2023-05-09 03:00:00
Pha Lai Thermal Power Joint Stock Company (HoSE: PPC) sets a plan for commercial power output in 2023 to be 3.5 billion kWh, up 23% over the previous year. This growth is due to significantly higher output from Pha Lai 2 plant as unit S6 is expected to be operational again in the second half of 2023.
PPC also set a pre-tax profit plan for 2023 of VND 266 billion, down sharply by 52% compared to the previous year.
However, it is also important to note that PPC’s actual profit is often 37% higher than the company’s plan over the past 8 years on average.
Meanwhile, in 2022, PPC realized VND 5,278 billion in net revenue and VND 497 billion in profit after tax.
Particularly in the first quarter of 2023, Pha Lai Thermal Power achieved revenue of nearly VND 1,311 billion, up 22%. However, revenue from financial activities decreased by 41% to 41 billion dong. Therefore, PPC only made a profit after tax of nearly VND 40 billion, down 50% compared to the first quarter of 2022.
According to PPC, due to the increase in input fuel prices, revenue and expenses in the first 3 months of this year both increased compared to the same period last year. However, the revenue increase value is lower than the cost increase value (due to the value of some expenses such as large repair costs, increased wages).
In addition, financial profit decreased by nearly VND 29 billion, equivalent to a decrease of 41% compared to the first quarter of 2022, due to the amount of dividends received from capital contributors of the Company was VND 36.8 billion, down nearly 38% compared to 58.9 billion dong of the same period. Besides, deposit interest decreased by 5.76 billion dong due to the decrease in idle cash.
PPC proposes a cash dividend of 8% for 2022 and 5% for 2023.
Why did PPC launch a business plan to decline in the context that the Government has just increased the retail price of electricity by 3%?
Perhaps this is understandable when in fact, power companies have made long-term agreements when signing power purchase contracts with EVN, so the increase in the average selling price of electricity in the short term cannot affect revenue. manufacturing industry. Specifically, such as PPC, Quang Ninh (QTP)… big projects signed agreements for 25 years, electricity purchase and sale prices are negotiated in stages.
For electricity distribution enterprises, the increase in electricity prices can have a positive impact, because long-term contracts with low prices are now sold at high prices, making corporate profits likely to increase.
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