A Petrolimex petrol station (Photo: VNA)One of the solutions is to modernise inventory management while engaging innegotiations with major petrol distributors to ensure supply to meet socialdemand for petrol.
Atthe same time, the group has taken steps to cut costs in all production andbusiness activities through several projects on centralized fleet management,asset management and customer relationship management.
Petrolimex has also worked to increase non-cash payment in retailsales and researched the possibility of building truck stops to provide betterservices for customers.
Under its own plan on digital transformation, the immediate focus is toautomate the network of petrol warehouse and retail outlets, and roll out anational plan on selling petrol via the Petrolimex mobile application. Petrolimex has installedcontactless POS terminals at retail petrol stations throughout Vietnam,enabling customers to pay with a single tap via their Visa cards.
The newlydeployed POS device meets all fire safety regulations, integrates with thepump, and connects wirelessly to serve customers paying right there.
Inaddition, the group is finalising a scheme on restructuring and divestingcapital from fields in which it has been operating at a loss.
Regardinginvestment projects, Petrolimex is accelerating the construction of thePetrolimex building, the upgrade of its network of warehouse, ports andpipelines, and investing in equipment and technology.
Accordingto the group’s financial report released on July 30, its net revenue in thefirst six months of 2022 reached 151.387 trillion VND (6.47 billion USD atcurrent exchange rate), an increase of 78% from the same period last year. Theincrease was mainly attributed to the rise in world prices of crude oil, with theaverage price in the period surging 31% year-on-year to 101.7 USD per barrelcompared to 77.2 USD in the first half of 2021.
Pre-taxprofit was 293 billion VND, equivalent to only 10% of the target and 10% of thefigure of the same period last year. Despite a 9% increase in the volume of petrolsale, petrol business of the group posted a loss of 595 billion VND.
Meanwhile,non-petrol business brought pre-tax profit of 888 billion VND, of which petrol chemical,asphalt and chemical business earned the highest profit with 369 billion VND.Insurance-banking posted pretax profit of 138 billion VND, warehouse 112billion VND, aviation fuel 91 billion VND, gas 79 billion VND, transport 43billion VND and other business 56 billion VND.
Inthe first half of this year, Petrolimex paid 21.393 billion VND to the Statecoffer, up 9 percent from the same period in 2021.
Inthe context of surging petrol prices due to the negative impacts from theRussia-Ukraine conflict in the second quarter, Petrolimex had to import petrolto meet domestic demand for social-economic development, which had resulted ina remarkable reduction in profit from petrol business.
The group, holding more than 50% of the domestic petrol retailmarket share, explained that the conflict between Russia-Ukraine raisedconcerns about energy supplies, pushing US West Texas Intermediate (WTI) crudehigher, from 75.88 USD a barrel to 102.07 USD after the first three months ofthe year.
However,during the period, Nghi Son Refinery and Petrochemical LLC reduced oil output,while some technical issues also forced it to halt production sometimes.
Therefore,the company had to change its importing plan, seeking supplies with higherprices, Petrolimex said./.
VNA
