Petrolimex profit falls to five-year low

HÀ NỘI — Việt Nam’s largest petroleum retailer Petrolimex (PLX) saw VNĐ 一. 二 七 trillion (US$ 五 五 million) in pre-tax profit in  二0 二0, down nearly  七 六 per cent from  二0 一 九, the company reported.

Under the double impact of the COVID- 一 九 pandemic and the plunge in oil prices in  二0 二0, Petrolimex failed to hit its profit target for the year and recorded the company’s lowest annual profit figure since  二0 一 五.

Total consolidated revenue was estimated at VNĐ 一 二 三 trillion, beating the whole-year goal by  一 per cent, but the achievement was  三 五 per cent lower than the  二0 一 九 revenue.

In  二0 二 一, the group will implement its divestment plan and reduce the State's ownership. Currently, the State holds  八 一. 八 九 per cent of Petrolimex's capital, a figure expected to be cut to  五 一 per cent.

Petrolimex will soon deploy the divestment of the group at Petrolimex Construction and Trade Corporation. — VNS