HAI PHONG PETROLIMEX TRANSPORTATION AND SERVICES JOINT STOCK COMPANY

HAI PHONG PETROLIMEX TRANSPORTATION AND SERVICES JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN VẬN TẢI VÀ DỊCH VỤ PETROLIMEX HẢI PHÒNG), known as PTS HAIPHONG, is a publicly held inland freight water transport company based in Hai Phong City, Vietnam. Established in 2000, the company has been operating for over 24 years, specializing in freight transportation via waterway networks, primarily serving industrial and commercial shipping needs.

The company’s headquarters is located at No. 16 Ngo Quyen, May Chai Ward, Ngo Quyen District, Hai Phong City, Vietnam. It is also publicly traded on the HNX stock exchange under the symbol PTS, with PETROLIMEX TANKER CORPORATION holding a majority stake.

Financial Performance and Market Trends

In 2023, HAI PHONG PETROLIMEX TRANSPORTATION AND SERVICES JOINT STOCK COMPANYexperienced a decline in total assets, revenue, and profit, signaling financial difficulties. Total assets dropped by 3.01%, and total sales fell by 9.85%, reflecting reduced demand for inland freight transport services.

The company’s profitability saw a severe decline of 87.95%, decreasing from USD 408,650 in 2022 to just USD 49,250 in 2023. This significant drop in net income suggests increased operational costs, reduced margins, or market challenges affecting its ability to maintain profitability. While equity declined by 4.62%, the company still maintains a net worth of USD 4.02 million, ensuring operational stability despite financial struggles.

Core Business Operations

HAI PHONG PETROLIMEX TRANSPORTATION AND SERVICES JOINT STOCK COMPANY primarily operates in inland freight water transport, facilitating cargo movement across Vietnam’s river and coastal shipping routes. As a key logistics provider, the company plays an important role in fuel, industrial materials, and general cargo transportation, working closely with its parent company, PETROLIMEX TANKER CORPORATION, which owns a controlling interest.

Despite its long-standing market presence, the company’s declining revenue and profitability indicate competitive pressures and potential inefficiencies in operations. The freight transportation sector in Vietnam remains highly competitive, requiring technological advancements and cost-cutting measures to maintain profitability.

Challenges and Market Position

While HAI PHONG PETROLIMEX TRANSPORTATION AND SERVICES JOINT STOCK COMPANY has maintained consistent operations, its financial downturn poses risks for long-term sustainability. The sharp decline in profitability raises concerns about operational inefficiencies, market competition, and changing industry dynamics.

With its strategic location in Hai Phong, Vietnam’s key port city, the company still holds potential for recovery if it can adjust its business strategies to counter financial losses and market fluctuations.