Petroleum General Services (PET) reported a 37% increase in profit after tax to VND88.7 billion

Petroleum General Services Corporation (HoSE: PET) just announced its financial statements for the first quarter of 2022 with net revenue of VND 4,815 billion, up 14.3% over the same period in 2021. Cost of goods sold increased slightly, gross profit was also almost equivalent to the same period. period last year.

Revenue from financial activities increased by 3.8 times to VND 45.9 billion, financial expenses increased by 39% to VND 27.8 billion, of which interest expense was 72%.

According to the explanation, the sudden financial revenue was mainly due to the unrecognized profit from dividends and investment activities of VND 20.6 billion over the same period.

Selling expenses reached 75.5 billion, general and administrative expenses reached 34.6 billion, up 2% and 11.3% respectively over the same period in 2021.

Net operating profit increased strongly from 74.7 billion dong to 107.1 billion dong, equivalent to 43.4% increase, thanks to high financial profit while financial activities suffered loss in the same period.

Ending the first quarter of 2022, PET reported profit after tax of VND 88.7 billion, up 37% over the same period last year.

As of March 31, 2022, PET’s total assets decreased by 0.6% compared to the beginning of the year to VND 8,444.9 billion. In which, assets are mainly cash and short-term financial investments, reaching VND 2,435.9 billion, accounting for 28.8% of total assets; short-term receivables reached VND 2,403.7 billion, accounting for 28.5% of total assets; inventory reached 1,963.5 billion dong, accounting for 23.3% of total assets and other assets.

During the period, inventories increased by 35.7% compared to the beginning of the year, corresponding to an increase of 516.4 billion VND to 1,963.5 billion VND.

Closing the session on May 6, PET shares fell to the floor at 43,750 dong/share.