QTP – Earnings review – [BUY] – 1Q25: Earnings remain stable

In 1Q26, revenue reached VND2,733bn, down 6% yoy (figure 1), mainly due to an estimated 15% decline in average selling prices despite an estimated 4% yoy increase in production (figure 2), in the context of nationwide electricity consumption growing by 6.5% yoy in 1Q26.

Gross profit amounted to VND252bn (+5% yoy, figure 3), with the gross margin improving to 9.2% (+1%p yoy), driven by QTP’s reduction in depreciation expenses (-14% yoy) and improved heat rate efficiency.

As a result, NPAT reached VND198bn (+14% yoy, figure 4), supported by (i) margin expansion and (ii) the completion of debt repayment.