Vietnam Electricity Group (EVN) has just released its audited consolidated financial report for 2024. The financial situation of this giant in the electricity sector shows positive results after many years of losses.
Specifically, the report notes that the group's consolidated revenue last year reached VND 580,537 billion, an increase of nearly 16% compared to 2023. Of this, revenue from electricity sales last year reached over VND 572,936 billion, accounting for more than 98%.
With the cost of goods sold reaching VND 530,948 billion, EVN's gross profit reached VND 49,588 billion, nearly four times higher than in 2023.
In 2024, the group recorded a nearly 21% decrease in financial income to over 3.215 billion VND. Meanwhile, financial expenses decreased slightly by more than 3% to nearly 21.914 billion VND, while selling and administrative expenses increased slightly.
After deducting expenses, EVN recorded a net profit of over 8,237 billion VND, compared to a loss of 26,772 billion VND in 2023. Of this, the net profit attributable to shareholders of the parent company was over 7,222 billion VND. However, as of the end of 2024, this "giant" corporation had accumulated losses exceeding 38,688 billion VND.
As of December 31, 2024, the group's total assets reached over VND 675,872 billion, a decrease of over VND 26,889 billion compared to the beginning of the year. Notably, the company's cash and deposits amounted to over VND 91,294 billion. Bank deposits also generated over VND 2,000 billion in interest income for the group last year. EVN's financial debt as of the end of last year was over VND 369,075 billion, of which long-term loans and financial leases accounted for over 87%.
In 2024, EVN adjusted electricity prices upwards on October 11, 2024, with an increase of 4.8%. According to the group's leaders, thanks to the price increase in October 2024, EVN avoided losses from the previous year.
EVN's most recent electricity price increase was in May of this year. At that time, EVN announced that the average retail electricity price would increase from 2,103.11 VND to 2,204.07 VND per kWh (excluding VAT), equivalent to a 4.8% increase.
Regarding the power source structure this year, the corporation stated that low-cost hydropower only supplies about 25% of the total system output; the remaining 75% of the system's output is supplied from high-cost power sources such as coal-fired, gas-fired, oil-fired thermal power plants, and renewable energy sources.
To generate additional electricity for the system, it is essential to rely on high-cost sources such as oil-fired thermal power plants, liquefied natural gas (LNG) turbine thermal power plants, and imported coal-fired thermal power plants. Furthermore, the unpredictable and high exchange rate of the US dollar has impacted the cost of electricity generation, which accounts for approximately 83% of the total electricity production cost.
Source: https://dantri.com.vn/kinh-doanh/evn-bat-ngo-bao-lai-hon-8200-ty-dong-nam-2024-20250728114955809.htm
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