Ho Chi Minh City, 18 March 2015 -PetroVietnam Fertilizer andChemicals Corporation (PVFCCo – stock code: DPM), the producer and trader of Phu My fertilizer products announced that its member company, SouthEast PetroVietnam Fertilizer andChemicals Joint Stock Company (PVFCCo SE) would officially list 12.5 million stocks on Hanoi Stock Exchange (HNX) with stock code PSE in the morning of 18 March 2015.
PVFCCo SE is currently a trader of fertilizer and chemicals in the Southeastern region - Vietnam’s key area in agricultural production where the agricultural land and perennial growing land account for 25.6% and 43.1% respectively in the total area by land type nationwide. PVFCCo currently holds 75% shares in PVFCCo SE.
After 7 years of operation, PVFCCo SE has developed a widespread distribution system in the region, satisfying nearly 70% urea demand with the target to become the most prestigious and professional trader and distributor of fertilizers and chemicals in the region.
In 2014, PVFCCo SE’s fertilizer output, including Phu My urea and other products, reached 378.56 thousand tons, equal to 100.17% of the annual plan. The revenue reached 2,652.83 billion VND, equal to 97.75% of the annual plan, with Phu My urea accounting for more than 60% gross revenues.
Regarding to the chemical trading sector, in May 2014, PVFCCo SE put its Petrochemical Plant in Vung Tau into commercial operation at the capacity of 25,000 chemical drums/year, contributing to the strong growth of chemical revenues. The chemical revenues in 2014 reached 154.1 billion VND, a seven-fold increase as compared to 2012 (the first year when chemicals revenue was recorded), pre-tax profit reached 9.8 billion VND, a ten-fold increase as compared to 2012, accounting for about 25% total gross profits of the Company in 2014. Profits from the chemical business sector have helped maintain the stable dividend payout ratio at 18% in 2013 and 2014.
In the first year of operation, the Petrochemical Plant delivered more than 15,000 drums of special-purpose chemicals for the petroleum industry to its major customers, such as: Vietsovpetro, Petrovietnam Exploration Production Corporation, Hoang Long Joint Operating Company, Bien Dong Petroleum Operating Company and other petroleum exploration and processing companies in Vietnam.
In 2015, PVFCCo SE targets at the revenues of 2,530 billion VND, pre-tax profit of 22.19 billion VND. In the long term, PVFCCo SE aims at maintaining business sustainability, ensuring adequate and prompt supply to the market and securing at least 70% market share for urea demand in the Southeast region.
PSE stock listing ceremony on 18 March 2015: