On December 31, 2024, the board of directors of Hua Na Hydropower Joint Stock Company (HoSE: HNA) provisionally authorised the production and business strategy for the year ahead. Accordingly, Hua Na Hydropower is anticipated to generate VND829 billion in revenue and VND185.3 billion in profit after taxes over the upcoming year. This includes an estimated VND743 billion from the Hua Na Hydropower Plant's electricity generation and VND79.5 billion from the Nam Non Hydropower Plant.
Furthermore, it is projected that the power output plan will increase by 11% compared to the 2024 plan to reach 685.28 million kWh. Its main source of electricity will be the Hua Na Hydropower Plant, which is set to produce 625.28 million kWh, while the Nam Non Hydropower Plant is expected to generate 60 million kWh. The company therefore plans to contribute more than VND199 billion to the state budget in 2024 and pay dividends at a rate of 10%, which is equivalent to the 2024 plan.
Hua Na Hydropower Joint Stock Company is a subsidiary of PetroVietnam Power Corporation (PV Power). It is in charge of managing and running Hua Na Hydropower Plant with an installed capacity of 180 MW in Dong Van commune of Que Phong district in Nghe An province.
Photo: Hua Na Hydropower Plant.
In 2024, Hua Na Hydropower JSC paid around VND700 billion to the seller, Nghe An Energy Development Joint Stock Corporation, to repurchase the Nam Non Hydropower Plant in Nghe An province for a maximum price of VND698 billion.
Situated in Xa Luong commune of Tuong Duong district in Nghe An province, the Nam Non Hydropower Plant has two units with an installed capacity of 20 MW and a total investment of VND513 billion. This plant has been producing electricity since 2014, with an average of 89.74 million kWh per year. With 56.69 million kWh of power provided in 2023, it brought in VND65.09 billion in revenue.
Speaking on the aforementioned transaction, the Hua Na Hydropower Plant's management board stated that funding small hydropower plant projects is now consistent with the energy transition trend and the company's development strategy going forward. In addition, investing in Nam Non Hydropower Plant will contribute to create favourable conditions for the management, operation, and synchronised growth of Hua Na Hydropower Plant's operational scale.
In terms of business performance, Hua Na Hydropower Plant produced three times as much water in the third quarter of 2024 as it did in the same period from the previous year. Electricity production reached 265.6 million kWh, up 73.23 million kWh over the same period from the previous year. Third-quarter revenue hit VND323.7 billion, marking a 37% rise. The cost of items sold was only up 10%, or VND124.2 billion, despite a notable growth occurring in revenue. As a result, the gross profit rose by 62% to reach VND199.4 billion. Additionally, the gross profit margin grew from 52% to 61.6%.
The amount of money made during that period stood at VND3.6 billion. On the contrary, financial expenses dropped by 74% to just VND1.8 billion. The amount spent on business management was VND7.7 billion, which was 18% more compared to the year before.
Consequently, the profit after tax went up by 75% to reach VND184.9 billion.
In the first nine months of the year, total income came to VND529.2 billion. In the third quarter, Hua Na's after-tax profit climbed 12.5% to VND171 billion, thereby helping to make up for the first half of the year's deficit. This outcome has allowed Hua Na Hydropower to achieve 95% of its annual profit goal. On January 12, 2024, Hua Na Hydropower formally became public on the HoSE stock exchange. HNA's stock price was VND25,000 per share at the end of the first trading session of 2025, which was 37% higher than the market price a year earlier.
