AsemconnectVietnam - Vietnam Oil and Gas Power Corporation - PV Power (code POW) has just announced its production and business results for the first 9 months of the year and the plan for the last 3 months of 2024.

In the first 9 months of 2024, the total electricity output of the corporation is estimated at 11,421 million kWh, a slight increase compared to the same period in 2023. Accordingly, revenue is estimated at VND22,374 billion, up 1% compared to the same period in 2023. Pre-tax profit is estimated at VND833 billion, down 18% compared to the first 9 months of last year.
In 2024, PV Power targets total revenue of VND31,736 billion and pre-tax profit of VND995 billion. With the above results, PV Power has completed 71% of the revenue target and 84% of the annual profit target.
For the Nhon Trach 3 and 4 projects, regarding the progress of the EPC contract implementation, up to now, the overall progress of the EPC package is estimated at 94%. For the power purchase agreement (PPA), on November 4, the Company signed a contract with EPTC.
Regarding the gas purchase agreement (GSA), PV Power and the Power Project Management Board are reviewing the draft Framework Agreement (HOA) with PV Gas for the two parties to sign, as a basis for PV Gas to carry out preparations to arrange LNG supply for the project.
POW said it has successfully arranged an ECA loan with no equipment origin constraints worth 200 million USD at SMBC bank, guaranteed by SACE. On October 1, 2024, POW announced an ECAs loan contract worth USD 521.5 million, ensuring sufficient capital for the project. In addition, the Company also successfully arranged a domestic loan worth VND4,000 billion at Vietcombank.
Regarding divestment, POW said it encountered many difficulties in implementing divestment due to the general market situation and the divestment portfolio is mostly non-public companies. The Company is closely following the market to develop a suitable divestment plan for each unit, ensuring economic efficiency.
In the last 3 months of 2024, POW aims to reach 4,346 million kWh of electricity output; total revenue is VND8,197 billion. Accordingly, pre-tax and after-tax profits are expected to reach VND210 billion and VND201 billion, respectively.
N.Nga
Source: VITIC/Tinnhanhchungkhoan