GEG – Revenue rose sharply thanks to the retroactive payment of Tan Phu Dong 1
• In Q1/2025, GEG recorded revenue of VND 1.1 trillion (+51% YoY) and NPAT-MI of VND 378 billion (+322% YoY). The main growth driver came from the retroactive payment amount of VND 397 billion from Tan Phu Dong 1 wind power plant after the completion of the PPA, despite a 25% YoY decline in wind power output due to low wind speeds. Solar power output decreased by 9% YoY due to cool weather, leading to a 6% YoY decrease in revenue, to VND 210 billion. In contrast, hydropower benefited from favorable hydrological conditions, output increased by 19% YoY and revenue reached VND 61 billion (+7% YoY), despite a decrease in market prices.• GEG's interest expense decreased by 24% YoY due to a 9% YoY decrease in the company's total outstanding loans. GEG's NPAT increased by 315% YoY, to VND 375 billion. During the quarter, GEG completed 33% of its revenue plan and 89% of the annual profit plan thanks to unexpected revenue spikes.
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