AsemconnectVietnam - Thanks to reduced financial costs and favorable hydrological conditions, Nedi2 reported a profit in the third quarter of 2024 of approximately VND102 billion, up nearly 14% over the same period.

Northern Power Development and Investment Joint Stock Company 2 - Nedi2 (code ND2) has just announced its financial statements for the third quarter of 2024 with net revenue reaching VND151.9 billion, up 4.5% over the same period last year. Thanks to the cost of goods sold increasing by only 2.3%, to more than VND29 billion, the company's gross profit increased by 5%, reaching VND122.6 billion.
In terms of expenses, this period, ND2's financial expenses decreased by more than 32%, to only VND12.5 billion. Business management expenses also decreased by 17.8%, down to VND3.1 billion. As a result, ND2's after-tax profit reached approximately VND102 billion, up nearly 14% year-on-year.
Nedi2 said that the increase in profit in the third quarter of 2024 compared to the same period came from two main reasons. First, the decrease in financial expenses corresponded to a decrease in the principal balance of long-term loans, leading to lower financial expenses in the third quarter of 2024 compared to the third quarter of 2023.
Second, ND2 is an electricity production enterprise (hydropower), and its electricity production revenue depends entirely on hydrology and the selling price participating in the electricity market. In general, the rainfall in the third quarter of this year was better than the same period in 2023, leading to an increase in revenue, helping to increase profits.
In the first 9 months of 2024, Nedi2 brought in VND282.5 billion in net revenue and VND138.1 billion in after-tax profit, up 11% and 53% respectively over the same period in 2023.
In 2024, Nedi2 sets a business plan with net revenue reaching VND372.46 billion and after-tax profit reaching VND155.47 billion, up 14% and 45% respectively compared to 2023. With the results of the first 9 months of the year, the Company has completed 76% of the revenue target and 89% of the annual profit target.
As of September 30, 2024, Nedi2's total assets reached VND1,579 billion, a slight increase compared to the beginning of the year. Of which, nearly 85% of assets, equivalent to VND1,337.9 billion, are tangible fixed assets. In addition, the company is holding more than VND52.7 billion in cash and cash equivalents, up 61% compared to the beginning of the year. Short-term receivables skyrocketed 2.4 times, to VND125.4 billion, mainly due to an increase in short-term receivables from customers.
On the other side of the balance sheet, the company still has VND763.8 billion in payables, down slightly compared to the beginning of the year. Debt mainly comes from loans, including VND179.7 billion in short-term loans and VND453.6 billion in long-term loans.
N.Nga
Source: VITIC/Tinnhanhchungkhoan