Engineers operate equipment at Nhon Trach 2 Power Corporation, a member unit of PetroVietnam Power Corporation (PV Power). — VNA/VNS Photo Huy Hung

PetroVietnam Power Corporation (PV Power) decided to hold the 2021 annual general meeting of shareholders on May 27.

The meeting will be changed from an in-person meeting to an online format compared to the previous announcement to ensure safety in the context of the COVID-19 pandemic.

It is expected that PV Power would submit to its shareholders for approval important contents such as report on operating results last year, planned tasks for this year, financial report as well as the dividend payment plan and some other important contents at the upcoming meeting.

Despite the decreasing electricity output and price, PV Power reported post-tax profit of VND720 billion (over US$31.2 million) in the first quarter of this year, surpassing the quarterly plan by 6 per cent.

Deputy Director of PV Power Nguyen Thi Ngoc Bich attributed the firm’s strong result to its investment activities in the period, including the successful divestment of over 19.93 million shares at Petro Vietnam machinery-technology JSC (PV MACHINO), which generated pre-tax profit of VND350 billion.

Dividends worth about VND170 billion that PV Power received from Nhon Trach 2 thermal power JSC also contributed significantly to its profit in the three months.

In addition, credit rating agency Fitch Ratings has for the first time assigned PV Power a Long-Term Foreign-Currency Issuer Default Rating (IDR) of "BB" with a positive outlook in the beginning of this month.

The rating is on par with that of Viet Nam and major groups such as the Vietnam National Oil and Gas Group (PetroVietnam) and Vietnam Electricity (EVN).

PV Power is the first Vietnamese power producer and the first unit of PetroVietnam to be assigned an international credit rating. — VNS