AsemconnectVietnam - Quang Ninh Thermal Power Joint Stock Company (QTP) closed the third quarter of 2026 with after-tax profit reaching VND75.7 billion, a 129.3% increase compared to the same period last year. For the first nine months of 2026, the company has exceeded its full-year profit target by approximately 25%.

According to the Q3 2026 financial report, Quang Ninh Thermal Power recorded net revenue of VND2,814.6 billion, a 37% increase compared to the same period last year. Cost of goods sold increased by 36.6%, to VND2,721.6 billion, lower than the revenue growth rate, resulting in a gross profit of VND93.1 billion, a 45% increase.
Financial income for this period reached VND25.7 billion, more than 3.2 times the VND8 billion recorded in the same period last year. On the positive side, business management costs decreased by 16%, to VND23.2 billion.
After recording additional losses of VND868.9 million and corporate income tax expenses of VND19 billion, after-tax profit reached VND75.7 billion, an increase of 129.3% compared to VND33 billion in the same period.
For the first nine months of 2026, Quang Ninh Thermal Power achieved net revenue of VND9,173.3 billion, an increase of 17.1% compared to the same period last year. Consequently, after-tax profit reached approximately VND600 billion, an increase of 51.3% compared to the first nine months of 2025.
In 2026, the company plans for revenue of VND11,075 billion and pre-tax profit of VND600 billion. After nine months, Quang Ninh Thermal Power Plant generated approximately VND750 billion in pre-tax profit, thus achieving about 82.8% of its revenue target and exceeding its full-year pre-tax profit plan by 25%.
The improved business performance followed significant personnel changes at QTP. On February 23, 2026, QTP received notification from the competent authority regarding the indictment and temporary detention of Mr. Le Viet Cuong, Deputy General Director and Board Member, for investigation into the act of "forging documents of agencies and organizations".
Recently, the company announced the appointment of Mr. Duong Thanh Cong as Deputy General Director of the company, effective October 16th. The appointment is for a term of 5 years. Prior to his appointment, Mr. Cong held the position of Deputy Head of the Technical and Safety Department, Power Generation Corporation 1.
As of September 30, 2026, the company's total assets reached VND7,563.2 billion, a decrease of 2.7% compared to the beginning of the year. Of this, cash and cash equivalents amounted to VND82.2 billion; short-term financial investments reached VND1,774.1 billion, an increase of 21.4% compared to the beginning of the year. Short-term receivables were VND3,093.7 billion, a decrease of 4.4%, while inventory reached VND729.3 billion, an increase of 2.8%.
Total liabilities at the end of the third quarter were VND1,578.5 billion, a decrease of 14.5% compared to the beginning of the year. Notably, QTP no longer has outstanding debt; its liabilities mainly consist of short-term payables to suppliers and short-term accrued expenses.
Source: VITIC/Bao Tai chinh – Dau tu