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Binh Son Refining and Petrochemical eyes 37.45 million USD in after-tax profits

Vietnam’s largest refining and petrochemical firm, Binh Son Refining and Petrochemical JSC (BSR), has set a target to earn about 864 billion VND (37.45 million USD) in after-tax profit this year.

The firm also aims to turn out close to 6.5 million tonnes of products, raking in 70.66 trillion VND and contributed nearly 7.7 trillion VND to the State budget.

BSR’s shares bottomed out in March 2020 but rebounded sharply later and reached the year’s peak at year-end, enjoying an expansion of 20.7 percent compared to the beginning of the year.

Its liquidity also surged to an average of 3.64 million of shares per session from 1.73 million recorded in 2019, coming third among the oil and gas sector.

The figures reflect the significant efforts BSR has made amid many difficulties caused by COVID-19 and a steep decline in global oil prices.

The firm has built scenarios and plans to take the initiative in coping with uncertainties of the market and pandemic; as well as to improve management and bolster digitalisation.

BSR posted growth starting from the third quarter and fulfilled most of its set targets in 2020.

Its Dung Quat refinery enjoyed stable operation at an average capacity of 105 percent in 2020 as a whole, raking in 58.28 trillion VND in revenue and contributing 5.8 trillion VND to the State budget.

BSR also saved up to 1.84 trillion VND in production costs excluding crude oil costs, equivalent to 19.2 percent of a target assigned by its parent company – the Vietnam Oil and Gas Group.

VNA

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