The Vietnam National Oil and Gas Group (PVN) announced its 2024 consolidated financial report with a net revenue of nearly 558.602 trillion VND, an increase of 8.1% compared to 2023. However, pre-tax profit dropped by 17.5% to 46.496 trillion VND, the lowest level in 4 years. Despite total assets reaching over 1 trillion VND, including 400 trillion VND in deposits, net profit after tax decreased by nearly 19% to 32.674 trillion VND. Total liabilities are about 542.456 trillion VND, with loans exceeding 290 trillion VND. Subsidiary PVcomBank is restructuring and addressing bad debts. Some affiliated companies like VNPoly and PetroCons face financial difficulties, with a total pre-tax loss of up to 700 billion VND. PVN is currently undergoing reforms and needs to clarify its financial situation to improve business results in the future.
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