- PVT released a resilient Q3 2023 with revenue of VND2.6tn (+9% YoY; +20% QoQ), reported NPAT-MI of VND249bn (-6% YoY; -20% QoQ) and recurring NPAT-MI of VND263bn (+38% YoY, +9% QoQ). The decline in reported NPAT-MI was mainly driven by a decrease in net other income. This decrease was due to the absence of tanker divestment gains in Q3 2023, which were significant in Q3 2022 (PVT Athena). Furthermore, the decrease outweighs the increase in gross profits from the transportation business, driven by higher tanker rates and new tankers acquired in 2022 and 6M 2023. In Q3 2023, the Aframax time charter rate (Indonesia to Japan), which is the benchmark crude tanker rate, was 19% lower QoQ and 30% YoY. The average medium range tanker time charter rate, which is the benchmark oil product/chemical tanker rate, declined by 10% QoQ but is up 9% YoY.

- For its 9M 2023 results, revenue was VND6.7tn (+2% YoY) and reported NPAT-MI was VND743bn (+19% YoY). The slight growth in revenue is primarily due to the 34% YoY decline in the FPSO segment, which resulted from losing an O&M contract for FPSO Lewek Emas. This was offset by a strong 16% YoY increase in the transportation segment, partly caused by the contribution of a new tanker acquired in 2022. PVT's gross profits rose by 17% YoY, mainly supported by higher time charter rates for the transportation segment. Moreover, lower G&A costs, +109% growth in financial income, boosted the net profit margin to 11.1% (+1.6 ppts YoY). This led to a 28% YoY growth in recurring NPAT-MI for 9M 2023.

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