Vietnam Airlines' aircraft at Van Don international airport of Quang Ninh province (Photo: VNA)VietnamNational Petroleum Group (PLX) reported the highest revenue in 2020. Its fourthquarter results showed net revenue was 123.9 trillion VND, equivalent to 5.39billion USD.
It wasfollowed by Vingroup JSC (VIC), Mobile World Investment Corporation (MWG), HoaPhat Group JSC (HPG) and Masan Group Corporation (MSN) with revenues reaching 110.5trillion VND (4.8 billion USD), 108.5 trillion VND (4.7 billion USD), 90.1trillion VND (3.9 billion USD) and 77.2 trillion VND (3.4 billion USD),respectively.
Othercompanies gaining billions of dollars in revenues included Vinhomes JSC (VHM)with 70.89 trillion VND (3.08 billion USD), Vietnam Dairy Products JSC (VNM)with 59.6 trillion VND (2.95 billion USD), Binh Son Refining and PetrochemicalCompany Limited (BSR) with 58 trillion VND (2.5 billion USD), PetroVietnam OilCorporation (OIL) with 50 trillion VND (2.2 billion USD), Vietnam Airlines JSC(VHN) with 40.6 trillion VND (1.8 billion USD) and PetroVietnam PowerCorporation (POW) with 29.7 trillion VND (1.29 billion USD).
However notall of these companies posted outstanding performance compared to the yearbefore (2019). Some companies like MSN, HPG and VHM thrived while others likePLX, OIL, BSR, HVN and VIC witnessed their revenues drop.
In 2020,PLX’s revenue dropped 34.6 percent year-on-year, while OIL’s net revenue alsodeclined by 36.6 percent against 2019.
Meanwhile,MSN’s revenue doubled that of 2019 on the growth in its meat business andconsumer goods. HPG also recorded spectacular performance last year withnet revenue increasing 1.4 times. HPG’s crude steel production reached 5.8million tonnes for the first time in 2020, double the amount of 2019.
Higherrevenues, not higher profits
Despitegaining billions of dollars in revenue, MSN’s profit after tax still decreasedby 78 percent year-on-year to 1.4 trillion VND.
The mainreason for the fall in profit was the merger of VinCommerce and the rise inminority interest in Masan Consumer Joint Stock Company (MCH) due to thediversity of MSN's ownership, according to Masan.
Even thoughVietnam Airlines (VHN) was on the list of big gainers in revenue, the carrierstill posted a big loss in profit after tax last year. Its profit after tax wasnegative 11.1 trillion VND. In 2019, the profit after tax was 2.5 trillion VND.
The outbreakof COVID-19 was the main cause for the loss of the national carrier as itforced Vietnam Airlines to close international flights andrestrict domestic flights./.
VNA
