Electricity firm Nhon Trach 2 reports revised 28-fold profit increase

PetroVietnam Power Nhon Trach 2 plant. Photo courtesy of the company.
Among the indicators, revenue and cost of goods sold did not change much. However, management expenses in the corrected report dropped by VND198 billion ($8.35 million) compared to the previous financial statement, making the company's after-tax profit surge abnormally.
In 2022, the company, listed on the Ho Chi Minh Stock Exchange (HoSE) as NT2, recorded net revenue of VND8,788 billion ($370.63 million), up 43% year-on-year and exceeding 8% of its target.
Its after-tax profit reached VND883 billion ($35.13 million) in the year, up 65% and exceeding its profit plan by 89%.
As of December 31, 2022, NT2's total assets stood at VND7,444 billion ($313.95 million), up VND159 billion ($6.7 million) compared to the previous statement.
At the end of 2022, NT2's equity reached VND4,614 billion ($194.59 million), including VND1,554 billion ($65.54 million) of undistributed after-tax profit.
Currently, PV Power, a Petrovietnam subsidiary, is the largest shareholder in NT2, holding a 59.4% stake, equivalent to 170.9 million shares.
NT2 has another major shareholder, Technology Development Company Limited (CFTD), holding 23.8 million shares or a 8.3% stake.
The NT2 share price hit VND29,700 ($1.25) per unit at Tuesday's closing session.
Source: The Investor