EVN's profit recovers after big loss
In 2024, net revenue of EVN reached a record level of VND 580,537 billion, an increase of 16% compared to 2023. Of which, revenue from electricity sales accounted for the majority (98.7%), equivalent to VND 572,936 billion.
The remaining revenue comes from other activities such as: product sales, electrical construction design survey, wiring, electrical installation, electrical construction and service revenue, pole rental, assets, guest houses, hotels, etc.
Cost of goods sold and service provision reached VND530,948 billion, increasing only about 9% - lower than the revenue increase - helping gross profit reach VND49,588 billion, 3.8 times higher than the same period.
Can be seen after With the increase in electricity prices, EVN's gross profit from electricity sales has improved significantly with a profit of more than VND 46,400 billion.
As a result, EVN still recorded pre-tax profit of VND9,436 billion, despite the decrease in profit from associated companies and financial revenue, while sales and business management expenses increased.
The above figure marked a significant improvement in business operations when in the same period last year, the group suffered a pre-tax loss of VND25,565 billion. After deducting corporate income tax, EVN achieved a net profit of VND8,238 billion, while reporting a loss of VND26,772 billion in 2023 and VND20,747 billion in 2022.
However, by the end of 2024, EVN still had an accumulated loss of more than VND 38,688 billion, although it had decreased by about VND 3,136 billion compared to the beginning of the year.
Large assets, abundant deposits, but debt remains high
According to the report, by the end of 2024, EVN's total assets were VND675,872 billion, an increase of more than 4% after one year. Of which, EVN's cash and bank deposits reached about VND91,300 billion. Thanks to that, the group has earned more than VND2,029 billion from interest on deposits, bonds, and trusts alone.
On the other hand, EVN is also recording a debt of VND474,630 billion, up 5% compared to the beginning of the year. This figure is also equivalent to more than 70% of total assets. Of which, short-term debt is VND195,716 billion, nearly VND7,000 billion higher than total short-term assets.
In the short-term debt structure, the majority is payable to sellers with VND 111,758 billion, followed by short-term loans and financial leasing debt with VND 47,774 billion.
As for long-term debt, loans and financial leasing debt account for the majority with VND 276,296 billion. Thus, the total of long-term and short-term loans and financial leasing debt is over VND 324,000 billion, of which the majority is long-term.
According to the financial statement notes, EVN's long-term loans include the following main items:
- The group's re-loans from the Ministry of Finance are foreign currency loans from foreign organizations under loan agreements of the Vietnamese Government. These loans have floating interest rates and are guaranteed by the Vietnamese Government.
As required by the loan agreements, EVN must ensure certain financial ratios based on the figures of the consolidated financial statements prepared in accordance with international financial reporting standards (IFRS).
Next are loans from financial institutions that receive loans from other entities in VND or foreign currency. Most of these loans have floating interest rates and the collateral is assets formed from the loan capital (value of unfinished basic construction investment, fixed assets and some inventories used for basic construction).
Also because of the large loan, the interest expense that EVN had to pay last year was 17,038 billion VND, down 10%.
Previously in 2024, EVN adjusted the electricity price up in October, the average electricity price was adjusted up by 4.8% (an adjustment under EVN's authority).
In 2023, with two electricity price increases of 3% and 4.5%, the electricity industry's additional revenue will be more than VND11,000 billion, but EVN said this additional revenue is still not enough to cover costs.
Source: https://baoquangninh.vn/evn-vay-no-hon-324-000-ti-dong-lai-phai-tra-cung-hang-chuc-nghin-ti-ai-la-chu-no-lon-3369482.html
Comment (0)