15:43 | 03/03/2018 Industry
(VEN) - The PetroVietnam Power Nhon Trach 2 Joint Stock Company (PV Power NT2) achieved positive results in 2017, and promises to obtain better outcomes in 2018.
PV Power NT2’s total electricity production in 2017 reached more than 4.33 billion kWh. The company earned revenues of over VND6.82 trillion and achieved after-tax profit of over VND810 billion in 2017.
In addition to favorable factors, the company also encountered many obstacles in 2017 due to the weather conditions. In that context, the company implemented a reasonable pricing strategy and adopted an appropriate electricity generation plan in order to achieve the highest efficiency.
The company achieved many important milestones last year, such as electricity production of 30 billion kWh on October 26 after six years of commercial operation, and accumulated electricity production of 30.9 billion kWh by the end of 2017. The company’s revenues exceeded five percent of the yearly plan, while after-tax profit made up 18 percent of the yearly plan. In addition, the company also fulfilled its state tax obligations in accordance with regulations.
In particular, PV Power NT2 completed the final settlement of two domestic borrowing contracts before the term and continued to pay foreign loans in time.
After six years of commercial operation, PV Power NT2 successfully overhauled the Nhon Trach 2 Power Plant ahead of schedule, ensuring safety for workers and equipment. The plant’s capacity has increased to 24MW, contributing to improving the company’s trade and production efficiency and meeting the increasing power demand.
Despite many fluctuations, PV Power NT2’s share prices continued to increase, maintaining its position as one of the leading units in the power sector on the stock market. The market capitalization of the company has increased by 3.2 times. At the beginning of 2018, its share prices range from VND33,000-35,000 per share.
The national economy is forecast to be still difficult and the growth of electricity load is forecast to be low compared to previous years, while unpredictable weather set to continue. In particular, some coal-fired power plants will be put into operation, making the level of competition in the region increasing. This is a big challenge for the company.
PV Power NT2 targets total electricity production of 4.6 billion kWh, total revenues of more than VND6.9 trillion and after-tax profit of VND749 billion in 2018. The company will make greater efforts to ensure the country’s energy security.