- QTP released its Q4 2024 revenue of VND2.9tn (+1% YoY), while reported NPAT-MI was VND185bn (-11% YoY). The decrease in reported NPAT-MI was primarily due to a 9% YoY decline in sales volume and a 16% YoY increase in average material costs. These factors outweighed a 37% YoY reduction in depreciation expenses.
- For the full year 2024, QTP recorded revenue of VND11.9tn (-1% YoY) and reported NPAT-MI of VND650bn (+6% YoY). Growth in reported NPAT-MI was driven by a 36% YoY reduction in depreciation expenses and a 68% YoY decrease in financial expenses. These outweigh a 5% YoY decline in sales volume, a 6% YoY increase in average material costs, and a 16% YoY rise in maintenance and other expenses.
- The 2024 reported NPAT-MI fell below our expectations, completing only 91% of our forecast. This is mainly due to lower-than-expected sales volume and higher-than-expected average material costs.
- We see slight downside risk to our 2025 NPAT forecast, pending a fuller review.
QTP’s 2024 results
VND bn | Q4 | Q4 | YoY % | 2023 | 2024 | YoY % | % of Vietcap’s 2024F |
Sales volume (million kWh) | 1,777 | 1,610 | -9% | 7,085 | 6,730 | -5% | 98% |
Price spread (VND/kWh) | 321 | 307 | -4% | 321 | 307 | -4% | 89% |
ASP (VND/kWh) | 1,602 | 1,791 | 12% | 1,698 | 1,774 | 4% | 100% |
Average material cost (VND/kWh) | 1,281 | 1,484 | 16% | 1,361 | 1,447 | 6% | 102% |
Revenue | 2,847 | 2,884 | 1% | 12,058 | 11,908 | -1% | 98% |
COGS | -2,570 | -2,636 | 3% | -11,241 | -11,051 | -2% | 98% |
- In which, depreciation expenses | -218 | -138 | -37% | -880 | -567 | -36% | 94% |
- In which, maintenance & other expenses | 33 | -12 | N.M. | -457 | -528 | 16% | 106% |
Gross Profit | 277 | 248 | -10% | 817 | 858 | 5% | 94% |
G&A | -46 | -41 | -11% | -114 | -115 | 1% | 96% |
Operating profit (EBIT) | 231 | 207 | -10% | 703 | 743 | 6% | 93% |
Financial income | 3 | 5 | 115% | 23 | 7 | -71% | 55% |
Financial expenses | -13 | -6 | -51% | -78 | -25 | -68% | 132% |
In which, interest expense | -9 | -4 | -53% | -57 | -21 | -64% | 110% |
PBT | 219 | 206 | -6% | 644 | 722 | 12% | 91% |
Income tax expense | -11 | -21 | 86% | -33 | -73 | 123% | 92% |
Reported NPAT | 208 | 185 | -11% | 612 | 650 | 6% | 91% |
Source: QTP, Vietcap
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