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Top 7 listed power companies in Vietnam

Top 7 listed power companies in Vietnam

Wednesday 17, 05 2023
The power industry is a major driver of the economy because every field needs electricity, especially production sector. Follwing is the list of 7 largest electricity enterprises in Vietnam compiled by VietnamCredit based on their financial performance in 2022.

The power industry

1. Power Generation Joint Stock Corporation 3

Power Generation Joint Stock Corporation 3 was established on June 1, 2012 on the basis of reorganization of Phu My Thermal Power Company Limited, dependent accounting power generation companies, power source project management boards. The Corporation became a joint stock company in 2018 and its shares were officially traded on the UPCoM platform with the code PGV in the same year.

At the end of 2022, the company recorded a revenue of more than VND 47,000 billion while its profit after tax reached VND 2,300 billion - 4% and 29% higher, respectively, than the year plan.

Vietnamcredit Power Generation Joint Stock Corporation 3

However, because in 2021 the company reported a record profit of VND 3,178 billion, so the its after-tax profit in 2022 was still 26% lower than the same period in 2021, reaching only VND 2,360 billion. However, the corporation still exceeded 4.1% of revenue target and 29% of profit after tax plan, respectively.

2. PetroVietnam Power Corporation

In May 2007, the Chairman of the Board of Directors of the Vietnam Oil and Gas Group issued Decision No. 1468/QDDKVN on the establishment of the parent company - PetroVietnam Power Corporation. On July 1, 2018, the corporation officially operated in the form of a joint stock company. Its shares were officially traded on HOSE with stock code POW on January 14, 2019.

PetroVietnam Power Corporation is one of the leading power producers in Vietnam, with an installed capacity accounting for nearly 8% of the system's total power capacity. PV Power has the advantage of gas thermal power, currently owns power plants with modern technology and high efficiency.

POW's 2022 audited financial statements recorded total revenue and income of VND 28,790 billion, up 14% compared to 2021, of which net revenue reached VND 28,224 billion, up 15% over the same period. Total expenditure increased by 13% to VND 25,980 billion.

PetroVietnam Power Corporation

POW said that revenue and COGS in 2022 both increased due to a significant increase in the amount of electricity mobilized at power plants. At the same time in 2022, POW recorded revenue from exchange rate difference of power purchase and sale contracts at Vung Ang 1, Nhon Trach 2 and Dakdrinh power plants for the period of 2015-2019 with VND 1,131 billion. Besides, Dakdrinh and Hua Na hydroelectric power plants in the past year encountered favorable hydrological conditions, which helped mobilize a lot of electricity output, helping to increase revenue.

As a result, pre-tax profit was VND 2,809 billion and profit after tax was VND 2,553 billion, up 24% compared to 2021.

3. Vinacomin - Power Holding Corporation

On January 1, 2010 Electricity Corporation - Vinacomin (now Vinacomin – Power Holding Corporation) officially came into operation and on December 29, 2015 the first General Meeting of Shareholders of the corporation was successfully organized.

The corporation currently has 5 thermal power plants. The maintenance of stable operation of thermal power plants of the company not only provides electricity for socio-economic development and ensures national energy security, but also contributes significantly to the overall growth goal of TKV Group.

Vinacomin - Power Holding Corporation

For 2023, the Electricity Corporation (TKV) strives to produce and consume 9.6 billion kWh (increasing 1.28 billion kWh compared to 2022). To complete the production and business plan, right from the first months of the year, thermal power plants under TKV have focused on stably operating production.

4. Hai Phong Thermal Power SJC

In February 2002, Vietnam Electricity, Coal-Mineral Industry Group, Baoviet Corporation, Vietnam Machinery Erection Corporation and Vietnam Construction Import-Export Corporation (Vinaconex) established Hai Phong Thermal Power Joint Stock Company to invest in building a power plant. On September 17, 2002, Hai Phong Thermal Power Joint Stock Company was officially established. In 2016, the company was officially listed on UPCOM stock exchange with stock code HND.

