Tuesday, January 22 2019

VietNamNews

PV Power targets $1.4b in 2019

Update: January, 10/2019 - 11:00
Vũng Áng 1 Thermal Power Plant. PetroVietnam must hold more than 51 per cent of PV Power’s capital until 2025 following the agreement with foreign investors in the Vũng Áng thermal power projects. — Photo vietnambiz.vn
Viet Nam News

HÀ NỘI — PV Power has set targets for total revenue of VNĐ32.77 trillion (US$1.4 billion) and pre-tax profit of more than VNĐ2.5 trillion ($107.3 million) for 2019.

Its profit after tax is projected to reach VNĐ2.28 trillion.

Việt Nam’s second-largest electricity producer generated more than 21 billion kWh of electricity last year, higher than the 2017’s output of 20.58 billion kWh.

According to PV Power’s estimation, its total revenues reached VNĐ33.36 trillion ($1.43 billion) in 2018, surpassing the year’s target by 6 per cent. The pre-tax profit of the whole corporation exceeded its goal by 8 per cent, hitting VNĐ2.32 trillion ($99.4 million). 

PV Power is expected to pay about VNĐ1.36 trillion to the State budget in 2018, up 13 per cent over than its yearly target.

Lê Như Linh, PV Power’s general director, described last year’s performance “satisfactory” and highlighted the company’s effective use of resources, especially in difficult conditions and an exhaustion of natural resources.  

Equitisation was also emphasised as one of the company’s biggest successes last year.

PV Power made its initial public offering (IPO) 12 months ago, successfully selling 20 per cent of its capital for nearly VNĐ7 trillion ($300.4 million).

The company traded shares on the Unlisted Public Company Market (UPCoM) in March and will shift its listing to the Hồ Chí Minh Stock Exchange (HOSE) next week.

PV Power will list all of its 2.34 billion shares, equivalent to charter capital of more than VNĐ23.4 trillion ($1 billion), on HOSE under the same ticker POW. This is the first company listing on HOSE this year.

PV Power took only one year to complete its IPO and listing on HOSE, a speed outperforming many other companies, and this demonstrated its strong commitment with investors, said chairman Hồ Công Kỳ at a meeting with media on Tuesday.

“PV Power aims to be a blue chip on HOSE,” Kỳ said.

The reference price of POW for the first trading day in HOSE is VNĐ14,600 per share, 7 per cent lower than its price on UPCoM of VNĐ16,000 per share on December 27.

Regarding the divestment of PetroVietnam which is holding 80 per cent of PV Power’s capital, Kỳ said PetroVietnam would carry out its divestment according to plans but it must hold more than 51 per cent of PV Power’s capital until 2025 following the agreement with foreign investors in the Vũng Áng thermal power projects.

PV Power is the second-largest electricity producer in Việt Nam behind Việt Nam Electricity (EVN), operating eight power plants with a total combined capacity of 4.2GW. — VNS 

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