Petrovietnam Gas (GAS) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 reached VND 30.05 trillion, up 25% year-over-year, with net profit after tax at VND 3.32 trillion, a 5% increase from Q2 2023.

• For the first half of 2024, consolidated net profit after tax was VND 5.96 trillion, down 10% year-over-year, mainly due to a 16% drop in dry gas sales volume despite a 5% increase in average Brent oil price.

• Gross margin for H1 2024 was VND 9.43 trillion, up from VND 9.19 trillion in H1 2023.

Financial highlights

• Q2 2024 net revenue: VND 30.05 trillion (Q2 2023: VND 24.04 trillion).

• Q2 2024 net profit after tax: VND 3.32 trillion (Q2 2023: VND 3.16 trillion).

• H1 2024 net revenue: VND 53.39 trillion (H1 2023: VND 45.26 trillion).

• H1 2024 net profit after tax: VND 5.96 trillion (H1 2023: VND 6.61 trillion).

• Total assets as of 30/06/2024: VND 95.17 trillion; equity: VND 70.92 trillion.

Outlook and guidance

• Management attributes the H1 2024 profit decline to lower gas sales volume, despite higher oil prices.

• Q2 2024 saw a 7% increase in net profit versus Q2 2023, driven by higher oil and LPG prices, partially offset by a 24% drop in dry gas volume.