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Nhon Trach 2 (NT2) expects pre-tax profit of VND159 billion in Q2/2024 after record loss in Q1/2024 

 Sunday, June 9,2024

AsemconnectVietnam - The Board of Directors of Nhon Trach 2 Petroleum Power Joint Stock Company (code NT2 - HOSE) said that the business results in Q2/2024 are expected to be positive with pre-tax profit estimated at VND159 billion, a slight increase compared to the same period.

At the General Meeting of Shareholders on May 29, Nhon Trach 2 approved the electricity output target for 2024 to reach 3.2 billion kWh, an increase of nearly 11% compared to 2023. However, the total revenue is expected to be VND6,340 billion, down 2.4% and after-tax profit is VND68 billion, only 1/7 of the 2023 figure.
At the meeting, the board of directors said that the business results in the second quarter of 2024 are expected to be positive, with commercial electricity output estimated to decrease by about 3% over the same period, reaching 1,021 million kWh and pre-tax profit estimated at VND159 billion, a slight increase over the same period (VND157 billion). This is a positive figure compared to the first quarter, when NT2 reported the heaviest loss since listing, which was negative VND158.2 billion (while in the same period it reported a profit of VND233.8 billion).
In particular, NT2 will receive compensation for exchange rate losses of VND177 billion in 2024 and record VND89 billion from forest environmental service fees in the period 2019 - 2023.
Regarding the profit distribution plan for 2023, NT2 plans to pay dividends in 2023 at a rate of 15% in cash and not pay dividends for 2024.
In addition, the management board announced the annual committed gas output from GAS is 784 million m3/year until 2036. Although domestic gas supply in the Southeast region is declining, the committed gas supply for Phu My 3 and Phu My 2.2 expiring in 2024 and 2025 will ensure sufficient gas supply for NT2 according to the gas supply contract signed with GAS.
With adequate gas supply, NT2 expects commercial electricity output in 2025 to return to the 10-year average of 4 billion kWh, ensuring NT2’s ability to record profits in 2025.
Source: VITIC/Tinnhanhchungkhoan


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