Biggest Retail Gas Company in the Country Returns to Profit Amid Audit Doubts

An Phat Petroleum Group Joint Stock Company (ASP) has announced its audited financial statements for 2024, reporting revenue of 3.335 trillion VND, slightly down from last year but a net profit of over 7 billion VND compared to a loss of 153 billion VND in 2023. The second half of the year showed good financial results with a total profit exceeding 30 billion VND, enabling the company to address historical issues like inventory losses and bad debts. ASP acknowledged that the first half of the year faced challenges due to falling selling prices and rising costs, affected by negative market dynamics. Auditors raised concerns about the company’s ability to continue operating due to a cumulative loss of over 74 billion VND, prompting ASP to demonstrate its money-making potential. The company is implementing organizational reforms, replacing management, and enhancing governance to improve profits from LPG sales.