Northern Electricity Development & Investment JSC No2 (Nedi 2, ND2) was one of the listed companies which saw sharp profits in the first half of the year.

The company had revenue of VND86.7 billion in the second quarter, up 21.7 percent over the same period last year. Its capital cost was VND30.6 billion, an increase of VND2 billion, while financial costs decreased by 53.8 percent to VND13 billion.

The total post-tax profit of the company reached VND36.5 billion, up 94.1 percent.

By the end of June, ND2 had total revenue of VND130 billion, up 19.2 percent, and post-tax profit of VND36 billion, which was much higher than the VND645 million of the same period last year, which meant a 5,481 percent increase.

Explaining the sharp rise in profit in the last two quarters, ND2 said rainfall in the second quarter was higher than in the same period 2023. The electricity output in the last two quarters increased by 20.43 million. In general, electricity production revenue depends on weather conditions. 

As of the end of the second quarter, outstanding principal had dropped by 22 percent to VND593 billion from VND760 billion earlier this year.

Regarding the shareholder structure, as of July 10, Vinaconex held 25.6 million shares of Nedi2 (51.1 percent), while Toyota Tsusho Corporation has 17.5 million shares (35 percent). 

Sao Vang Rubber JSC (SRC) has also reported satisfactory business results for the second quarter with revenue reaching VND328 billion, up 19 percent.

The noteworthy item in its financial report is the sharp revenue increase from other sources of income (non-core business fields), at VND306 billion, while it was just VND42 million the same period last year. Its profit from other sources of income was VND162 billion.

According to SRC, the profit from other sources of income soared because the company transferred the right to lease land with infrastructure and assets.

SRC has reported post-tax profit of VND114 billion, up 1,750 percent. This is a record high quarterly rate since it began operation.

So, its revenue and post-tax profit in the first half increased by VND503 billion and VND117 billion, respectively.

Thong Nhat Flat Steel JSC (TNS) has also reported high revenue and profit. The revenue from sales and service in the second quarter increased by 656 percent compared with the same period last year to VND920 billion.

Tuan Nguyen