Record-breaking floods lead to hydropower companies reporting huge profits.

(Dan Tri Newspaper) - Thanks to favorable hydrological conditions and abundant rainfall, 2025 is set to be a "bumper year" for the hydropower industry. Many businesses, such as Song Ba Ha and Hua Na, reported soaring profits, even doubling compared to the same period last year.

Amid favorable hydrological conditions, many hydropower companies recorded positive business results in the fourth quarter of 2025 and for the entire year. Notably, the growth stemmed from a sharp increase in electricity production, thereby pushing the revenue and profits of a number of hydropower plant operators far beyond their planned targets.

A series of hydropower companies are making huge profits.

Notably, Song Ba Ha Hydropower Joint Stock Company (stock code: SBH) recorded strong business results in the last quarter of 2025. Net revenue reached over 472 billion VND, an increase of nearly 92% compared to the same period last year. After deducting expenses, after-tax profit reached over 278 billion VND, an increase of nearly 77%.

The company stated that the sharp increase in profit in the fourth quarter stemmed from commercial electricity production reaching 358.2 million kWh, an increase of over 85% compared to the 193 million kWh produced in the same period of 2024. In addition, total expenses in the fourth quarter of 2025 increased by 40.67% compared to the same period of 2024.

For the full year 2025, the company operating the Song Ba Ha Hydropower Plant recorded net revenue of nearly 990 billion VND, an increase of over 57%, and after-tax profit of nearly 550 billion VND, double that of 2024. Notably, with pre-tax profit exceeding 687.8 billion VND, this figure far surpasses the plan for the entire year.

Song Ba Ha hydroelectric power plant (Photo: DT).

Similarly, in the fourth quarter of 2025, Nuoc Trong Hydropower Joint Stock Company (stock code: NTH) also recorded positive revenue and profit. Specifically, net revenue reached nearly 36 billion VND, an increase of nearly 8.5%; after-tax profit was nearly 19 billion VND, an increase of nearly 15% compared to the same period last year.

The company stated that the business growth stemmed from favorable hydrological conditions compared to the same period last year, which helped increase electricity production. For the whole year of 2025, the company achieved net revenue of over 131 billion VND, an increase of 22%; after-tax profit reached nearly 69 billion VND, an increase of over 34% compared to the previous year.

Many other hydropower businesses also recorded positive business results. For example, in 2025, Song Ba Joint Stock Company (stock code: SBA) achieved revenue of over 396 billion VND, an increase of more than 50% compared to 2024; after-tax profit reached over 170 billion VND, an increase of nearly 50%.

For example, Se San 4A Hydropower Joint Stock Company (stock code: S4A) achieved net revenue of over 326 billion VND, an increase of over 31%; after-tax profit of over 145 billion VND, an increase of over 65.3% compared to the previous year. Northern Power Investment and Development Joint Stock Company 2 (stock code: ND2) achieved net revenue of over 408 billion VND, an increase of over 12%; full-year profit of over 214 billion VND, an increase of over 32%.

Hua Na Hydropower Joint Stock Company (stock code: HNA) also recorded net revenue last year that increased by more than 46% compared to 2024, reaching over 1,153 billion VND; after-tax profit reached nearly 476 billion VND, an increase of more than 75%. According to the company, higher rainfall in the fourth quarter of 2025 compared to the same period helped increase electricity production, thereby boosting revenue and profit.

Meanwhile, some companies recorded less favorable results. For example, A Vuong Hydropower Joint Stock Company (stock code: AVC) achieved net revenue of over VND 244 billion in Q4/2025, a decrease of 11% compared to the same period in 2024; after-tax profit was nearly VND 79 billion, a sharp decrease compared to the profit of over VND 126 billion in the same period of the previous year. For the whole year, the company achieved net revenue of over VND 726 billion and after-tax profit of over VND 280 billion, decreases of 3.4% and 5.5% respectively compared to the previous year.

Hydropower still has a bright future in 2026.

According to several research units, in 2026, hydropower will remain the preferred source for maximum mobilization due to its low cost advantage. Regarding weather factors, ASEAN Securities predicts that 2026 will likely remain mostly neutral, thereby creating more favorable conditions for hydropower mobilization thanks to relatively stable rainfall and water resources.

However, the overall hydropower output of the system is projected to slow down, estimated at only about 2%, reaching approximately 111 billion kWh. The main reason for this is the high comparison base of 2025, when the weather will shift from a strong La Nina phase to a neutral state, leading to a surge in hydropower output.

Conversely, the total commercial electricity output of the entire system in 2026 is expected to reach approximately 366 billion kWh, an increase of 11.6% compared to the previous year, thanks to the continued expansion of electricity demand for industrial production. In the context of prioritizing hydropower, gas-fired power plants may face more disadvantages, while coal-fired power plants will continue to play a stable role as a base power source for the system.

Ban Ve Hydropower Plant releases floodwaters (Photo: Linh Chi).

Adding to this perspective, KBSV Research assesses that hydropower still has room to improve production in the first half of 2026, thanks to the reservoir water levels remaining high after the heavy rainfall at the end of 2025, and the neutral weather phase continuing to bring additional rainfall to the reservoir basin.

With electricity consumption projected to maintain high growth and the competitive pressure on hydropower generation decreasing, KBSV believes that the electricity generation scenario in 2026 could be similar to 2024, with coal-fired power continuing to play a pivotal role in the power source structure.

Source: https://dantri.com.vn/kinh-doanh/mua-lu-ky-luc-doanh-nghiep-thuy-dien-dua-nhau-bao-lai-lon-20260124191346253.htm