Petrovietnam Gas (GAS) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 reached VND 78.6 trillion, up 16.7% year-over-year, driven by higher LPG sales despite a slight decline in dry gas volume and lower average oil prices.

• Net profit after tax for Q3 2024 was VND 2.58 trillion, a 7% increase compared to Q3 2023, attributed to increased LPG consumption and stable operations.

• The company completed a charter capital increase to VND 23.43 trillion in September 2024 as part of its approved capital expansion plan.

Financial highlights

• Nine-month net revenue: VND 78.6 trillion, up from VND 67.4 trillion year-over-year.

• Gross profit: VND 13.6 trillion, up from VND 12.9 trillion year-over-year.

• Net profit after tax: VND 8.54 trillion, slightly down from VND 8.88 trillion year-over-year.

• Q3 2024 net profit after tax: VND 2.58 trillion, up 7% year-over-year.

• Basic EPS for nine months: VND 3,567.

Outlook and guidance

• LPG sales volume increased 22% year-over-year in Q3, offsetting a 1% decline in dry gas volume.

• The company expects continued stable operations and growth in LPG and LNG segments.