Headquarters of Hai Phong Thermal Power JSC (HND) in the northern province of Hai Phong. — Photo vietstock.vn

Multiple thermal power companies reported profit in 2020 despite an economic downturn amid the COVID-19 pandemic.

Hai Phong Thermal Power JSC (HND) earned the largest amount of profit in the year, among six thermal power companies listed on the stock market.

The company achieved post-tax profit of VND1.45 trillion (US$63 million) in 2020, up nearly 24 per cent compared to the profit achieved in 2019, of which the post-tax profit reported in Q4 was more than VND531 billion.

Its revenue in 2020 reached VND10.9 trillion, down nearly 4 per cent from the previous year. The company attributed the high profit to savings in financial expenses, which were mainly interest expenses. It had saved more than VND100 billion. Earnings per share was VND2,903.

On the stock market, shares of HND have risen 10 per cent since early this year, trading at around VND20,800 per share.

Pha Lai Thermal Power Joint Stock Company (PPC), largest profit makers in the previous years, was ranked second last year.

It reported post-tax profit of VND1 trillion in 2020, down 20 per cent year-on-year. Although the profit declined, it still exceeded 58 per cent of the profit target assigned for the whole year. In Q4 alone, the company earned VND502 billion of post-tax profit.

The remaining position in the top 3 belonged to Quang Ninh Thermal Power JSC (QTP). It reported post-tax profit of VND765 billion for the whole year, up 17.5 per cent compared to the previous year and more than double the profit target assigned for the whole year.

In the fourth quarter, Quang Ninh Thermal Power JSC achieved post-tax profit of VND805 billion, helping reduce the third quarter's losses.

Short-term and long-term finance leasing loan balance was VND2.75 trillion, down by VND1.83 trillion compare to the beginning of the year, leading to a sharp decrease in finance expenses.

TKV - CamPha Thermal Joint Stock Company (NCP) suffered a loss of more than VND580 billion in 2020, while the previous year it still had a profit of more than VND2 billion. The main reason for this large loss was not due to the business results, but to the financial expenses recorded of nearly VND775 billion for the whole year, more than double the VND318 billion recorded in 2019. — VNS