Exceeded revenue and profit targets, completed many large maintenance packages
At the 2025 Annual General Meeting of Shareholders held on June 19 in Ho Chi Minh City, PVMR Corporation announced impressive financial results for 2024. Total consolidated net revenue reached VND 779.57 billion - completing the annual plan of 1,391,300 and increasing by 1,351,300 compared to 2023. Consolidated profit after tax reached VND 14.41 billion, achieving the plan of 1,921,300, an increase of 1,761,300 compared to the previous year - the highest level in the past three years. These figures reflect the effectiveness of management, operation, cost optimization and the ability to exploit equipment and human resources of PVMR well.
The Presidium of the Congress
This outstanding result comes from PVMR completing many large-scale maintenance and repair packages such as the 5th general maintenance (TA5) at Dung Quat Oil Refinery, offshore maintenance packages for Vietsovpetro, PVEP, and gas-electricity maintenance activities at key industrial clusters in the South. Not only ensuring quality, progress and safety, the projects are also implemented synchronously with internal capacity enhancement solutions such as developing a team of QA/QC engineers, investing in high-precision mechanical equipment and applying digital technology in maintenance data management.
Mr. Nguyen Trung Tri - Chairman of the Board of Directors of PVMR Corporation reported to shareholders on management activities.
Promote innovation and expand high-tech engineering services
PVMR is implementing a series of synchronous solutions to enhance competitiveness such as: promoting digital transformation in management and operations, restructuring the apparatus, and strengthening cooperation with international technology partners. Over the past year, the Corporation signed an average of 1.5 cooperation agreements per month, many of which have been converted into specific revenue.
In particular, PVMR has successfully deployed the first closed-loop crude oil tank cleaning service in Vietnam for BSR, receiving high appreciation and being invited to introduce to PETRONAS in the second quarter of 2024.
Mr. Le Van Sy - General Director of PVMR Corporation reported to shareholders about the production and business activities and orientation of PVMR.
In addition, the Corporation cooperated with VPI to research and develop an industrial paint line applying graphene nano technology, introduced at Oil & Gas Vietnam Expo 2024 (October 23-25), attracting great attention from domestic and foreign customers.
PVMR is also working with BSR to prepare to deploy services using robots to clean and paint the surface of tanks, reservoirs, and pipes, expected to be put into practical application in early 2025.
In addition, PVMR has signed a cooperation agreement with the Center for Certification and Enterprise Development (QCC) to develop services related to inventory and reduction of greenhouse gas emissions. The Corporation is also actively working with international partners to research and develop carbon capture and storage (CCS) services, in line with the global trend of reducing net emissions.
Notably, PVMR has planned to invest in an information technology system and the ILI Data Processing Center to serve pipeline inspection, maintenance and restoration services on a modern technology platform. This is an important direction to increase the technical content and added value in the revenue structure of the Corporation.
Shareholder representatives participate in discussions at the General Meeting
Shaping a sustainable development strategy to 2025
Faced with the trend of energy transition, renewable energy development and fluctuations from global economic and geopolitical policies, PVMR Corporation determined that it was necessary to prepare resources and adaptive capacity early. Major projects in the industry such as Lot B - O Mon and power complexes are opening up opportunities for PVMR Corporation to promote its strengths in specialized technical services.
In 2025, PVMR continues to aim to maintain its leading position in the field of oil and gas maintenance in Vietnam, while expanding its service provision to Southeast Asian countries with similar refining and petrochemical systems.
PVMR Corporation is expanding its service provision to Southeast Asian countries with similar refining and petrochemical systems.
PVMR Corporation's Board of Directors has identified a number of key tasks for the coming year: Focus on implementing modern management models such as fluctuation management, value chain management, digital platforms and service ecosystems. Effectively control costs, especially at large cost centers, minimizing the impact of market fluctuations. Promote cooperation with technology partners to develop high-tech services, aiming to become a comprehensive industrial service provider. Review and complete the system of internal regulations and rules according to new legal documents and in accordance with reality. Strengthen the role of inspecting and supervising the operations of subsidiaries and affiliated companies to ensure consistent efficiency throughout the system.
With a solid internal foundation, clear strategy and a proactive - creative - effective spirit, PVMR Corporation is gradually affirming its role as a core enterprise in the industrial - energy value chain, ready to enter a new development stage with greater stature and aspirations.
PVMR Board of Directors discusses with major shareholders
Previously, the Board of Directors of PVMR Corporation had a meeting with representatives of major shareholders including VP Bank Securities Joint Stock Company, MB Securities Joint Stock Company, PVI Fund Management Joint Stock Company to exchange information, listen to opinions and answer questions of shareholders. The parties had an open and frank exchange with the common goal of building a cooperative relationship, enhancing trust and ensuring the interests of all parties involved.
