PVTrans Exceeds 2024 Profit Target, Issues 32% Stock Dividend, Continues Fleet Modernization


PVTrans Exceeds 2024 Profit Target, Issues 32% Stock Dividend, Continues Fleet Modernization

The General Meeting of Shareholders of PetroVietnam Transportation Corporation (PVTrans, stock code: PVT) has approved a plan to issue a 32% stock dividend, equivalent to more than 113.9 million shares, increasing charter capital to nearly VND 4,700 billion. This was a key highlight of the 2025 Annual General Meeting held on April 15 in Ho Chi Minh City.

Business Performance in 2024

According to the report presented at the meeting, in 2024, PVTrans recorded consolidated revenue of VND 12,302.5 billion (140% of the target), profit before tax of VND 1,868.4 billion (197%), and net profit of VND 1,469.6 billion (193%).

At the parent company level, PVTrans also achieved positive results with revenue of VND 3,666 billion (131% of the target), profit before tax of VND 760.2 billion (136%), and net profit of VND 626.2 billion (137%). Total contributions to the State budget  across the entire system reached VND 645.1 billion, with the parent company contributing VND 269.7 billion.


PVTrans continued to maintain a strong financial foundation with a return on charter capital averaging 55%, and a current ratio of 1.79. As of the end of 2024, total assets stood at VND 19,858 billion, with owner’s equity at VND 10,389 billion. The parent company’s ROE reached 11.8%, a relatively high level in both the shipping sector and the petroleum industry. This is a notable achievement given the global shipping market’s volatility in freight rates, fleet competition, and pressures from the global energy transition trend.

Approval of 32% Stock Dividend Plan

Based on 2024 business results and the accumulated undistributed net profit of VND 1,348.7 billion by year-end, the GMS approved a 32% stock dividend plan, equivalent to the issuance of 113.9 million common shares with a total par value of over VND 1,139 billion. After the issuance, PVTrans’ charter capital will increase from VND 3,560 billion to VND 4,699 billion.


Mr. Nguyen Duyen Hieu - CEO 

This stock dividend not only ensures shareholder benefits but also provides additional capital for PVTrans’ future investment plans amid a market full of both opportunities and challenges.

Investment – Efficient Operation – Long-Term Advancement

In 2024, PVTrans added eight new vessels, including two product oil tankers, four bulk carriers, one chemical tanker, and one LPG carrier, with a total investment of about USD 153 million. This strategic move aims to enhance transport capacity, increase market  presence, and diversify operational segments. Additionally, PVTrans disbursed VND 231 billion into member companies such as Dong Duong, Thang Long Maritime, and Phuong Dong Viet.

PVTrans maintained stable and efficient transportation of crude oil for Dung Quat Refinery, with a total volume of 5.1 million tons. Regarding to  the product oil and chemical transportation segments, many PVTrans vessels joined major international shipping pools like Maersk, Hafnia, and Womar, expanding its presence in  stringent markets such as Europe and North America. Notably, the chemical and LPG transportation segments remained the most profitable.


Mr. Pham Viet Anh - Chairman 
In addition to completed investments, the GMS approved the 2025 investment plan for the parent company with total capital of VND 3,551 billion. Of this, VND 3,525 billion will be allocated for vessel investment projects, including ongoing and new projects. The investment portfolio includes product oil tankers, large szie crude oil tankers, and gas carriers, aiming to increase the proportion of specialized vessels to serve international markets and meet modern operational requirements.
PVTrans’ core tasks in 2025 include upgrading the fleet , maintaining domestic market share, expanding international transport, optimizing cost management, and accelerating digital transformation in operations and management. Furthermore, PVTrans will boost its restructuring efforts under the approved roadmap through 2025, gradually enhancing governance capacity and corporate sustainability.
The Meeting approved the 2025 business plan with consolidated revenue of VND 10,300 billion, net profit of VND 960 billion, and a projected dividend of 10%. However, PVTrans’ leadership affirmed their goal of achieving higher revenue and profit than the previous year, targeting consolidated revenue of about VND 13,200 billion.


Speaking at the Meeting as a major shareholder, Mr. Le Manh Cuong, Deputy General Director of Vietnam National Industry – Energy Group  (Petrovietnam), emphasized PVTrans’ strategic role in the national energy supply chain.  He affirmed that “ regardless of stock market fluctuations, PVTrans will continue to be an indispensable part of the Petrovietnam ecosystem, we remain committed to standing by the company and firmly believe in its continued growth.” 

With the strong support of key shareholders, a stable financial foundation, and a clear investment strategy, PVTrans is expected to maintain its leading position in both the Petrovietnam ecosystem and the regional shipping market.


PVTrans

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