AsemconnectVietnam - According to the general meeting documents on March 24th, Thac Ba Hydropower Joint Stock Company (TBC) anticipates a 16% decrease in commercial electricity output in 2026 compared to 2025, down to approximately 550 million kWh, leading to a decline in revenue and profit.

Specifically, the company will reduce its revenue target by 7% compared to the previous year, to VND538 billion; the after-tax profit target will also decrease by 13%, to VND221 billion.
This year, the Board of Directors stated that the company will focus on completing negotiations on electricity selling prices for the next cycle and signing a new power purchase agreement with Vietnam Electricity Group (EVN). The company will coordinate with state management agencies to implement the project to add flood discharge works to the Thac Ba hydropower reservoir, expected to be completed before September 2027.
In the technical services sector, the company continues to expand its market, focusing on high value-added services and maintaining a strategic customer base in the northern region. The search for and surveying of new power plant investment opportunities is also being intensified to expand business scale.
Regarding profit distribution, Thac Ba Hydropower proposes a 2025 dividend payout of 30% in cash, corresponding to a total payout of nearly VND191 billion. In December 2025, the company paid an interim dividend of 10%, meaning TBC shareholders will still receive an additional 20% in the near future. For 2026, the expected dividend rate for shareholder approval is 20%.
Looking back at 2025, TBC's total revenue is projected to reach VND580 billion, exceeding the plan by 16%. Consolidated after-tax profit reached VND255 billion, exceeding the annual plan by 29%.
According to the company, 2025 saw prolonged rainfall, causing hydropower reservoirs to accumulate water early and leading to an oversupply situation in the competitive electricity generation market. Electricity prices in the market at times dropped to VND 0, forcing the plant to release floodwaters for extended periods and generate electricity at VND 0, only receiving payment at a capacity price of approximately VND 48/kWh.
On the positive side, the Thac Ba 2 Hydropower Project with a capacity of 18.9 MW has completed construction and commenced commercial operation from April 1, 2025. Simultaneously, the company also completed the overhaul and upgrade of units H1, H2, and H3 ahead of schedule.
N.Nga
Source: VITIC/Tinnhanhchungkhoan