AsemconnectVietnam - Quang Ninh Thermal Power Joint Stock Company (stock code QTP - UPCoM) just announced that in the first half of 2023, the company's profit after tax was VND392.3 billion, down 34% compared to the same period in 2022, but completed 89% of the year plan.

In the second quarter, Quang Ninh Thermal Power recorded net revenue of VND3,708.4 billion, up 54% over the same period last year. However, due to a sharp increase in cost of goods by 65%, to VND3,409 billion, the gross profit of the enterprise was VND299.4 billion, down 14% compared to the same period last year.
This period, QTP's financial revenue decreased 14% to VND299.4 billion. The costs are also reduced at the same time; in which financial expenses decreased by 72% to VND16.4 billion and administrative expenses decreased by 18% to VND22.7 billion.
As a result, the company's profit after tax was VND248 billion in the second quarter of 2023, slightly down compared to the second quarter of 2022.
Accumulated in the first 6 months, Quang Ninh Thermal Power brought in VND6,703.6 billion in net revenue and VND392.3 billion in profit after tax. Despite an increase of 34% in revenue, the company's profit after tax still decreased by 34% compared to the same period in 2022.
In 2023, the Company approved a business plan with VND11,920.99 billion in revenue and VND440.09 billion in profit after tax. Thus, at the end of the first half of the year, the Company completed 56.2% and 89% of the year plan, respectively.
During peak days of heat, the units of Quang Ninh Thermal Power Plant are mobilized to generate maximum capacity 24/24h to meet the requirements of the National Power System. The Company's power output in the first 6 months of this year amounted to 4.13 billion kWh, up 10% over the same period in 2022 and completing 55% of the full year output plan.
In addition, in order to ensure a stable and sufficient coal supply, QTP has closely coordinated with coal suppliers to ensure sufficient coal supply according to the power production plan, maintaining coal inventory at a reasonable level from time to time.
In the second half of this year, Quang Ninh Thermal Power will carry out an overhaul of Unit 2. Currently, the Company is preparing the relevant conditions, coordinating with the contractor and expected to carry out the repair work according to the approved schedule.
By the end of the second quarter, total enterprise assets reached nearly VND7,851 billion, down slightly by 2.5% compared to the beginning of the year. Notably, cash and cash equivalents of the Company increased to more than VND473 billion, nearly 19 times higher than VND23.9 billion at the beginning of this year.
QTP still has VND2,899.6 billion of short-term receivables from Power Trading Company, up nearly 16% and inventories are down to VND565 billion, up 44.5%, mainly raw materials.
On the other side of the balance sheet, Quang Ninh Thermal Power has VND2,440.4 billion of liabilities, up 29% compared to the beginning of the year; short-term and long-term debt alone is VND438.3 billion and VND266.3 billion, respectively.
N.Nga
Source: VITIC/Tinnhanhchungkhoan