Increasing electricity prices, EVN announces "huge" profits

Consolidated revenue of Vietnam Electricity Group (EVN) reached 177,850 billion VND, profit after tax was 9,197 billion VND.

Vietnam Electricity Group has just announced the 2013 Summary Monitoring Report of the Parent Company - Vietnam Electricity Group. Accordingly, in 2013, the consolidated revenue of Vietnam Electricity Group (EVN) reached 177,850 billion VND, profit after tax was 9,197 billion VND.

EVN's charter capital as of December 31, 2013 was VND 143,404 billion.

In 2013, electricity prices increased by about 5% at the end of December 2012 and increased by another 5% from August 2013. EVN paid 4,258 billion VND in taxes to the state budget.

In 2013, EVN's production and business activities were profitable beyond the assigned plan. The return on equity (ROE) reached 5.5% and the return on total assets (ROA) reached 2.2%, both of which increased sharply compared to 2012.

In 2013, the Group and its units signed loan contracts of over VND20,000 billion in commercial credit and preferential domestic credit. The total foreign capital signed in 2013 reached 792 million USD in commercial loans and 120 million EUR in ODA loans. By the end of 2013, most of the key projects had arranged sufficient counterpart capital and loans, promptly meeting capital needs to ensure the proposed progress.

The production and business activities of the units that EVN contributed capital to are all profitable and the profits/dividends are distributed to EVN according to regulations. The divestment of capital from non-core business sectors has been promoted by EVN with the successful divestment and reduction of capital in 3 joint stock companies (JSCs) including Global Insurance Joint Stock Company, An Binh Commercial Joint Stock Bank, and Vietnam Electricity Investment and Construction Joint Stock Company./.

According to VOV.VN