Monday, February 21, 2022

Vietnam: Binh Son Refining and Petrochemical (BSR) earns profit after tax of 292 million USD in 2021

At the end of 2021, BSR who operates the Dung Quat Oil Refinery located in Central Vietnam reported a profit after tax of VND 6,673 billion (~292 million USD) vs a loss of VND 2,858 billion billion (~125 million USD) in the same period last year.

Dung Quat Oil Refinery


According to BSR’s accumulated financial statements for the whole year of 2021, BSR achieved VND 101,079 billion (4,432 million USD) in net revenue, an increase of 74% over the same period last year, resulting in a net profit of  292 million USD or 7.6 times higher than its set profit target.

Most of the revenue in the year 2021 comes in the fourth quarter when continuous increase in crude oil prices has created many advantages for BSR’s business efficiency.

In the third quarter of the year, under the impact of the Covid-19 epidemic, the refinery was forced to reduce its capacity to the minimum threshold to avoid high inventories, but at the beginning of the fourth quarter, the market's consumption increased significantly and things changed. It then operated at 108% capacity, equivalent to the pre-pandemic level.

At the end of 2021, BSR's total assets reached VND 66,785 billion (~ 2,928 million USD), an increase of nearly 20% compared to the beginning of the year. In which, short-term financial investment increased by 4.3 times to VND 4,189 billion (~ 183 million USD), short-term receivables also increased by 75% to VND 13,645 billion (~ 598 million USD).

BSR’s total liabilities as of December 31, 2021 was VND 29,232 billion (~ 1,281 million USD), an increase of 18% compared to the beginning of the year, most of which are short-term loans.

Chart of BSR's Stock Price

In the stock market, BSR’s adjusted price has been fluctuated around 25,000 VND/share (1.1 USD) in early 2022, from the record low of 11,900 VND/share (0.52 USD) in Jan-Feb 2021.


No comments:

Post a Comment

Featured Post

Vietnam to Exempt Visa for Citizens from 13 Countries Since 15th Mar 2022

The Vietnam Government issued a resolution on visa exemption for citizens of the 13 countries including Germany, France, Italy, Spain, Great...