PetroVietnam Ca Mau Fertilizer Joint Stock Company (PVCFC, HOSE: DCM) has just announced the first quarter financial statements 2023 with a decrease in revenue and profit over the same period. Faced with challenges and opportunities from the market, the Company proactively and tries its best to accompany farmers for great crops.

According to the first quarter financial statement 2023 just announced by PVCFC, revenue from sales and services reached VND 2,829 billion, down 34% over the same period last year. In which, urea sales accounted for VND 2,290 billion, representing 81% of total revenue, mainly from domestic activities with VND 1,405 billion, down 11% and export activities with VND 884 billion, down 60%.

Faced with challenges and opportunities from the market, PVCFC takes a proactive approach and makes every effort to accompany farmers for great crops.

Profit after CIT on the financial statements of the parent company and the consolidated first quarter financial statements 2023 of PVCFC decreased compared to the same period last year due to a number of reasons such as: sales of the parent company decreased by more than 34% compared to the same period in 2022 because of the sharp drop in fertilizer prices; Cost of goods sold increased by more than 2.54%, selling expenses increased by 55.7%, making profit after corporate income tax of the parent company and the consolidation decreased by more than 84% compared to the same period last year. In 2023, in the context of many market fluctuations, negative impacts on the economy and the oil and gas industry, the difficulties of the domestic economy, the consecutive decrease in fertilizer prices and the low season of the first quarter had a great influence on the consumption of the Company's products as in the past. 

However, except for 2022 due to the influence of supply and demand and the record increase in fertilizer prices, if compared with the same period in the first quarter of 2020 or the first quarter of 2021, the consumption output was equivalent; gas price increased by 54%, selling price increased by 45%, urea revenue increased by 49%; pre-tax profit increased by 61% over the same period in 2023. That confirms that PVCFC has achieved positive business results in the first quarter of 2023. Since the beginning of the year, the management of production and business activities at PVCFC has continued to maintain and grow steadily, and the fertilizer market has returned to a new normal. The company aims to develop on the basis of flexible management of production and business, timely manage, control risks, and minimize damage from negative impacts, price, output and market demand fluctuations, make good use of opportunities and room for growth.

PVCFC’s proactivity and effort before challenges and opportunities

PVCFC has pioneered in creating, persistently cultivating, striving to spread sustainable value chains for farmers, agriculture and the community. From arduous beginnings, PVCFC has grown, developed and played an important role in the fertilizer industry.

Following the success of 2022 when increasing the maximum operating capacity of Urea factory to 115%-116%, Ammonia factory to 114.2 %, PVCFC strives to produce 950 thousand tons of converted-to-urea, 200 thousand tons of NPK as a key task and implement projects to help achieve targets assigned by the Group.

In this winter-spring rice crop, farmers are happy because of the bumper crop, good prices, and exporters feel secure with export orders and access to more potential markets to affirm the quality, strength and brand of Vietnamese rice on the world market. They are currently preparing for the next crop.

PVCFC is ready to provide quality fertilizers to serve farmers.

In recent months, the market still has bright spots with agricultural products that have been widely exported and have good prices and bumper harvest, which makes farmers excited and secure to reinvest in production. In the long term, this will have a positive impact on domestic fertilizer consumption, thereby reducing inventory pressure.

In addition to available key products such as urea and Ca Mau NPK, in this summer-autumn crop, PVCFC is quickly proactive and ready to import the best fertilizers from international brands to serve farmers. The company has completed a set of high-quality products to supply the dealer network and Vietnamese farmers.

With the desire to introduce high-quality NPK products to a large number of farmers and to maximize the benefits of farmers, this year PVCFC continues to deploy the promotion program for “Prosperous golden seasons” with a total value of up to VND 25 billion. Accordingly, when buying Ca Mau NPK, farmers have the opportunity to win thousands of impressive prizes, including valuable recharge cards and many attractive 99.99 gold maces. The program is valid from March 15, 2023 to February 28, 2024.

PVCFC has learned from its achievements in overcoming difficulties over 12 years of construction and development, largely thanks to the support and trust of shareholders, customers and millions of farmers across the country. This is an endless encouragement for all officers, engineers and employees of PVCFC for "Continuous Effort - Development" for a more sustainable and prosperous future.