AsemconnectVietnam - Gia Lai Electricity Joint Stock Company (GEC, stock code: GEG) has just announced its Consolidated Financial Report for the third quarter of 2024.

Accordingly, the accumulated consolidated net revenue in the first 9 months of the year reached nearly VND1,770 billion, up 11% over the same period and reaching 57% of the 2024 plan in the context that the transitional Wind Power plants that are currently negotiating prices are still recording revenue at the provisional price level.
Pre-tax profit reached VND138 billion, completing 41% of the 2024 plan. The Company's EBIT margin and EBITDA margin reached 43% and 77%, still maintaining a higher level than the industry average due to controlling operating costs. In the third quarter of 2024 alone, the transitional Wind Power plants are still recorded at the provisional price, the part that has not recorded electricity price revenue is estimated at about VND57 billion. As a result, the pre-tax profit recorded a loss of VND19.9 billion.
For production and business activities at renewable energy plants, in the first 9 months of 2024, although climate change continued to develop complicatedly, prolonged heat waves led to a significant decrease in rainfall, however, with the diversity of energy types, the electricity output of the entire GEC system remained stable at nearly 1,011 million kWh, an increase of 16% over the same period.
The Wind Power segment continued to maintain a high contribution rate in the output and revenue structure, reaching 517 million kWh and VND839 billion, respectively, an increase of 46% and 27% over the same period, accounting for 51% of the output structure and 49% of the revenue structure. The Solar Power segment recorded an output of 308 million kWh, equivalent to VND688 billion in revenue, accounting for 31% of the output structure and 40% of the revenue structure, respectively. Finally, the Hydropower segment recorded an output and revenue of 187 million kWh and VND199 billion, respectively.
As of September 30, 2024, GEC's total assets reached VND16,025 billion, a slight decrease compared to the end of 2023. Total debt was VND9,886 billion, a decrease of 2% compared to the end of 2023. The interest coverage ratio remained at 1.2 times, ensuring the ability to pay debts, meeting the requirements of financial institutions that are financing GEC.
As of October 11, the Company had completed its obligation to buy back the bond package issued to the public at maturity. In addition, the new bond lots also have more competitive costs, contributing to optimizing the cost of capital for the Company.
N.Nga
Source: VITIC/Tinnhanhchungkhoan