- QTP reported Q2 2025 revenue of VND2.9tn (-21% YoY) but delivered strong NPAT-MI of VND190bn (+17% YoY). The YoY increase in NPAT-MI was mainly driven by (1) a 1% YoY improvement in price spread, supported by a 24% YoY decline in the average material cost (driven by lower coal prices) and (2) a 27% YoY reduction in maintenance and other expenses, which outweighed the impact of weak CGM market prices (VND1,045/kWh, -28% YoY) and the 2% YoY decline in sales volume.
- For H1 2025, QTP posted revenue of VND5.8tn (-13% YoY) and NPAT-MI of VND363bn (-7% YoY). While PBT rose 5% YoY, the decline in NPAT-MI was due to a higher effective tax rate of 20% in 2025 (vs 10% in 2024). PBT growth was supported by (1) a 1% YoY improvement in price spread, due to a 13% reduction in the average material cost and (2) a 22% decrease in maintenance and other expenses. These factors outweighed the slight 1% decrease in sales volume.
- We see slight upside potential to our full-year earnings forecast, pending a fuller review, as H1 revenue and reported NPAT-MI complete 48% and 59% of our respective 2025 forecasts. The higher-than-expected result was mainly due to slightly better-than-expected sales volume and lower-than-expected COGS, and lower-than-expected SG&A.
QTP’s H1 2025 results
VND bn | Q2 2025 | YoY | H1 2025 | YoY % | % of Vietcap’s 2025F |
Sales volume (million kWh) | 1,986 | -2% | 3,782 | -1% | 54% |
Price spread (VND/kWh) | 310 | 1% | 310 | 1% | 96% |
ASP (VND/kWh) | 1,442 | -20% | 1,532 | -12% | 88% |
Average material cost (VND/kWh) | 1,132 | -24% | 1,216 | -13% | 86% |
Revenue | 2,864 | -21% | 5,776 | -13% | 48% |
COGS | -2,597 | -24% | -5,269 | -14% | 47% |
- In which, depreciation expense | -137 | -1% | -274 | -6% | 50% |
- In which, maintenance & other expenses | -159 | -27% | -305 | -22% | 67% |
Gross Profit | 267 | 26% | 507 | 2% | 58% |
G&A | -25 | 1% | -49 | 1% | 40% |
Operating profit (EBIT) | 242 | 29% | 458 | 2% | 60% |
Financial income | 2 | 1836% | 6 | 2121% | 40% |
Financial expenses | -5 | -30% | -9 | -42% | N.M. |
In which, interest expense | -3 | -40% | -7 | -40% | N.M. |
PBT | 238 | 32% | 454 | 5% | 59% |
Income tax expense | -48 | 167% | -91 | 111% | 59% |
Reported NPAT | 190 | 17% | 363 | -7% | 59% |
Source: QTP, Vietcap
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