GEG released Q4 2021 results with revenue of VND443bn (USD19mn; -17% YoY) and reported NPAT-MI of VND102bn (USD4mn; +28% YoY). We attribute the strong Q4 2021 NPAT to (1) a one-off gain from the divestment of the Hyun Ha hydropower plants (3 MW), (2) slight earnings growth from hydropower plants and (3) additional earnings contributions from new wind plants that came into operation at end-October 2021, which outweighed a jump in interest expenses and higher tax expenses.

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