Report

POW – Business Results Q1/2025 led by Southeast gas-fired Cluster

• In Q1/2025, POW revenue and net profit after tax – minority interest (NPATMI) increased by 31% and 60% YoY, respectively.
• The Company's dispatched output increased by 20% YoY, led by the recovery of Nhon Trach 1 (+3,446% YoY) and Nhon Trach 2 (+291% YoY).
• The Company's average selling price increased by 8% YoY despite the total electricity market price decreasing by 17% YoY, coming from the Company's contracted output increasing by 55% YoY.
• Stable gas and coal fuel prices helped POW's gross profit improve by 117% YoY, equivalent to a 4 pps YoY increase in gross profit margin.
Provider
Viet Dragon Securities
Viet Dragon Securities

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Analysts
Chinh Nguyen

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