Owing to a excessive profit made in 2020, Petrovietnam Fertilizer and Chemical Corporation has accumulated a solid financial source to pay back the loans according to the schedule as well as add up enterprise resources for investment and business activities in 2021. At the end of 2020, Phu My Fertilizer's financial statements showed a consolidated net revenue of 7,762 billion VND.

Although the revenue grew only 1% as compared to that of 2019, this is still a positive result in the context that Vietnam's agricultural sector facing consecutive natural disasters, namely drought and severe saltwater intrusion in Mekong Delta in the early months, storms and floods in Central Vietnam in the later months of the year, which seriously affecting fertilizer consumption.

In the context of lower selling prices due to unfavorable weather and the impact of the Covid-19 epidemic, PVFCCo sales still kept a sharp rise, thereby set off the impact of the selling price on sales.

Phu My Fertilizer's review showed that in 2020 the total output of fertilizer reached 1.1 million tons, up 13% compared to 2019, and exceeded the year set plan, wherein, Phu My Fertilizer sales reached 827 thousand tons, accounting for a 20% increase as compared to that of 2019.

Phu My NPK sales reached 94,000 tons, up 23%. Total chemical sales volume for the year reached 132,000 tons, up 10%. In particular, the Corporation exported more than 71,000 tons of urea, a big jump as compared to 1,300 tons of 2019.

Despite a slow growth of revenue, the Corporation's gross profit for the whole year increased by 23% compared to 2019, reaching VND 1,730 billion, chiefly thanks to a sharp increase in gross profit margin, reaching 22.3% in a sharp drop of natural gas that released the pressure on selling price. This is also the highest gross profit margin that DPM has achieved in the past 3 years. Along with the main business activities improved, financial activities also obtained positive results, with financial revenue reaching 179.6 billion VND, making an increase of 28.3% compared to 2019, chiefly thank to a big earning from saving accounts.

By the end of 2020, Phu My Fertilizer has a total of 4,214 billion VND in cash, equivalent to cash and deposits of all kinds, accounting for 37.3% of total assets. In which, deposits with a term over 3 months reached 2,185 billion VND, more than 2 times higher than the beginning of the year, thereby increasing income from deposit interest despite the downward trend of interest rates.

The accumulated cash balance continued to increase due to good profit growth in the context that the Corporation well-controlled working capital flow, which helped operating cash flow in 2020 to have a surplus of 787 billion VND.

By the end of 2020, the Corporation's total debt is 1,049.8 billion, much smaller than the value of accumulated money. The Corporation does not need to use short-term loans to supplement working capital. According to the roadmap, with the debt repayment level of over 190 billion VNDs per year, it is estimated that each year, the Corporation will save an estimate of more than 20 billion VNDs of loan interest, helping to increase profit.

The steady prosperity in the activities to help accumulate the whole year 2020, Dam Phu My reported a profit after tax of 701.6 billion VNDs, of which the after-tax profit for the parent Corporation's shareholders reached 691.3 billion. VND, up to 83% compared to 2019 and over 60% of the Annual General Meeting of Shareholders' profit target.

Earnings per share (EPS) reached VND 1,535, double that of 2019, the profitability ratios on total assets and capital also increased sharply, reaching 6.2% and 8.2, respectively. %, the highest rate in recent years.

From 2021, Phu My Fertilizer has officially put into production – the commercial business of Phu My Fertilizer + KeBo, which is a high-protein urea fertilizer (46% N-Nitrogen) and two more micronutrients. A significant amount (TE) is Zinc (Zn) and Boron (B), with a total content up to nearly 1,000 ppm.

Surveying the use of Phu My + KeBo Fertilizer in some large production areas such as Dak Lak, VND Nai, Tien Giang, VND Thap … shows that, despite suffering from extreme weather (very drought), the trees grow. Very fast, green leaf set, fast color, the leaf plate is big, thick and shiny.

The introduction of products such as Phu My Fertilizer + KeBo has enriched the Phu My fertilizer product set to enhance essential micronutrients, which are easily deficient in the soil more nutritional solutions. Optimal for crops, increasing productivity and quality of agricultural products, limiting the harmful effects of pests and adverse external conditions, suitable for safe agricultural production according to GAP standards.

The increasingly diversified product set is the premise for PVFCCo to have sustainable growth.