. The pandemic also slashed the Group’s earnings from non-petroleum business activities.

PLX’s consolidated net profit in the fourth quarter of 2021 was VND595 billion, falling 36% against the previous year.

The stock PLX rose a staggering 4.63% today to close at VND58,700.

As for trading on the local stock market today, February 7, with 382 winners and 91 losers, the benchmark VN-Index kicked off the first session of the lunar new year on an upbeat note, gaining 18.7 points, or 0.26%, over the session earlier to reach 1.497,66. More than 578 million shares worth nearly VND1.4 trillion were transacted on the southern bourse.

Property developer VIC in the Vingroup family was the main factor behind the index’s slowdown. Huge expenditure on the manufacturing of electric cars and donations to the country’s Covid fight resulted in the local major conglomerate Vingroup’s negative earnings in 2021. Also, these could have led to VIC bucking the market’s upward trend today. VIC declined 6% to close at its intraday low of VND91,200.

Aside from VIC, many stocks in the banking sector extended losses such as CTG down 1.6%, BID dipping 1.1%, VPB sliding 1%, TBP contracting 0.6%.

Meanwhile, stocks in the aviation and maritime sectors soared sharply, including VJC, HVN, AST, GMD, HAH, VOS hitting their upper limits. The strong gains were attributed to the country’s plan to fully reopen its doors to the world and rising travel demand.

On the northern bourse, the HNX-Index improved 0.62%, or added 2.59 points to close at 419.33, with 190 advancers and 48 decliners.

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