In the first quarter of 2021, Binh Son Refining and Petrochemical Joint Stock Company (BSR) achieved a profit of 1,870 billion VND, equivalent to more than 2 times the plan of the whole year 2021.
According to the report, in the first quarter of 2021, total output of products consumed by BSR reached about 1.56 million tons, exceeding 2.9% of the quarter plan; revenue is nearly 21,000 billion dong, profit is 1,870 billion dong (reaching 216% of the plan of 2021), paying to the state budget 2,246 billion dong.
This result is due to the improvement of domestic market demand as the COVID-19 epidemic has gradually been controlled. Demand for diesel oil is high and gasoline demand is quite good. Demand for Jet A1 jet fuel has improved compared to the COVID-19 outbreak in late January 2021. Binh Son Refining and Petrochemical Joint Stock Company. In addition, oil prices in recent months have increased, making production and business activities of Dung Quat Oil Refinery more favorable. At the beginning of March 2021, the price of Brent oil sometimes increased to nearly 70 USD / barrel. In particular, the drastic implementation of the COVID-19 response solution package and oil price volatility are also very important factors to help BSR overcome all difficulties and exceed the targets. In addition, the Board of Directors of BSR has devised a strategy to overcome difficulties during a pandemic, implemented many drastic solutions such as adjusting the capacity range to suit market needs, enhancing cash flow management, and reducing maximizing costs and promoting activities of scientific research, innovation, innovation, and labor creation. With these foundations and the results achieved in the first quarter of 2021, BSR continues to propose flexible and trendy solutions and strategies to make stronger breakthroughs in the coming time. Accordingly, the company set targets to strive to achieve an output of about 6,497 million tons; revenue is 70,661 billion dong, paid to the State budget 7,698 billion dong and profit after tax is about 864 billion dong. To complete the tasks of 2021, BSR has proactively built business scenarios and plans to actively respond to unpredictable market fluctuations such as: Focusing on safe and stable plant operations in high capacity with optimal operating mode and product structure; continue to do well in market forecast work; promote innovation, research, application and diversification of new products with higher value. BRS also continues to thoroughly implement the work of reducing, saving costs and managing cash flow; improve governance capacity, increase digitalization of the management system to improve operational efficiency; continue to well implement the PetroVietnam Cultural Restoration Project, build BSR’s foundational culture based on the program “7 effective habits” to strengthen employees’ spiritual strength. In 2020, BSR also successfully overcame the crisis with positive results. BSR completed the 4th general maintenance of Dung Quat Oil Refinery; operating the plant safely, continuously and stably; production output reached 5.93 million tons, finishing 19 days before, exceeding 7% of the year plan. Notably, BSR achieved revenue of 57,895 billion VND, paid to the State budget 6,242 billion VND and reduced the loss to only 2,852 billion VND, lower than originally expected. BSR started to be profitable again from the third quarter of 2020, ending the accumulated loss for 2 consecutive quarters; cost reduction is nearly 2,000 billion VND; over 350 innovations and 40 initiatives were put into use, benefiting the company hundreds of billion dong.
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