- 2023-01-31T00:00:00
- Company Research
- POW announced 2022 results with revenue of VND28.2tn (USD1.2bn; +15% YoY) and reported NPAT-MI of VND1.9tn (USD80.3mn; +6% YoY), which completed 99% and 110% of our respective full-year forecasts. Based on our discussion with POW’s investor relations team, we understand this result included VND584bn that EVN Power Trading Company paid for 2021 FX loss (which was classified into the revenue item); however, it does not include VND300bn of insurance compensation for the technical issue at the Vung Ang coal-fired plant. - 2022 recurring NPAT-MI adjusted for the abovementioned FX loss and NT2’s bad debt provision is VND1.4tn (USD60.1mn; +97% YoY). Compared to 2021, this stronger result is partly due to a higher contribution from hydropower plants with Hua Na and Dakdrinh’s NPAT surging 4.6x and 50% YoY, respectively. In addition, NT2 and Nhon Trach 1’s NPAT increased, which outweighed the poorer performances of the Ca Mau and Vung Ang plants. We note that NT2 recorded VND239.6bn of provision expenses for the bad debt related to EVN’s refusal to pay the transportation tariff for the Phu My – Ho Chi Minh gas pipeline. |
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