PPC – Earnings review – [HOLD] – 1Q25: The profit remains weak

In 1Q25, PPC recorded revenue of VND1,536bn, down 23% yoy, primarily due to (1) the average electricity price dropped 13% yoy and (2) the production’s PPC estimated recorded 1,090mn kWh in 1Q25, down 12% yoy. Besides, the gross profit remained relatively stable at VND95bn (- 0.6% yoy). Next, (i) the financial income was not recorded in 1Q25 (-100% yoy). And (ii) due to a strong impact from the corporate tax expenses, recorded 20% in 1Q25 (1Q24: 1%). As a result, NPAT experience results deepen to VND52bn (-67% yoy).