Nam Song Hau Petroleum Investment Trading Joint Stock Company (stock code: PSH) projects its revenue for this year to reach 14,566 billion VND, a 21-fold increase compared to 678 billion VND last year. This is the highest figure since the company returned to the stock market 5 years ago.
PSH expects its 2025 profit to improve significantly, from a loss of nearly 790 billion VND last year to a profit of 328 billion VND.
This optimistic business plan comes as PSH's management announced a roadmap to resolve two outstanding tax debts totaling 1,200 billion VND. They have nearly completed the loan procedures with Acuity Funding and are requesting early disbursement to address these debts.
"After resolving these outstanding issues and the tax authorities lift the invoice restrictions, the company will resume full business operations and invoice issuance," Mai Van Huy, Chairman of the Board of Directors of PSH, wrote in a document sent to the Ho Chi Minh City Stock Exchange in 5/2025.
According to its first-quarter financial report, PSH had no sales revenue due to ongoing administrative enforcement through invoice suspension. The company reported a post-tax loss of nearly 150 billion VND, 10 times the loss of the same period last year, primarily due to interest rate pressure. The company currently has outstanding loans and bonds totaling nearly 6,780 billion VND, with BIDV being the largest creditor at over 4,300 billion VND.
PSH operates primarily in petroleum import-export, trading, refining, petrochemicals, and liquefied gas. Headquartered in Hau Giang, the company currently has 67 stores and 550 agents across the Mekong Delta.
In its annual meeting documents, PSH leadership noted the advantages of the 10-day fuel price adjustment mechanism, which allows domestic prices to closely track global trends and mitigates price discrepancy risks. Furthermore, the approximately 4% annual compound growth in domestic fuel consumption presents opportunities for businesses in the sector.
Conversely, PSH recognizes that the market's attractiveness brings increasing challenges from competitors. The company notes that there are now over 200 fuel distributors in the domestic market. The fact that domestic fuel price adjustments sometimes do not align with global trends also impacts the company's operations.
On the stock market, PSH shares are trading at around 1,770 VND. The Ho Chi Minh City Stock Exchange recently decided to delist the stock from 25/6 due to violations of information disclosure obligations. To date, the company has not released audited financial statements for the half-year or full-year 2024.
Phuong Dong
