The third quarter profit for Nam Song Hau Petroleum was double that of the same period.

DNHN - Nam Song Hau Petroleum's financial revenue dropped by 80% during the period as a result of the impact of exchange rate fluctuations on profit declines; however, the company managed to double its net profit due to cost savings.

With a net profit that more than doubled from the same period the previous year, Nam Song Hau Petroleum Trading Investment Joint Stock Company (PSH) concluded the third quarter of 2023 with impressive results.

PSH's revenue for the third quarter was 912 billion VND, a 14% decrease from the previous quarter. After subtracting the cost of goods, the company's gross profit was 108 billion VND, a 10% decrease from the previous quarter.

Due to the impact of exchange rate fluctuations, PSH's financial revenue dropped by 80% during the period to just 4.2 billion VND. Nevertheless, because of cost savings, the company managed to achieve a net profit of 13 billion VND, which was double that of the previous period.

The Western petroleum giant's revenue for the nine months ended at the end of the third quarter was nearly 5.4 trillion VND, up 4% from the previous year. Profit after tax and net profit came in at 278 billion VND and 280 billion VND, respectively (compared to a loss of 242 billion VND in the same period last year). This outcome is equivalent to 78% of the profit after-tax goal and almost 50% of the revenue plan that was approved at the 2023 general meeting of shareholders.

PSH's total assets increased to over 10.8 trillion VND, or nearly 800 billion VND, at the beginning of the year, a 7% increase. The company's cash position is currently close to 61 billion VND, which is 74% less than it was at the start of the year. PSH has almost 5.5 trillion VND worth of inventory, which is 14% more than it had at the start of the year.

PSH, the "Western petroleum giant," was founded in 2012 and presently has over 550 petroleum agents in the Southwest. Its charter capital is more than 1.26 trillion VND. To meet market demand and prevent losses, Chairman Mai Van Huy once presented a development plan that called for building up to 500 petrol stations and enough factories to produce 500,000 tonnes annually without the need for middlemen.

V.P. (t/h)