PV Power has set targets for total revenue of VND32.77 trillion (US$1.4 billion) and pre-tax profit of more than VND2.5 trillion ($107.3 million) for 2019.

Its profit after tax is projected to reach VND2.28 trillion.

Viet Nam’s second-largest electricity producer generated more than 21 billion kWh of electricity last year, higher than the 2017’s output of 20.58 billion kWh.

According to PV Power’s estimation, its total revenues reached VND33.36 trillion ($1.43 billion) in 2018, surpassing the year’s target by 6 per cent. The pre-tax profit of the whole corporation exceeded its goal by 8 per cent, hitting VND2.32 trillion ($99.4 million).

PV Power is expected to pay about VND1.36 trillion to the State budget in 2018, up 13 per cent over than its yearly target.

Le Nhu Linh, PV Power’s general director, described last year’s performance “satisfactory” and highlighted the company’s effective use of resources, especially in difficult conditions and an exhaustion of natural resources.

Equitisation was also emphasised as one of the company’s biggest successes last year.

PV Power made its initial public offering (IPO) 12 months ago, successfully selling 20 per cent of its capital for nearly VND7 trillion ($300.4 million).

The company traded shares on the Unlisted Public Company Market (UPCoM) in March and will shift its listing to the Ho Chi Minh Stock Exchange (HOSE) next week.

PV Power will list all of its 2.34 billion shares, equivalent to charter capital of more than VND23.4 trillion ($1 billion), on HOSE under the same ticker POW. This is the first company listing on HOSE this year.

PV Power took only one year to complete its IPO and listing on HOSE, a speed outperforming many other companies, and this demonstrated its strong commitment with investors, said chairman Ho Cong Ky at a meeting with media on Tuesday.

“PV Power aims to be a blue chip on HOSE,” Ky said.

The reference price of POW for the first trading day in HOSE is VND14,600 per share, 7 per cent lower than its price on UPCoM of VND16,000 per share on December 27.

Regarding the divestment of PetroVietnam which is holding 80 per cent of PV Power’s capital, Ky said PetroVietnam would carry out its divestment according to plans but it must hold more than 51 per cent of PV Power’s capital until 2025 following the agreement with foreign investors in the Vung Ang thermal power projects.

PV Power is the second-largest electricity producer in Viet Nam behind Viet Nam Electricity (EVN), operating eight power plants with a total combined capacity of 4.2GW. — VNS