The 2023 plan for the Hai Phong Thermal Power Plant is about to be finalized.

DNHN - According to Hai Phong Thermal Power, electricity production increased in the third quarter of 2023 compared to the same period in the previous year. Moreover, falling coal prices significantly decreased fuel costs, which positively impacted GP

Hai Phong Thermal Power (UPCoM stock symbol: HND) reported revenue of approximately 2,9 trillion VND for the third quarter, a 6% decrease from the same period last year. However, as a result of an 11% decrease in cost price, the company's gross profit skyrocketed to 253 billion VND, which is 2.4 times greater than the same period.

HND announced that electricity production increased in the third quarter of 2023 compared to the same period the previous year, while costs decreased sharply due to falling coal prices, resulting in a substantial reduction in fuel costs, which positively impacted gross profit.

During the same period, HND's financial activities decreased by 50% due to lower deposit interest rates; however, this did not have a significant impact on business results. Other costs, including financial costs of 36 billion VND (down 43%) and business management costs of 17 billion VND (down 44%), also decreased significantly. Despite declining other profits, HND achieved a profit after taxes of 192 billion VND, a 4.7-fold increase over the same period.

Positive results in the third quarter have contributed significantly to HND's overall business performance. After nine months, the enterprise's accumulated revenue reached 8.8 trillion VND, a 7% increase over the same period, and its after-tax profit reached 533 billion VND, an 8% decrease. This result corresponds to more than 66 percent of the revenue plan and more than 94 percent of the profit after-tax target approved by shareholders at the 2023 annual meeting.

At the end of the third quarter, HND's total assets were approximately 8 trillion VND, a slight decrease from the beginning of the year. The cash on hand decreased dramatically, from more than 516 billion VND at the beginning of the year to just over 23 billion VND. The value of the company's inventory increased by 56% compared to the beginning of the year, reaching 633 billion VND.

P.V (t/h)