NT2 – Earnings review – [HOLD] – NPAT experienced unfavorable results

In 4Q24, NT2’s revenue was recorded at VND1,792bn, up 49% yoy as (1) A0 prioritized dispatching to compensate for the capacity shortage. Although NT2 recorded positively in output and the electricity sell price in 4Q24, while the gas price only rose slightly at 9.5 USD per mmBTU. However, the gross profit dropped to VND73bn (-68% yoy). When the plant must use more gas fuel to produce 1 kWh. As a result, NPAT dropped to VND64bn (-73% yoy).