The revenue of PV Power was estimated at VND30.987 trillion ($1.36 billion) in 2017, exceeding the yearly plan by 6 per cent. Its pre-tax profit was VND2.5 trillion ($110 million), surpassing the yearly plan by 83 per cent.

 

In 2018, the company targets reaching a generation capacity of 21,570 million kWh (while it is estimated at 20,529 million kWh in 2017), revenue of $1.36 billion, and pre-tax profit of over $84 million.

 

Previously, PV Power also published its equitisation plan. The company will put more than 468.3 million shares, or 20 per cent of its charter capital, up for sale at its initial public offering (IPO) on January 31, 2018 with the initial price of VND14,400 ($0.64) apiece.

 

The shares will be listed on the Hanoi Stock Exchange (HNX) and PV Power expects to earn at least VND6.74 trillion ($296.79) in proceeds, according to HNX.

 

Meanwhile, Binh Son Refining and Petrochemical Co., Ltd. (BSR), the operator of Vietnam's first operating oil refinery Dung Quat gained VND80.517 trillion ($3.54 billion) in revenue, VND8.035 trillion ($353.2 million) of after-tax profit, much higher than the 2016 profit of VND1.682 trillion ($74 million).

 

BSR is expected to obtain VND78.392 trillion ($3.45 billion) of revenue, including VND3.473 trillion ($152.7 million) of after-tax profit in 2018.

 

The company will conduct Vietnam’s biggest-ever IPO on January 17, 2018, hoping to garner about VND4 trillion ($175.8 million) for the state coffers.

 

BSR will sell nearly 241.6 million shares, equivalent to 7.79 per cent of its charter capital, to the public at the initial price of VND14,600 ($0.64). At this price, BSR is valued at $2 billion, making it the largest firm ever to hold an IPO.

 

PetroVietnam will retain 43 per cent of BSR’s charter capital, while a maximum of 49 per cent will be sold to strategic investors within three months of the IPO. About 0.21 per cent of the shares will be offered to the company’s employees.

By Nguyen Huong

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