On March 15th, NT2 Petroleum Power Electricity Joint Stock Company (symbol NT2) will finalize the list of shareholders who register for the 1st interim dividend of 2023 at a rate of 7% (1 share receives VND 700). The expected payment date is on March 29th.
With nearly 287.87 million outstanding shares, NT2 is estimated to need over VND 200 billion to pay this dividend to shareholders. Among them, Vietnam Oil and Gas Power Joint Stock Company (PV Power – symbol POW), the parent company holding 59.37% of NT2’s charter capital, will “pocket” nearly VND 120 billion.
After the dividend payment rights are cut off, by March 22nd, NT2 will finalize the right to attend the 2024 Annual General Meeting scheduled for April 24th.
Regarding the 2023 financial results, NT2 recorded net revenue of nearly VND 6,383 billion, a 27% decrease compared to the previous year. After-tax profit also decreased by 44% compared to the same period, to around VND 495.8 billion, mainly due to a decrease in electricity sales volume caused by a major maintenance period lasting 2 months and competition from coal-fired and hydropower plants.
As for PV Power, the parent company has announced estimated business results in January 2024 with expected revenue reaching VND 2,015 billion, achieving 82% of the monthly plan. Among them, Vung Ang 1 Power Plant contributed VND 1,007 billion; Ca Mau 1 & 2 Power Plants contributed VND 843.5 billion in revenue. Electricity sales revenue in January is estimated at VND 1,971 billion, an increase of 15% compared to the same period last year. The estimated power generation is 1,232 million kWh.
According to PV Power, January is a dry season in the North and South, and the end of the rainy season and the beginning of the dry season in the Central region. The average FMP market price is expected to be around VND 1,450/kWh.
Prior to that, PV Power had announced its full-year 2024 business plan with total revenue of VND 23,960 billion and after-tax profit of VND 929 billion, both of which decreased by 22% compared to the performance in 2023. The target total electricity production for the whole year is 16.7 billion kWh.
