The Vietnam National Petroleum Group (Petrolimex) has completed the necessary paperwork for its shares to be listed on the stock exchange.

The group is expected to list on HOSE in late March, with an exact date to be finalized upon approval from the State Securities Commission (SSC).

Mr. Luu Van Tuyen from Petrolimex sent the financial reports of the parent company for the fourth quarter of 2016 and also the consolidated financial statements for the fourth quarter to the SSC.

Total consolidated net revenue reached VND123.09 trillion ($5.39 billion) last year, an 83.8 per cent decline compared to 2015. 

The figure includes units in all business sectors: oil and gas, lubricants, petroleum transportation, design, engineering, construction, and insurance. 

The reason revenue fell was lower global crude oil prices. Prices on May 12, 2015 stood at $48.8 per barrel, while the annual average was $43.32 as at May 12, 2016.

Total consolidated pre-tax profit in 2016 was VND6.3 trillion ($276.13 million), representing 158 per cent of the plan and up 148 per cent against 2015.

VN Economic Times