NT2 – Earnings review – [HOLD] – 3Q24 NPAT experienced robust growth

In 3Q24, revenue NT2 recorded VND1,711bn (+110% yoy) due to (1) the output grew significantly (+104% yoy) and (2) an improvement in the average selling price (FMP) in 3Q24 recorded VND1,207kWh (+12% yoy). In terms of profit, as the FMP is +12% yoy increasing faster than the gas price in 3Q24, which is still at a high level at 9.5 USD per mm/BTU (+3% yoy). As a result, gross profit and NPAT were recorded at VND59bn (3Q23: -VND132bn) and VND44bn (3Q23: -VND124bn), respectively.