(PetroTimes) – Through assessments of the market in the coming time, Petroleum Maintenance and Repair Joint Stock Company (PMS) has set many important goals regarding market expansion, capacity promotion, infrastructure investment and digital application in production and business activities.
On May 22, PMS held the 2025 Annual General Meeting of Shareholders (AGM). The meeting was attended by Mr. Nguyen Trung Tri - Chairman of the Board of Directors of Oil and Gas Construction Maintenance and Repair Corporation (PVMR); Ms. Do Thi Bich Hong - Deputy General Director of PVMR, Chairman of the Board of Directors of PMS; Mr. Do Manh Hung - Director of PMS; and 100% shareholders attending, representing 8,220,000 shares.
The Presidium of the Congress includes Ms. Do Thi Bich Hong - Chairwoman of the Board of Directors; Mr. Do Manh Hung - Director and Mr. Cao Van Van - Deputy Director.
Exceeding revenue and profit plans in 2024
In 2024, PMS recorded many positive results thanks to the effective and flexible implementation of solutions and the high determination of the Board of Directors and employees. PMS's total revenue in 2024 and other income reached VND 274.28 billion (exceeding the assigned plan by 251% and 91% higher than the same period in 2023). In addition, PMS's after-tax profit also reached more than VND 6.8 billion (exceeding the plan by 171% and 61% higher than in 2023). Last year, PMS made a positive contribution to the state budget. With the targets set for 2024, PMS achieved and exceeded many important targets.
Mr. Do Manh Hung - PMS Director presented the production and business results in 2024 and the plan for 2025.
PMS's revenue results in 2024 mainly come from customers in the industry with a rate of 71% (over 195.68 billion VND) and the rest from customers outside the industry. In the service sector, maintenance and repair (BDSC) and BDSC support continue to account for the majority with about 60% of total revenue (163.7 billion VND). In addition, construction, processing and manufacturing services account for 18% of revenue (48.83 billion VND). Other service sectors also contribute to positive revenue for PMS, such as goods and material supply; equipment supply and installation; personnel supply, etc.
Regarding training, PMS has provided professional training for employees and organized occupational safety and health training for workers. In quality safety management, PMS has effectively applied internal procedures and strengthened inspection and supervision of subcontractors. The unit recorded no safety violations or accidents, with the total accumulated safety hours by the end of 2024 reaching 10.25 million hours.
Shareholders voted to approve PMS's 2025 production and business plan.
Along with production and business activities, PMS has also focused on social security work to demonstrate the spirit of solidarity and mutual love. In addition, the unit also ensures to take care of the material and spiritual life, visit and encourage workers in difficult circumstances.
Promoting market expansion and investment breakthroughs in 2025
In the coming time, PMS believes that there will be many difficulties and advantages in parallel in the production and business activities of the unit. The unit has advantages in accessing and implementing services with major partners in the Dung Quat Economic Zone such as Dung Quat Oil Refinery, Hoa Phat, Doosan... Last year, PMS also renewed contracts with major customers such as Nghi Son Refinery, GE, Doosan... At the same time, the unit also signed service contracts with new customers such as Thai Binh 2 Thermal Power Plant, Vung Ang Thermal Power Plant... creating a premise for PMS to continue accessing and seeking new services. PMS also believes that there are many difficulties such as capital resources, facilities and infrastructure that are not yet synchronized. Above all, fierce competition from units in the same BDSC field also poses many challenges for the unit.
By 2025, PMS sets a target of achieving total revenue of 230 billion VND; profit of 6.08 billion VND and payment to the state budget of 9.5 billion VND. Along with investment, PMS aims to make a breakthrough in investment with a plan set for 2025 of more than 50 billion VND. In particular, the unit will focus on building infrastructure, building service areas to serve BDSC activities. At the same time, invest in equipment, machinery, and means of transport to meet the requirements of large projects and increase the competitiveness of PMS.
Mr. Pham Minh Nghia - BSR shareholder representative suggested that PMS continue to research and propose development strategies for PMS in the next stages.
To ensure the implementation of the targets, PMS has also proposed key solutions. In particular, regarding service development, the unit continues to closely follow customers; focuses on developing services outside Dung Quat Economic Zone and enhances the promotion of PMS's capacity. Regarding facilities, PMS will continue to purchase additional specialized equipment; accelerate infrastructure investment progress to increase scale and competitiveness. Regarding corporate governance, PMS will accelerate digitalization application; review and update internal processes to ensure efficiency and compliance with regulations; increase search and sign cooperation agreements with potential partners to reduce costs and increase competitiveness.
At the Congress, the Executive Presidium also presented reports on the performance of the Board of Directors, the Board of Supervisors, the selection of an auditor for 2025, the distribution of profits for 2024 and the plan for 2025. At the same time, with the set goals, the PMS Shareholders' Meeting voted with the result of 100% shareholders agreeing to approve. The PMS Shareholders' Meeting also elected members of the Board of Directors and the Board of Supervisors for the 2025-2030 term.
PVMR representative presented flowers to the members of the Board of Directors and the Board of Supervisors who were re-elected for the 2025-2030 term.
Shareholders attending the meeting discussed issues related to PMS's production and business activities, employee income and investment in 2025. The issues focused on market and service expansion; PMS's development strategy; production and business targets in 2025 and efforts to increase employee income.
Mr. Nguyen Trung Tri - Chairman of PVMR Board of Directors: In the coming period, PMS needs to continue expanding the market.
Speaking at the Congress, Mr. Nguyen Trung Tri - Chairman of the Board of Directors of PVMR, representing a major shareholder, stated that PMS had encountered many difficulties in the past year, but thanks to the drastic and effective implementation of solutions, the unit's production and business activities have recorded many positive results. The Chairman of the Board of Directors of PVMR emphasized that in the coming period, PMS needs to continue to expand the market. In particular, it is necessary to restore and expand business areas to diversify service provision, contributing to revenue growth. At the same time, it is necessary to promote human resource training and attract talents and high-quality workers to serve production and business activities. Along with that, it is necessary to improve and enhance the material and spiritual life of employees in the unit. Above all, PMS needs to absorb the contributions of shareholders and set out development goals and strategies for the Company in the next period.
