The real PVMachino company owns many “golden land”
Why is PVMachino Petroleum Machinery and Equipment Joint Stock Company owning a lot of gold land? Join us to find out below the following article.
PVMachino Company – financial report 2021
According to the financial report just announced in the third quarter of 2021, PVMachino Petroleum Machinery and Equipment Joint Stock Company achieved a huge revenue of more than 108.3 billion dong, up 27.5% over the same period and profit after tax reached 12.1 billion, up 14% over the same period.
On September 30, 2021, according to the short-term financial report, PVMachino has VND 12.5 billion in cash, along with many short-term investments of VND 253 billion and long-term financial investments of VND 185 billion.
Accumulated in the first few months of 2021, PVMachino has achieved extremely large consolidated revenue of over VND 462.8 billion, up 7.4% compared to the first 9 months of 2020. Moreover, selling expenses also increased rapidly to 24 7.7 billion dong, up 19.6% over the same period last year.
PVMachino has set a plan to reach over VND 50 billion in the following years, but after only the first 9 months of 2021, the company has completed the target with over 88.8% of the full year profit plan.
According to documents of the annual general meeting of shareholders meeting in May 2021, PVMachino is planning to divest capital at Da Nang Petroleum Equipment and Machinery Joint Stock Company (Daesco). Currently, PVMachino holds 49.78% of Taseco’s charter capital.
The goal is to recover 20% of the debt each year
According to the assessment of the Board of Directors in the document of the shareholders’ meeting in 2020, PVMachino currently has more than 280 billion dong of bad debt, 100% provision has been made and the recoverable debt value is 221 billion dong.
The above debts are also mainly debts with payment guarantees of Agribank and SeaBank with a total value of more than 130 billion dong.
Up to now, the company has filed a lawsuit and is pending settlement, of which there is more than 40-50 billion dong in the oil and gas industry without a guarantee and PVMachino has sued and received a judgment, but the execution results are not as expected.
PVMachino is aiming to recover 20% of outstanding loans each year. Debt recovery is identified by the Board of Directors as a key task and always aims to recover 10-20% of the overdue balance of the preceding year.
At the recent General Meetings of Shareholders, many major shareholders commented that the company’s apparatus should have 5 deputy directors, many clues and suggested that PVMachino streamline the apparatus, reduce the number of departments, and improve Labor productivity and rearrangement of labor are more reasonable, and labor allocation is better performed.
In addition, during the period of the Covid epidemic, which had a bad impact on the business environment, the Board of Directors still wanted to invest in car showrooms, which was too risky because of the low purchasing power during this period.
Not only that, PVMachino also intends to invest in a small hydropower plant which is quite risky in terms of hydrology and many other risks.
Manage and own real estate plots
Owning a lot of golden land when PVMachino holds more than 30% of joint ventures of the company, most of which are leading Japanese enterprises in the field of machinery manufacturing such as FCC, Asia Honda Motor, Nippon Seiki, Itochu Corporation…
Moreover, PVMachino is a manufacturer specializing in auto parts, motorcycles, specialized vehicles and other machines: BMW, Honda, Harley Davidson….
With the goal of constantly developing and trying, PVMachino’s team is always trying to find great cooperation opportunities in the domestic and international markets.
However, after equitization, PVMachino only holds 10% of capital in FCC Vietnam Co., Ltd., 10% of Vietnam Nippon Seiki Co., Ltd. and 8.45% of SHOWA Vietnam Motorbike Parts Co., Ltd. .
These are all leading enterprises in the field of supporting industries, manufacturing mechanical parts for cars, motorcycles, specialized vehicles… for Honda, Yamaha, Harley Davidson…
In addition, the company also earns a lot of profits from the following revenues:
In 2021, PVMachino announced a number of new receivables such as: Hanoi General Investment Joint Stock Company VND 32.8 billion, Satavina Chemical Joint Stock Company VND 49 billion, Joint Stock Company Nam Binh Phat Import-Export 33.7 billion VND, Thuan Phat Hai Duong One Member Company Limited 23.9 billion VND. The same long-term financial investments remained unchanged at VND184.9 billion and provisions for receivables increased compared to previous years.
In the fourth quarter of 2021, PVMachino company achieved a revenue of 377.2 billion VND, an increase of 93% compared to the fourth quarter of 2020. At the same time, financial income increased by 26% over the same period of 6.8 billion VND. However, selling expenses decreased by 13% to VND 12.6 billion compared to the previous period.
PVMachino Company owns many promising golden lands to attract many domestic and foreign partners, investors, and customers.