Electricity firm Nhon Trach 2 reports revised 28-fold profit increase
PetroVietnam Power Nhon Trach 2 JSC, a member of state-owned Petrovietnam, reported after-tax profit of VND159.8 billion ($6.74 million) in the fourth quarter of 2022, up 32% year-on-year and 28 times higher than the figure previously reported.
Among the indicators, revenue and cost of goods sold did not change much. However, management expenses in the corrected report dropped by VND198 billion ($8.35 million) compared to the previous financial statement, making the company's after-tax profit surge abnormally.
PetroVietnam Power Nhon Trach 2 plant. Photo courtesy of the company.
In 2022, the company, listed on the Ho Chi Minh Stock Exchange (HoSE) as NT2, recorded net revenue of VND8,788 billion ($370.63 million), up 43% year-on-year and exceeding 8% of its target.
Its after-tax profit reached VND883 billion ($35.13 million) in the year, up 65% and exceeding its profit plan by 89%.
As of December 31, 2022, NT2's total assets stood at VND7,444 billion ($313.95 million), up VND159 billion ($6.7 million) compared to the previous statement.
At the end of 2022, NT2's equity reached VND4,614 billion ($194.59 million), including VND1,554 billion ($65.54 million) of undistributed after-tax profit.
Currently, PV Power, a Petrovietnam subsidiary, is the largest shareholder in NT2, holding a 59.4% stake, equivalent to 170.9 million shares.
NT2 has another major shareholder, Technology Development Company Limited (CFTD), holding 23.8 million shares or a 8.3% stake.
The NT2 share price hit VND29,700 ($1.25) per unit at Tuesday's closing session.
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