The focus of this story is on Khanh Hoa Power Joint Stock Company (HOSE: KHP). On July 2, 2024, KHP announced a correction to their business plan as stated in the minutes of their 2024 Annual General Meeting of Shareholders held on June 26, 2024.
According to their previous announcement, KHP projected revenues of nearly VND 6.6 quadrillion for 2024, with total expenses exceeding VND 6.5 quadrillion, resulting in a pre-tax profit of over VND 50 billion. In contrast, Vietnam’s GDP for 2023 was over VND 11 quadrillion – equivalent to approximately VND 433.7 billion USD. This meant that KHP‘s planned revenue was almost 60% of Vietnam’s entire GDP for 2023.
However, there was an error in the previously reported figures. The company attributed the mistake to typing and formatting errors during the drafting process. The correct figures are nearly VND 6.6 trillion in revenue and over VND 6.5 trillion in expenses.
![]() Source: KHP
|
KHP was originally established as the Phu Khanh Power Management and Distribution Department in 1976. After several name changes, the company officially became Khanh Hoa Power Joint Stock Company in 1996, under the management of Power Corporation 3 – Vietnam Electricity (EVN).
In terms of operational performance, KHP has consistently grown its revenue over the past eight years. In 2023, the company achieved revenues of VND 6.2 trillion, a 20% increase, with a net profit of nearly VND 55 billion, a 7% decrease compared to the previous year.
For the first quarter of 2024, KHP continued its positive trajectory with revenues of nearly VND 1.5 trillion, a 30% increase compared to the same period last year, and a net profit of over VND 10 billion (compared to a loss of more than VND 40 billion in the previous quarter).
Business Performance of KHP |
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.