GEG Reports Q3 Profit of VND 75 Billion, Attributed to Electricity Price Lock-In; 9-Month Net Profit Surges 7x Year-on-Year

In Q3/2025, GEG recorded a net revenue of over 671 billion VND, a 24% increase compared to the same period last year. The cost of goods sold rose at a slower pace (14%), resulting in a 36% surge in gross profit to 323 billion VND.

Financial activities also improved, with financial expenses decreasing by 16% to 194 billion VND, primarily due to reduced interest expenses. Consequently, GEG achieved a net profit of 75 billion VND, compared to a loss of 27 billion VND in the same quarter last year.

According to GEG’s explanation, the significant profit increase in Q3 was mainly driven by higher electricity sales revenue, thanks to the official electricity prices for the TPĐ1 Wind Power Plant and tower A7 (part of the VPL Wind Power Plant). With a total capacity of 100MW, TPĐ1 is part of the company’s renewable energy portfolio expansion plan. After receiving the official electricity price, the project contributed 16% to the system’s total revenue. Additionally, other plants operated stably, maintaining overall growth momentum throughout the year.

The Q3 results further brighten GEG’s business outlook. In the first nine months, the company achieved over 2.4 trillion VND in net revenue, a 36% increase, and a net profit of 619 billion VND, 7.4 times higher than the same period last year. The company has fulfilled 71% of its revenue plan and exceeded its 2025 profit plan by 24%, as approved by the shareholders’ meeting.

Source: VietstockFinance

The total electricity output across the system reached nearly 1 billion kWh. In terms of energy type, wind power remained the primary contributor, producing 482 million kWh (48% of total output), generating 1.42 trillion VND in revenue (61%). Solar power contributed 294 million kWh, yielding 678 billion VND in revenue (29%), while hydropower maintained stable operations with 221 million kWh, accounting for 22% of output and 232 billion VND in revenue (10%).

Furthermore, the divestment from Truong Phu Hydropower JSC added nearly 106 billion VND to GEG’s cumulative financial revenue, an 11-fold increase compared to the same period last year.

As of September, GEG’s total assets reached over 15.2 trillion VND, a slight increase from the beginning of the year, with nearly 2 trillion VND in current assets (up 43%). Cash and cash equivalents surged to 785 billion VND, nearly double the amount at the start of the year. Accounts receivable increased by 34% to nearly 1.1 trillion VND, primarily from the Electricity Trading Company (758 billion VND, up 83%).

Construction in progress rose by 42% to 381 billion VND, mainly focused on the Duc Hue 2 Solar Power Project in Long An (331 billion VND).

On the capital side, total liabilities decreased by 7.8% to nearly 8.7 trillion VND. Total loans (short-term and long-term) amounted to nearly 8.34 trillion VND, a 10% decrease, primarily due to a 10% reduction in long-term loans and finance lease liabilities to 7.7 trillion VND. GEG confirmed it has fulfilled all financial obligations as committed to project investors. The interest coverage ratio stands at 2.7 times, indicating a secure financial position.

Continued Investment Expansion

GEG plans to further expand its investment portfolio with new energy projects. In solar power, the Duc Hue 2 Solar Power Plant (49 MWp) in Long An, developed by TTC Duc Hue Long An JSC (a GEC subsidiary), resumed construction in Q3/2025 and is being expedited. The project is expected to complete construction by the end of 2025 and, once operational, will supply approximately 70 million kWh annually, generating an estimated revenue of 93 billion VND per year.

In hydropower, on September 30, 2025, GEG commenced construction of the Ea Tih Hydropower Plant (9MW) on the Krông H’năng River in Dak Lak province. Developed by Cao Nguyen Electric Energy JSC, a GEG subsidiary, the project has a total investment of nearly 300 billion VND. Upon completion, it is expected to produce 32 million kWh annually, increasing the share of renewable energy in GEG’s production portfolio.

Châu An

– 15:58 30/10/2025