PV Power fulfils 69% of yearly revenue target

October 16, 2023 - 15:40

In the first nine months of 2023, the company's revenue and profit before tax were estimated over VNĐ22.2 trillion and VNĐ882 billion, respectively.

Cà Mau Thermal Power Plant is run by Petrovietnam Cà Mau Power Company, a subsidiary of PV Power. — Photo pvpower.vn

HÀ NỘI — PetroVietnam Power Corporation (PV Power) said it has completed 69 per cent of this year's profit before tax goal, with thermal power output expected to increase sharply in the coming months.

In the first nine months of this year, the company's total electricity output reached 11.12 billion kWh, approximately 71 per cent of the annual plan. The revenue and profit before tax were estimated at over VNĐ22.2 trillion and VNĐ882 billion, respectively, completing 74 per cent and 69 per cent of the year's plan.

PV Power’s leaders said that the company had been strongly affected by adverse factors in the first nine months, including the misalignment between electricity demand and gas supply capacity, rising raw material prices, higher production costs, and the impact of El Nino which caused a decrease in the electricity output of hydroelectric plants.

PV Power offered solutions to these problems, such as preparing equipment plans to support power production activities, managing cost accounts, and increasing the maintenance of factories.

Therefore, its business results met fundamental goals and exceeded some targets.

The company also said that the periodic maintenance of the power plant is still being implemented on schedule. In mid-August, the S1 Vũng Áng thermal power plant officially returned to the national grid.

Currently, the company is also focusing on implementing the Nhơn Trạch 3 and 4 power plant projects as well as researching renewable energy power projects.

According to Vietcombank Securities Company (VCBS), PV Power's thermal power output is expected to be mobilised at a high level as El Nino has returned and will last until the end of 2024.

Meanwhile, Hủa Na Hydropower JSC, a subsidiary of PV Power, has just submitted a stock listing registration application to the Hồ Chí Minh City Stock Exchange (HoSE). PV Power currently holds 80.72 per cent of its charter capital.

In the stock market, PV Power shares were traded at VNĐ11,350 a share at 13:20 pm (local time). — VNS