QTP – Earnings review – [BUY] – 2Q24 NPAT a decline significantly to 35% yoy

In 2Q24, QTP recorded revenue of VND3,628bn (-2% yoy). The main reason comes from the output’s QTP in 2Q24, which is estimated to decrease slightly by 2,034mn kWh (-2% yoy).

In addition, NPAT recorded a decline of significantly to 35% yoy, reaching VND160bn due to the average input coal price in 2Q24 rising to 10% compared to the same period. Therefore, caused the gross margin to drop to 6% in 2Q24, a decrease of 2% pt yoy. Overall, in 2Q24, gross profit and NPAT strongly decreased to VND211bn (-29% yoy) and VND160.38 (-35% yoy).