GEG released Q4 2022 results with revenue increasing 12% YoY to VND496bn (USD21mn) and reported NPAT-MI slumping 82% YoY to VND19bn (USD800,000). We attribute the divergence between the top-line and bottom-line growth to Q4 2021’s high base that included a disposal gain of VND97bn.

2022 revenue surged 52% YoY thanks to contributions from three wind farms that entered operation in late 2021. Nevertheless, core NPAT-MI was flat YoY due to a 54% YoY jump in interest expenses. Reported NPAT rose 12% YoY thanks to higher divestment gains in 2022 vs 2021.

2022 reported NPAT-MI trailed our expectations, completing 80% of our full-year forecast. In addition, core NPAT completed 79% of our full-year projection. We foresee insignificant change to our 2023F NPAT projection, pending a fuller review.