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Northern Electricity Development & Investment JSC No.2 (ND2) reached VND90 billion profit in Q3/2023, down 7% 

 Thursday, October 19,2023

AsemconnectVietnam - Northern Electricity Development & Investment Joint Stock Company No.2 (stock code ND2 - UPCoM) has just announced its financial statements for the third quarter and accumulated 9 months of 2023.

In the third quarter, ND2 had VND145.4 billion in net revenue, down 7% over the same period last year. Cost of goods sold during the period decreased by 9%, to VND29 billion, leading to gross profit of the enterprise reaching VND117 billion, down 7%.
This period, ND2 has reduced all costs, of which financial costs decreased by 3%, to VND18.5 billion while business management costs decreased by 23%, to VND3.8 billion.
As a result, in the third quarter of 2023, ND2's after-tax profit is VND90 billion, down 7% compared to the third quarter of 2022. This result is also better than the Company's profit after tax of VND18.9 billion in the second quarter of 2023.
Accumulated in the first 9 months of 2023, ND2 has net revenue of nearly VND255 billion, down 33% compared to the same period last year and profit after tax decreased 55% to VND95 billion.
As of the end of the third quarter, total corporate assets reached VND1,677 billion, down slightly compared to the beginning of the year. Of which, ND2 has more than VND115.5 billion in cash and VND4 billion in cash equivalents. Besides, the Company still has more than VND70.4 billion in short-term receivables, an increase of nearly 96% compared to the beginning of the year. Inventories are also more than VND25.4 billion, an increase of nearly 3%; In which, the Company has reserved more than VND4.5 billion for price reduction.
On the other side of the balance sheet, corporate liabilities also remain at VND913.2 billion, down slightly compared to the beginning of the year. The business's short-term and long-term debt are VND165.6 billion and VND618.6 billion, respectively.
ND2 is a subsidiary of Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex - code VCG) and has been in operation since 2008, with the main business being investment in construction of electrical projects and electricity production.
Source: VITIC/Tinnhanhchungkhoan


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