PV Power profits 4 billion VND per day

At the conference summarizing the 2024 operations of PetroVietnam Power Corporation (PV Power – POW), General Director Le Nhu Linh said the system’s electricity production results reached 16 billion kWh, of which 3 The power plant exceeded the assigned plan. Thanks to that, total revenue reached VND 31,979 billion, exceeding 1% of the 2024 plan and increasing 10% compared to 2023.

Of which, revenue from electricity production is estimated at 30,210 billion VND. The bright spot is that PV Power has revenue from external services reaching 116 billion VND.

POW pre-tax profit recorded about 1,462 billion VND, exceeding 47% of the year’s plan. On average every day, they profit 4 billion VND. This is the 6th consecutive year since equitization, this enterprise has exceeded its profit plan. However, this level is still low compared to the period 2019-2022.

Mr. Linh added that in 2024, the disbursement value of construction investment is estimated to reach 9,504 billion VND. Many key projects have made great progress, typically the Nhon Trach 3 and 4 power plants. In addition, investment preparation work and the search for new opportunities have also been promoted such as the Quynh Lap LNG project. , Vung Ang LNG project, successfully purchased Nam Non hydroelectric plant.

PV Power owns 7 power plants with a capacity of 4,209 MW, accounting for 6% of the country’s electricity generation market share, behind Vietnam Electricity Group (EVN) and its affiliated companies. The Board of Directors sets a goal that this year, the total installed capacity will reach at least 5,760 MW, accounting for about 8% of the entire system’s installed capacity.

On the stock exchange, PV Power is one of the energy businesses with shares in the VN30 basket, besides PLX and GAS. This code is trading at 11,650 VND, a slight increase compared to the beginning of last year but has adjusted about 30% compared to the high price range at the end of June 2024.

In addition to its strength in electrification, PV Power has recently entered the field of electric vehicle charging stations as the demand for smokeless engines is increasing. According to the current plan, after 2 years of piloting, PV Power will reevaluate the effectiveness of the project, then develop synchronously nationwide, and it is expected that by 2035 it will be able to develop an additional 1,000 charging stations. They have also signed a cooperation agreement with Vingroup for these projects.