NT2 – Earnings review – [HOLD] – NPAT improved, but outlook is not promising

In 2Q24, revenue NT2 recorded VND2,186bn, a sightly rise of 0.2% compared to the same period. The main reason comes from the improvement in the average selling price to VND2,132 per kWh (+4% yoy,). Although, NT2 recorded the volume decline 3% yoy of 1,026mn kWh in 2Q24. In terms of profit, the average gas price in 2Q24 is still at a high level at 9.51 USD per mmBTU (+7% yoy). As a result, gross profit and NPAT reported losses of VND129.5bn (-20% yoy) and VND122.1bn (-15% yoy), respectively.