PPC published its quarterly results with Q4 2020 NPAT reaching VND502bn (USD22mn), growing 4% YoY despite a 31% YoY slump in sales volume. This positive result was driven by a one-off delayed payment from EVN for FX losses incurred in 2015 and 2018. Furthermore, PPC recorded higher-than-expected compensation for contracted volume that EVN did not mobilize in Q4 2020 amid the heavy storms in central Vietnam. Overall, PPC’s 2020 NPAT of VND1tn (USD43mn) exceeded our full-year forecast by 24%