Vietnam Electricity (EVN) has released its 2023 audited financial statements, revealing interesting insights into the company’s recent performance. According to the report, EVN generated 500,719 billion VND in revenue last year, marking an impressive 8.1% increase from the previous year.
While the company’s gross profit rose by 23% to over 13 trillion VND, its financial income witnessed a significant drop, halving to 4,065 billion VND. This decrease was mainly attributed to reduced gains from foreign exchange rate differences. Unfortunately, EVN also experienced a substantial foreign exchange loss of nearly 2.5 trillion VND during 2023.
A closer look at the financials reveals that financial expenses increased by over 4 trillion VND to 22,686 billion VND due to higher interest expenses. As a result, EVN reported a post-tax loss of 26,772 billion VND (over 1 billion USD) in 2023, compared to a loss of 20,747 billion VND in the previous year.
As of December 31, 2023, EVN’s total assets stood at 648,983 billion VND, a decrease of over 17 trillion VND from the beginning of the year. Fixed assets accounted for the largest proportion of the company’s total assets, amounting to 408,710 billion VND, while short-term receivables were valued at 47,740 billion VND.
EVN’s cash and bank balances totaled 81,275 billion VND, a reduction of over 20,200 billion VND from the previous year. Despite this, the company earned approximately 3,200 billion VND in interest income, equivalent to nearly 9 billion VND per day.
The company’s financial borrowings amounted to 311,030 billion VND, a decrease of over 13 trillion VND from the beginning of the year. However, EVN’s interest expenses for the year rose by 4.5 trillion VND to 18,982 billion VND, translating to a daily payment of 52 billion VND.
EVN’s equity stood at 196,134 billion VND, and as of the end of 2023, the company had accumulated losses of 41,824 billion VND.
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