AsemconnectVietnam - Despite reporting a loss in the fourth quarter of 2024, Hai Phong Thermal Power still achieved a net profit of VND422 billion in 2024, exceeding the annual plan by nearly 13% and has paid off its debts.

Hai Phong Thermal Power Joint Stock Company (code HND) has just announced its financial statements for the fourth quarter of 2024 with net revenue reaching VND2,430 billion, down 7% year-on-year due to a decrease of 250.8 million kWh in commercial electricity output year-on-year.
After deducting VND2,392 billion in cost of goods sold, HND had nearly VND39 billion in gross profit, an improvement from the loss of VND45 billion in the same period last year. However, the gross profit was not enough to help HND cover the costs, causing the company to report a loss after tax of VND245.9 million, while in the fourth quarter of 2023, HND reported a loss of VND91.5 billion.
According to the explanatory document, HND said that the reason for the loss in the fourth quarter was due to a number of major repair projects, unit 2 completed acceptance and put into use in December 2024, so the cost of the completed major repair was recorded in December 2024. In addition, the costs of outsourced services and other cash costs were recorded in this quarter. Moreover, the low Qc contract output and low market mobilization output led to profits from the electricity market not being enough to cover the costs due to the shortage of Qc output.
Accumulated for the whole year of 2024, Hai Phong Thermal Power achieved VND11,036 billion in net revenue and VND422 billion in profit after tax, down approximately 4% compared to 2023. However, with this result, HND still exceeded the 2024 net profit target of VND374.2 billion by nearly 13%.
At the end of 2024, Hai Phong Thermal Power's total assets reached VND7,143 billion, down nearly 9% compared to the beginning of the year. Of which, tangible fixed assets reached VND3,188 billion, accounting for 45% of total assets; short-term receivables reached VND2,569 billion, accounting for 36% of total assets.
On the other side of the balance sheet, Hai Phong Thermal Power still has nearly VND1,257 billion in payables, mainly short-term payables to suppliers of VND969 billion and other short-term payables of VND153 billion. The positive point is that the company has cleared all its debts after paying off nearly VND404 billion of short-term debt. Thanks to that, HND's interest expense in 2024 is only over VND11.5 billion, down 80% compared to the same period. In the fourth quarter alone, HND's interest expense was only VND10 million, compared to VND8 billion in the same period.
N.Nga
Source: VITIC/Tinnhanhchungkhoan