Quang Ninh Thermal Power sets profit target of $18 million this year

It set a lower target this year and plans to pay dividends at 10 per cent of its charter capital.

Quang Ninh Thermal Power JSC (UpCOM: QTP) estimates a profit after tax of more than VND440 billion (US$18 million) in 2023, a decrease of 42 per cent from the previous year's performance while paying dividends at 10 per cent of its charter capital.

The company set a target of producing 7.159 trillion kWh of electricity and selling 6.815 trillion kWh, down 6.3 per cent and 1.4 per cent, respectively, over last year.

This year, it plans to invest VND213 billion in 13 projects, of which VND131 billion is allocated to Quang Ninh 2 Thermal Power Plant project. Quang Ninh Thermal Power also expects to spend VND19 billion on purchasing fixed assets.

The company signed two coal sale contracts for 2023 with suppliers in December 2022. Specifically, Quang Ninh Thermal Power Plant will buy three million tonnes of coal from the Vietnam Coal and Mineral Industries Group (TKV) and 900,000 tonnes from the Dong Bac Corporation.

Source: VNS