PV Power's arm posts 5-fold jump in Q3 profit on margin recovery

PetroVietnam Power Nhon Trach 2 JSC (HoSE: NT2) reported a sharp rebound in third-quarter earnings as improved margins and higher revenue lifted profits nearly fivefold from a year earlier.

The company is the investor, manager, and operator of Nhon Trach 2 combined cycle gas turbine power plant in Dong Nai province, southern Vietnam. The plant includes two gas turbines, two heat recovery furnaces, and one steam turbine, with a total capacity of 750 MW.

Net revenue rose 13% year-on-year to nearly VND1.93 trillion ($73.2 million) in Q3, while cost of goods sold increased just 4% to VND1.72 trillion ($65.5 million).

This margin expansion drove a 242% jump in gross profit to VND205 billion ($7.78 million), up from VND60 billion ($2.28 million) a year earlier. Financial income also climbed 83% to VND49 billion ($1.86 million).

As a result, net profit surged nearly fivefold to VND214 billion ($8.12 million), compared with VND44 billion ($1.67 million) in the same period last year.

For the first nine months of 2025, PVPower NT2 recorded net revenue of VND5.44 trillion ($206.4 million), up 31% year-on-year, and gross profit of VND616 billion ($23.38 million, reversing a loss of VND36 billion ($1.37 million) in the same period of 2024.

Net profit reached VND577 billion ($21.9 million), over 70 times higher than the modest VND8 billion a year earlier.

As of the end of Q3/2025, NT2’s total assets stood at VND8.32 trillion ($315.85 million), down 4% from the beginning of the year. Total liabilities declined 15% to VND3.82 trillion ($145 million), including financial debt of VND1.29 trillion ($49 million).

NT2 shares closed up 1.43% to VND21,350 ($0.81) each on Tuesday.