PPC released its Q2 2023 results with revenue of VND704bn (-5% YoY) and reported NPAT of VND167bn (+146% YoY). The jump in NPAT-MI was mainly due to the underbooking of maintenance expenses & other expenses, which decreased by 81% YoY, and dividend income of VND100bn vs no dividend income in Q2 2022. These factors outweighed a 5% YoY decline in sales volume and a 33% YoY higher average material cost.

In H1 2023, revenue was VND1.4tn (-7% YoY) and reported NPAT was VND207bn (+40% YoY), completing 47% and 57% of our respective full-year forecasts and in line with our expectations. We foresee insignificant changes to our forecast, pending a fuller review.

According to PPC, revenue deductions of approximately VND161bn caused by errors in electricity meters that occurred from December 2018 to March 2022 were not been booked in Q2 2023. However, they are expected to be completed and recorded in Q3 2023, which should weigh on earnings in H2 2023.

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