Quảng Ninh Thermal Power sets profit target of $18 million this year

June 01, 2023 - 09:53
It set a lower target this year and plans to pay dividends at 10 per cent of its charter capital.
Quảng Ninh Thermal Power Plant in Hạ Long City, Quảng Ninh Province. Its business results are expected to be lower this year. — Photo quangninhtpc.com.vn

HÀ NỘI — Quảng Ninh Thermal Power JSC (UpCOM: QTP) estimates a profit after tax of more than VNĐ440 billion (US$18 million) in 2023, a decrease of 42 per cent from the previous year's performance while paying dividends at 10 per cent of its charter capital.

The company set a target of producing 7.159 trillion kWh of electricity and selling 6.815 trillion kWh, down 6.3 per cent and 1.4 per cent, respectively, over last year.

This year, it plans to invest VNĐ213 billion in 13 projects, of which VNĐ131 billion is allocated to Quảng Ninh 2 Thermal Power Plant project. Quảng Ninh Thermal Power also expects to spend VNĐ19 billion on purchasing fixed assets.

The company signed two coal sale contracts for 2023 with suppliers in December 2022. Specifically, Quảng Ninh Thermal Power Plant will buy three million tonnes of coal from the Vietnam Coal and Mineral Industries Group (TKV) and 900,000 tonnes from the Đông Bắc Corporation. — VNS