Petrovietnam General Services Joint Stock Corporation (Petrosetco - PET stock code) announced a plan to buy treasury stocks.
Accordingly, Petrosetco registered to buy 3 million shares as treasury stocks to stabilize the market price. The capital source is taken from the Investment and development fund of the company. The transaction is expected to be conducted from May 27 to June 26, 2020. The stock price is based on HoSE's valuation but does not exceed VND 17,000/share.
Currently, Petrosetco has more than 1.59 million treasury stocks. They were bought nearly 2 years ago, from June 26 to July 25, 2018. At that time, Petrosetco registered to buy 3 million treasury stocks; however, by the end of the period, the company could only buy more than 1.59 million shares with the average price of VND 9,163/share. The capital source is taken from the undistributed after-tax profit of the company.
Because of the general effect of the Covid-19 outbreak, PET stocks price has plummeted to the bottom of many years, breaking the bottom VND 6,500/share (closing session March 30 and 31, 2020).
However, after that, PET recovered strongly despite the unpredictable movements of world oil prices. 19May 2020, PET surged to VND 8,200/share - rising by 27% from the recent lowest point, and even increased by nearly 8% compared to the figure at the beginning of 2020.
PET stock price fluctuation for the last 6 months
By the business results 2019, Petrosetco reached 10,008 billion VND in revenue, dropping by 9.8% over the same period while profit after tax reached more than 127 billion VND, dropping 2% compared to 2018. The undistributed after-tax profit of Petrosetco reached nearly VND 158 billion in 2019. The audited single financial statements 2019 recorded 77 billion VND net profit, increasing the undistributed after-tax profit to over VND 123 billion VND.
CafeF/Nhipsongkinhte