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Saturday, June 15, 2024

Heatwave sends PV Power’s April revenue up 25%

The Saigon Times

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HCMC – PetroVietnam Power Corporation (PV Power), whose POW shares are traded on the Hochiminh Stock Exchange, reported April revenue of nearly VND3.3 trillion, up by 25% year-on-year, as the heatwave has caused a surge in electricity demand across Vietnam.

The state-owned power company’s revenue was also 38% higher than its monthly target. The average full market price (FMP) in April rose to VND1,745 per kWh, contributing to the strong financial performance of the company.

According to PV Power, April marked the end of the dry season in southern Vietnam, the start of it in the central region, and the beginning of the hot season in the north. This led to a significant rise in electricity consumption, particularly in HCMC, where usage soared to historic levels. PV Power’s electricity generation last month was estimated at over 1,712 million kWh.

At Ca Mau 1 & 2 power plants, PV Gas’s current gas supply met operational requirements, allowing the plants to maximize production and efficiency due to favorable market prices.

Vung Ang 1 plant also reported high output and profitability, as the average market price exceeded coal fuel variable costs. However, Nhon Trach 1 faced operational constraints due to limited gas supplies from the southeastern region, while Nhon Trach 2 optimized production and efficiency under high market prices.

For May, PV Power aims to achieve electricity output of 1,551 million kWh and revenue of over VND2.9 trillion.

Closing the trading session today, May 17, POW inched up by 0.9% to VND11,250, with a trading volume of nearly 7.2 million shares.

The VN-Index rose by 0.34% on Friday, supported by gains in blue-chip stocks such as MSN and GVR. The index added 4.33 points to close at 1,273.11 points, with 234 gainers and 176 losers on the Hochiminh Stock Exchange.

Trading volume on the southern exchange increased by 5.88% in volume and 1.7% in value from the previous session, with over 937 million shares valued at nearly VND23.07 trillion changing hands. Block deals contributed over 106.2 million shares worth VND2.6 trillion.

The VN30 basket, grouping the 30 largest-cap stocks, saw 14 gainers and 12 decliners. The VN30-Index added 1.88 points, or 0.14%, to 1,310.15 points. Key stocks like VCB, FPT, BID, and MBB saw slight declines, but MSN and GVR offset these losses.

MSN rose by 4.3% to VND75,500, with 12.3 million shares changing hands, while GVR improved 2.46% to VND33,350, with a trading volume of over 6.3 million shares. They contributed a combined 1.92 points to the main index.

SHB took the lead by liquidity on the southern exchange, with over 67 million shares changing hands

On the Hanoi Stock Exchange, the HNX-Index added 0.64%, or 1.53 points, to close at 241.54 points, with 97 stocks advancing and 74 others dipping. Trading volume reached over 99 million shares valued at VND1.9 trillion.

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