For 2022, the company recorded net revenue of VND 10,511 billion and profit after tax of nearly VND 571 billion, up 16% and 25.5% respectively compared to 2021. In 2022, the company set a target business plan with revenue of VND 10,574.8 billion and pre-tax profit of VND 594.3 billion.

As of December 31, 2022, the company's total assets reached VND 8,219.5 billion, down 5.5% compared to the beginning of the year. In particular, the company owns more than VND 515.6 billion of cash and cash equivalents; short-term receivables of VND 2,314 billion, up 31%; inventory was VND 404.9 billion, down 27.7%.

Hai Phong Thermal Power SJC

Liabilities also decreased by more than 24% to VND 1,878 billion; short-term and long-term debt were VND 784.9 billion and VND 392.4 billion, respectively. Undistributed profit after tax was VND 570.8 billion and EPS was VND 1,142.

5. Quang Ninh Thermal Power Joint Stock Company

Located in the northeast of Quang Ninh province which has the largest coal reserves in Vietnam, Quang Ninh Thermal Power Joint Stock Company has a favorable position for the organization of production and supply of coal-fired electricity for the national electricity system.

The company manages and operates Quang Ninh Thermal Power Plant with a total capacity of 1,200 MW (04 units) connected to the national power system through a 500kV Quang Ninh substation with voltage levels of 500kV and 220kV, average output designed force is 7.2 billion kWh/year.

In 2022, Quang Ninh Thermal Power recorded VND 10,417 billion in net revenue and VND 770 billion in profit after tax, up 21.5% and 33% respectively compared to 2021.

For 2022, the company set a target of total revenue of VND 9,580 billion, profit after tax of VND 436 billion, respectively increasing 11.8% and decreasing 24.6% compared to the figures realized in 2021. Thus, the company surpassed 8.7% of revenue target and nearly 77% of profit.

Quang Ninh Thermal Power Joint Stock Company

As of December 31, 2022, total assets of Quang Ninh Thermal Power reached VND 8,048 billion, down 9.6% compared to the beginning of the year due to annual depreciation of fixed assets. As for capital, the company's liabilities in 2022 decreased by 31% to 1,880 billion VND, mainly due to the sharp decrease in borrowings and finance lease debt.

6. PetroVietnam Power Nhon Trach 2 JSC

PetroVietnam Power Nhon Trach 2 JSC was established on June 15, 2007 under Resolution No. 01/NQ-ĐH of the General Meeting of Shareholders with initial charter capital of VND 2,560,000,000. 000. Currently, the company has a charter capital of VND 2,878,760,290,000.

The company is the investor, manager and operator of Nhon Trach 2 combined cycle gas turbine power plant. The plant uses advanced technology F-generation combined cycle gas turbines with configuration 2-2- 1, including 2 gas turbines, 2 heat recovery furnaces and 1 steam turbine, with a total capacity of 750 MW.

Vietnamcredit PetroVietnam Power Nhon Trach 2 JSC

In 2022, Nhon Trach 2 achieved VND 9,786 billion in net revenue and VND 729 billion in profit after tax, up 43% and 36.6% respectively compared to 2021. Thus, the company exceeded 8.5% of revenue target and 56% of profit target.

7. IDICO Corporation - JSC

IDICO Corporation - JSC (Vietnam Urban Development and Investment Corporation) was established in 2000 with the starting point as a state-owned enterprise under the Ministry of Construction. Through the process of construction and development, up to now, IDICO has become a strong corporation operating in the model of a joint stock company with the stock code IDC.

IDICO Corporation - JSC experienced a successful year in 2022 when its revenue doubled and profit after tax increased 4 times, both reaching the highest peaks in the history of operation.

At the end of 2022, IDC's net revenue reached VND 8,242 billion. Gross profit reached VND 3,580 billion, up 4.8 times. Gross profit margin reached 43.4%, a strong increase compared to 17.1% of the previous year.

IDICO Corporation - JSC

Along with VND 144 billion of financial revenue and VND 45 billion of other profit, IDC ended 2022 with a pre-tax profit of VND 3,246 billion, up 4.3 times; profit after tax was VND 2,596 billion, up 4.5 times. This is the highest profit after tax in the history of IDC.

Alice Hoang Thao – VietnamCredit


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