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Tuesday, July 16, 2024

PIT to exit fuel business

The Saigon Times

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HCMC – Petrolimex International Trading JSC (HOSE: PIT) has announced plans to cease its petroleum operations and prioritize expansion into the spice industry, according to its 2023 annual report.

The decision follows a 70% decline in gasoline sales at PIT’s Binh Thuan gas station, attributed to a plunge in vehicle traffic since the Phan Thiet-Dau Giay Expressway was opened to traffic in late April 2023.

PIT, with diversified business fields including spice trade, premium seasoning products, petroleum, and paints, aims to reallocate resources towards spice production, capitalizing on domestic market opportunities.

PIT reported consolidated revenue of VND709 billion in 2023, a 10.5% decline over the previous year. However, the company faced a consolidated net loss of VND8.95 billion, down from the VND3.2 billion profit recorded in 2022.

In 2024, PIT has forecast an economic recovery in Vietnam amid global demand upticks, but caution prevails given geopolitical uncertainties. Targeting consolidated gross revenue of VND781 billion, PIT aims for pre-tax and post-tax profits of VND4 billion and VND3.2 billion, respectively.

Closing the trading session today, April 1, PIT edged down by 0.3% to VND6,680 per share.

With 144 winners and 327 losers, the VN-Index of the Hochiminh Stock Exchange fell by 2.57 points, or 0.2%, over the previous session, to 1,281.52 points.

Stock trade amounted to 971.2 million shares worth nearly VND23.3 trillion, including more than 71.8 million shares valued at VND1.7 trillion traded in block deals.

The VN30 basket, comprising the 30 largest-cap stocks, saw 10 bluechips gaining and 18 others dipping. The VN30-Index lost 4.28 points, or 0.33%, to 1,292.62 points.

Lender MBB made the steepest loss within the VN30 basket, closing down by 1.97% to VND24,900. Other bank stocks such as TPB, CTG, and VIB slid by over 1%.

In the securities group, several stocks showed signs of recovery, with SSI, HCM, and FTS rising around 0.8%.

Real estate stocks also performed well, with DIG surging by over 4% to VND33,500 and PDR advancing by 3.14% to VND32,850.

NVL, DXG, TCH, HDC, and NLG also saw gains of over 1%, with NVL being the second most actively traded stock with over 37.5 million shares changing hands.

Investors dumped HPX shares at the floor price when trading resumed after a six-month suspension, making it the most liquid stock on the southern bourse. HPX ended the day down 7%, closing at VND7,310, with over 46.82 million shares changing hands.

The Hanoi Stock Exchange saw 72 advancers and 89 decliners. The HNX-Index added 0.31 points, or 0.13%, to 242.9 points. There were 96.77 million shares worth more than VND2.1 trillion changing hands on the northern market.

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