AsemconnectVietnam - In Q2/2025, PetroVietNam Power Corporation (PV Power, code POW - HOSE) recorded net revenue of VND9,415 billion, unchanged from the same period last year, while after-tax profit reached VND733 billion, up sharply by 66% over the same period.

In the first 6 months of 2025, PV Power achieved VND17,565 billion in revenue (up 12% over the same period) and VND1,205 billion in after-tax profit (up 83% over the same period).
Compared to the full-year plan of VND38,185 billion in revenue and VND439 billion in after-tax profit, at the end of the first half of the year, the Company completed about 46% of the revenue target and far exceeded the profit plan, by 174.5%.
PV Power's Board of Directors said that commercial electricity output in the second quarter of 2025 reached 4,771 million kWh, down slightly by 3% year-on-year but recording a growth of 16% compared to the first quarter of 2025.
Of which, the group of gas-fired thermal power plants (Ca Mau 1-2, Nhon Trach 1 and Nhon Trach 2) recorded a 12% decrease in output. In return, the output of the Vung Ang 1 coal-fired thermal power plant and hydropower plants (Hua Na, Dakdrinh) increased by 52% and 4% over the same period.
The average electricity price in the second quarter of 2025 increased by 3% compared to the second quarter of 2024, reaching VND1,931/kWh, mainly due to the electricity price of the gas-fired thermal power group increasing by 8% to VND2,130/kWh. Improved selling prices and stable fuel costs helped gross profit increase by 64% to VND1,205 billion, improving gross profit margin to 13%.
As of June 30, 2025, PV Power's total consolidated assets reached more than VND86,020 billion, up nearly 8% compared to the beginning of the year. Term bank deposits increased by 90% compared to the beginning of the period, while construction in progress increased by nearly 21%, mainly for Nhon Trach 3 and Nhon Trach 4 projects. Fuel and material inventories also increased by 33% compared to the beginning of the year.
Regarding capital, outstanding financial loans reached nearly VND27,870 billion, an increase of more than VND5,200 billion compared to the beginning of the year, mostly funding the Nhon Trach 3 & 4 gas-fired thermal power projects.
PV Power's Board of Directors also said that, according to the plan, Nhon Trach 3 plant will go into commercial operation in the third quarter of 2025 and Nhon Trach 4 plant is expected to go into operation at the end of 2025. When completed, these two plants will add 1,624 MW of capacity, equivalent to about 9 billion kWh per year to the power system, thereby significantly increasing output and revenue from the end of 2025 onwards.
N.Nga
Source: VITIC/Tinnhanhchungkhoan