PV Power (POW) 9-Month Revenue Up 77% to VND 46,161B, Pre-Tax Profit VND 5,464B

Overview

PV Power (POW), the listed power generation arm of Petrovietnam on HOSE, reported nine-month revenue of VND 46,161 billion, up 77% year-on-year, and pre-tax profit of VND 5,464 billion, according to figures presented at the company’s nine-month review conference. The same news cycle carried a sharp Q3 profit swing at SJ Group (SJS), an adverse appellate ruling against Hải Phòng Thermal Power (HND), and an auction win by TTC Land (SCR) that lifts its stake in a Đồng Nai project developer to 87.63%.

Key Facts

• POW nine-month revenue: VND 46,161 billion, up 77% year-on-year and 26% above the nine-month plan.
• POW nine-month consolidated pre-tax profit: VND 5,464 billion; parent company alone VND 4,336 billion.
• POW nine-month electricity output: more than 19.3 billion kWh, up 44%, with Vũng Áng 1 contributing the most at 5.74 billion kWh.
• SJS Q3 net revenue: VND 1,785 billion, roughly 67 times the year-earlier figure; Q3 net profit VND 1,012 billion versus just over VND 3 billion in Q3-2025.
• SJS nine-month net revenue VND 2,543 billion and pre-tax profit VND 1,792 billion, more than 8 times the prior-year period.
• HND ordered by the Hải Phòng People’s Court appellate ruling to pay a coal supplier nearly VND 115 billion: VND 80 billion in price differential plus roughly VND 35 billion in interest at 10% per year.
• SCR won all 27.54 million shares, or 51%, of Tín Nghĩa - Á Châu offered by Tổng công ty Tín Nghĩa (TID), at a starting price of VND 36,350 per share and a total floor value of VND 1,001 billion; the winning price was not disclosed.

What Happened

At its nine-month review conference, Tổng công ty Điện lực Dầu khí Việt Nam - PV Power said revenue reached an estimated VND 46,161 billion, exceeding its nine-month target by 26%, while consolidated pre-tax profit came in at an estimated VND 5,464 billion. Electricity output rose 44% to more than 19.3 billion kWh, led by the Vũng Áng 1 thermal plant at 5.74 billion kWh. The company did not, in the cited remarks, break out the year-on-year profit growth rate for the nine-month period.

Separately, SJ Group’s consolidated Q3 financial statements showed net revenue of VND 1,785 billion and net profit of VND 1,012 billion, against just over VND 3 billion a year earlier. In an explanation filed with the Hồ Chí Minh City Stock Exchange, the company attributed the increase to continued sales at its Nam An Khánh project. Hải Phòng Thermal Power faces a near-VND 115 billion payment after an appellate ruling, and TTC Land won the entire 51% stake in Tín Nghĩa - Á Châu auctioned by Tín Nghĩa, raising its holding from 36.63% to 87.63%.

Market Context

POW closed at VND 12,200 on 15 October 2026 on HOSE. The results landed against a soft domestic tape: the VN-Index fell 6.52 points, or 0.38%, to 1,698.35, a seventh consecutive decline and a close below the 1,700 mark, while VN30 lost 0.47% to 1,843.71 and foreign investors net sold VND 687 billion on HOSE. SJS closed at VND 53,700, SCR at VND 4,200 and HND at VND 8,800. Vietcombank Securities (VCBS) attributed the index weakness partly to selling pressure in Vingroup names and flagged short-term support near 1,685 points.

Strategic Significance

For POW, the nine-month beat is a volume story as much as a price story: 44% output growth, anchored by Vũng Áng 1, is doing the heavy lifting on revenue, which matters because thermal utilisation and hydrology, not tariff headlines, drive near-term earnings for the Petrovietnam generation fleet. The SCR auction is the more structural item, converting a minority position into 87.63% control of the developer behind the 571-unit Đảo Kim Quy project in Đồng Nai and giving TTC Land consolidated exposure to a land bank it previously only partly captured. HND’s VND 115 billion ruling is a reminder that coal-supply contract disputes can produce one-off cash outflows for thermal generators, a risk category POW also carries across its coal-fired assets.

What to Watch

• POW’s full nine-month financial statements, including the year-on-year pre-tax profit growth rate and any provision lines.
• Disclosure of the winning auction price for the 51% Tín Nghĩa - Á Châu stake and any mandatory tender offer obligation for SCR.
• Whether HND records the VND 115 billion ruling as a provision in its next quarterly report and whether it appeals further.
• SJS revenue recognition at Nam An Khánh in Q4 and the sustainability of the Q3 margin.
• VN-Index behaviour around the 1,685 support zone cited by VCBS and the pace of foreign net selling on HOSE.