POW – Earnings review – [HOLD] – Positive results from the low base

In 2Q24, POW recorded revenue of VND9,407bn (+9% yoy). The primary growth driver of commercial output reached 4,825mn kWh, up 11% compared to the same period. In which, Vung Ang coal-fired thermal plant and Dakdrinh hydropower plant are key factors. As a result, gross profit strongly increased to VND724bn (+54% yoy) and the gross margin rose to 7.7% in 2Q24, a rise of 2.1% pt yoy. The improvement in output and GM boosted NPAT to VND450bn (+148% yoy).