Petrovietnam Gas (GAS) Q4 2024 earnings summary

Executive summary

• Audited consolidated net profit after tax for 2024 was VND 10,590 billion, down 10% year-over-year, mainly due to a 14% decrease in dry gas sales volume and a lower average Brent oil price (USD 81/barrel, 97% of 2023).

• Revenue reached VND 103,564 billion, up 15% year-over-year, driven by higher LPG sales, offsetting declines in dry gas and transportation revenues.

• The financial statements received an unqualified opinion from PwC, confirming fair presentation in all material respects.

Financial highlights

• Net revenue: VND 103,564 billion (2023: VND 89,954 billion), up 15% year-over-year.

• Net profit after tax: VND 10,590 billion (2023: VND 11,793 billion), down 10% year-over-year.

• Gross profit: VND 17,654 billion (2023: VND 16,925 billion), up 4% year-over-year.

• Basic EPS: VND 4,354 (2023 restated: VND 4,787).

• Total assets: VND 81,855 billion (2023: VND 87,754 billion).

Outlook and guidance

• The company expects continued challenges from lower gas demand and volatile oil prices.

• Ongoing capital projects and gas infrastructure investments are expected to support long-term growth.