After many years of efforts to expand business to other services excluding oil and gas industry, PetroVietnam General Services J.S. Corp (PETROSETCO, code: PET) started to attain particular and potential achievements.
In general, 1Q2017 results still remains the same as the same period of 2016. However, compared to 4Q2016, the After-Tax Profit gained was highly increased, approximately 88%.
In the first three months of 2017, PETROSETCO was observed the rocket growth of business activities out of the Oil and Gas industry, especially named Supply Chain Services. Revenue and profit of Supply Chain services rose respectively 45% and 77% compared to the same period of last year, which is mainly came from the success in bidding of equipment supplying package for electric industry. Therefore, despite of the huge impact from low oil prices and perfunctory business, PETROSETCO still maintains the performance and gradually gains achievements from nonstop efforts. Besides, after running operation, the Living quarters and Services Complex serving for Nghi Son Refinery has also contributed yearly stable revenue and profit for PET.
Catering Service is a traditional business of PET. In recent years, though the oil and gas market has been tough, this business segment has maintained a stable source of revenue and profit. In this respect, a significant contribution has been namely mentioned being the success of the outreach. Particularly, PET has won catering contracts to supply meal sets for Samsung Thai Nguyen, Vinamilk office building and the latest contract with Nghi Son Refinery. At present, PETROSETCO averagely serves 9,500 meal sets per day. The contract signed to NSRP will help PETROSETCO increase by 7% of total meal sets in volume served counting from the end of the second quarter of 2017.
In Trading and Distribution sector, in spite of dramatically competitive market, PETROSETCO still maitains our market share, especially the profit margin of this quarter is 2.2 times higher than the fourth quarter of 2016 one. Meanwhile, PET still attempt to manage and restructure brands, which means to gradually get rid of non-performance and poor performance brands.
The first 5 months of 2017 estimated results is 3,990 billion dongs in revenue and 100 billion dongs in after-tax profit, which is equivalent to the peformance of the same period of last year.