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Press Release: Phu My Fertilizer Plant “accomplishes” its 2017 plan 2 months ahead of schedule

07/11/2017

Ho Chi Minh City, November 7th, 2017 – PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo – Stock code: DPM, producer and trader of Phu My fertilizer products) announced that PVFCCo’s Phu My Fertilizer Plant had outstandingly “completed” its 2017 plan 2 months ahead of schedule.


Reportedly, on November 1st, 2017, Phu My Fertilizer Plant achieved the output of 777,000 tons of urea equivalent, accounting for 101% of 2017 annual plan, and this event also marks the 11th straight year in which the Plant reached the target ahead of schedule. The early completion of production plan is especially meaningful when Phu My Fertilizer Plant is going through the periodic general maintenance, scheduled from End of November 2017. This general maintenance will be the most major and complicated to date, with approximately over 4,000 work items, because the connection with NH3 Unit revamping project will also be carried out during this time.  

As for sales, by the end of 10/2017, PVFCCo has sold 700,000 tons of Phu My Urea (accounting for 90% of annual plan); 330,000 tons of other fertilizer products (103% of annual plan) and 27,000 tons of chemicals (103% of annual plan). Consolidated sales revenues and net profits of the first 10 months of 2017 are estimated at VND 7,078 billion and VND 800.2 billion, respectively. 

 

In addition, the NPK Plant construction project is also at crunch time, achieving 97.34% of its overall progress, remaining work items are aggressively accelerated for the purpose of commissioning at the end of November and official commercial operation at the beginning of 2018. Market preparation tasks for Phu My NPK products have been, and are currently yielding positive results, as reflected by strong growth in sales volumes of Phu My NPK (imported by PVFCCo from manufacturing plants of equivalent technology in developed countries) during 3rd Quarter of 2017, reaching 28,506 tons, up by 107% year-on-year. This is a very good sign, facilitating the grand commercial launch of the Plant’s products from 2018.