EVN unexpectedly reported a profit of more than 8,200 billion VND in 2024

(Dan Tri) - EVN reported a net profit of more than VND8,200 billion in 2024 after two consecutive years of losses. However, by the end of 2024, this "giant" in the electricity industry had accumulated losses of more than VND38,600 billion.

Vietnam Electricity Group (EVN) has just announced its audited consolidated financial statements for 2024. The financial situation of the "giant" in the electricity industry recorded positive results after many years of losses.

Specifically, the report recorded that the group's consolidated revenue last year reached VND580,537 billion, an increase of nearly 16% compared to 2023. Of which, revenue from electricity sales last year reached more than VND572,936 billion, accounting for more than 98%.

Cost of goods sold accounted for VND 530,948 billion, so EVN's gross profit reached VND 49,588 billion, nearly 4 times higher than in 2023.

In 2024, the group recorded a decrease in financial revenue of nearly 21% to more than VND 3,215 billion. Meanwhile, financial expenses decreased slightly by more than 3% to nearly VND 21,914 billion, while sales and business management expenses increased slightly.

After deducting expenses, EVN recorded a profit after tax of more than VND 8,237 billion, while in 2023 it lost VND 26,772 billion. Of which, the profit after tax of the parent company's shareholders was more than VND 7,222 billion. However, by the end of 2024, this "giant" had accumulated a loss of more than VND 38,688 billion.

As of December 31, 2024, the total assets of this group reached more than VND 675,872 billion, a decrease of more than VND 26,889 billion compared to the beginning of the year. Notably, the amount of cash and deposits of this enterprise reached more than VND 91,294 billion. The amount of bank deposits last year also brought the group more than VND 2,000 billion in interest. EVN's financial debt as of the end of last year was more than VND 369,075 billion, of which long-term loans and financial leasing debt accounted for more than 87%.

In 2024, EVN adjusted the electricity price up on October 11, 2024 with an increase of 4.8%. According to the leader of this group, thanks to the electricity price increase in October 2024, EVN escaped the loss last year.

The last time EVN increased electricity prices was in May this year. At that time, EVN announced that the average retail electricity price would increase from VND2,103.11 to VND2,204.07 per kWh (excluding VAT), equivalent to an increase of 4.8%.

Regarding the structure of power sources this year, the group said that low-cost hydropower sources can only supply about 25% of the total system output; the remaining 75% of the system output is provided by high-cost power sources such as coal, gas, oil, renewable energy, etc.

For the system's additional power output, it is basically necessary to mobilize from high-cost power sources such as: Oil-fired thermal power sources, LNG turbine thermal power sources and imported coal-fired thermal power sources. In addition, in recent times, the foreign exchange rate (USD) has been unpredictable and increasing. This affects the cost of power generation, which accounts for about 83% of the cost of electricity production.

Source: https://dantri.com.vn/kinh-doanh/evn-bat-ngo-bao-lai-hon-8200-ty-dong-nam-2024-20250728114955809.htm