The Vietnam National Petroleum Group (Petrolimex) reported total sales of more than 155.65 trillion VND (6.83 billion USD) last year, a year-on-year increase of 26 percent.
Hanoi (VNA) – The Vietnam National Petroleum Group(Petrolimex) reported total sales of more than 155.65 trillion VND (6.83billion USD) last year, a year-on-year increase of 26 percent.
But despite a growth in revenue, Petrolimex posted a consolidated pre-taxprofit of nearly 4.88 trillion VND, down 23 percent compared to the previousyear.
The increase in revenue was attributed to the increasing average price of WTI(West Texas Intermediate) crude oil in 2017, with 50.85 USD a barrel, up 17.4percent over the same period in 2016, Petrolimex explained.
According to its report, the most profitable sector was the petroleum businessof the group, with over 2.49 trillion VND, equivalent to 51 percent of totalconsolidated sales. Non-petroleum business activities contributed nearly 2.4trillion VND or 49 percent of total consolidated profit.
Of this, profits from petrochemicals, asphalt and chemicals were the highest at651 billion VND. This was followed by profits from aviation fuel at 384 billionVND; ocean transportation, inland waterways transport and road transportationreached 339 billion VND; gas sales reached 202 billion VND, and the lowestprofit of two companies abroad reached only 47 billion VND.
As of December 31, 2017, Petrolimex’s total assets increased by 12.306 trillionVND compared to the beginning of the year to 66.55 trillion VND. Itsinventories increased by more than 4 trillion VND to nearly 12.69 trillion VND andaccounted for nearly 20 percent of total assets.-VNA
The Vietnam National Petroleum Group (Petrolimex) and Myanmar’s HTOO Group of Companies have recently signed a deal in Hanoi, under which they will explore the possibility of doing business in Myanmar
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A gas station of Petrolimex (Photo: VNA) 
