According to the consolidated business plan in 2019, total PVC revenue reached VND 1,962 billion, profit before tax was VND 3.17 billion and profit after tax reached VND 0.17 billion. This is a very low figure compared to the previous year when PVC recorded consolidated revenue of 2,522 billion dong and profit after tax of 12 billion dong.
Drilling Fluids and Petroleum Chemicals Joint Stock Company – DMC (Stock code: PVC) has just announced the 2019 shareholder meeting document with many notable information.
According to the consolidated business plan in 2019, total PVC revenue reached VND 1,962 billion, profit before tax was VND 3.17 billion and profit after tax reached VND 0.17 billion. This is a very low figure compared to the previous year when PVC recorded consolidated revenue of 2,522 billion dong and profit after tax of 12 billion dong.
PVC said that in 2019 the company will face many difficulties as follows:
Drilling fluid service sector: PVC is unlikely to increase the volume of work performed from this sector, as the number of drilled wells expected in 2019 does not increase much compared to the previous year. In 2019, PVC is expected to provide drilling fluid services for about 22 wells (in 2018 it provided 19 wells). At the same time, this field also has new competitors, so it will be more difficult for PVC to increase revenue and profit.
Industrial service sector: Currently, PVC has not yet obtained the first-hand contracts for 2019 and is still in the stage of looking for new jobs at some of the Group’s projects such as Long Son Project, Ca Mau Fertilizer Plant, PVOil and some power plants outside the industry. At the same time, the field of environmental treatment still faces many difficulties in developing the market inside and outside the industry because the need to build a new water treatment system in the oil and gas industry is still low and it takes time to reach customers. non-industry products.
Business fields: Some business products with large sales such as sulfur products and plastic beads are facing many difficulties. For imported sulfur products, input supply is difficult. PVC’s plastic resin business in 2019 will only focus on trading imported plastic resins or participating in bidding for spot lots from NSRP.
According to the AGM document, PVC said that in 2019 it will cooperate with Thai industrial gas company (BIG) / Air Products (USA) to research and evaluate investment and production opportunities in the field of qigong. business in Vietnam with the goal of establishing a joint venture company in 2019.
