AsemconnectVietnam - With many difficulties this year, Nhon Trach 2 Petroleum Power Joint Stock Company (code NT2 - HOSE) decided to submit to shareholders a plan for profit after tax to decrease sharply, only 1/7 of the previous year.

In the newly released shareholder meeting document, Nhon Trach 2 said that the economic situation in 2024 will continue to face many difficulties. One is that NT2's expected electricity output mobilization in 2024 is low. Second, input gas prices increase. Third, the structure of large renewable energy power sources leads to A0's mobilization method being disadvantageous to traditional power plants. Fourth, NT2 must pay PM-NT distribution charges, making the average gas price high, leading to increased variable prices, and directly affecting competitiveness when participating in the electricity market. The year is the risk of EVN delaying payment, so PV Power and NT2 build a production and business plan for 2024 with the following targets:
Electricity output reaches 3,200 million kWh, an increase of nearly 11% compared to 2023. However, total expected revenue is VND6,340 billion, down 2.4% and profit after tax is VND68 billion, only 1 /7 implemented in 2023.
To implement this plan, NT2 said it will coordinate with relevant parties to distribute Qc output appropriately so as not to affect operational safety and production and business efficiency of the Company. At the same time, finalize the overhaul of 100,000 EOH; actively recover electricity bills, balance cash flow for production and business...
In the 2024 profit distribution plan, NT2 has not yet proposed a plan to pay dividends to shareholders. As for 2023, NT2 will pay a dividend rate of 15% (corresponding to 1 share receiving VND1,500), the corresponding value is VND432 billion.
Regarding the business situation in the first quarter of 2024, NT2 recorded a decrease in net revenue of 88%, to only VND262 billion and a loss after tax of VND158.2 billion, while in the same period in the first quarter of 2023, the profit was VND233.8 billion. This is also the heaviest level since the Company's listing date in 2015.
On the stock market, in the afternoon trading session on May 10, NT2 shares are down 0.68%, to 21,950 VND/share. Looking more broadly, NT2 has not had a very positive trading week as the stock has so far dropped more than 2%.
N.Nga
Source: VITIC/Tinnhanhchungkhoan