QTP Q3 2026 Profit Doubles as Quang Ninh Thermal Power Beats Turmoil

Overview

Quang Ninh Thermal Power (ticker QTP) reported Q3 2026 revenue of nearly VND 2,815 billion, up about 37% year-on-year, and pre-tax profit of nearly VND 95 billion, up roughly 129%. The results, disclosed in the company’s quarterly financial statements, follow management disruption after former Deputy CEO and board member Le Viet Cuong was arrested in February 2026 on document-falsification charges.

Key Facts

• Q3 2026 revenue from sales and services reached nearly VND 2,815 billion, up about 37% year-on-year.
• Cost of goods sold rose to nearly VND 2,722 billion, also up about 37%, leaving gross profit above VND 93 billion (+45%).
• Q3 2026 pre-tax profit was nearly VND 95 billion (+129%); after-tax profit was nearly VND 76 billion, about 2.3 times the prior-year quarter.
• Nine-month 2026 net revenue exceeded VND 9,173 billion (+17%), with pre-tax profit near VND 750 billion and after-tax profit of VND 600 billion, both up about 51%.
• Nine-month EPS was VND 1,332 per share.
• Le Viet Cuong, Deputy CEO and board member, was prosecuted and detained on 23 February 2026 for “falsifying documents of agencies and organisations”; he ceased to be a board member from 24 February 2026.
• QTP appointed Duong Thanh Cong as Deputy CEO for a five-year term from 16 October 2026, after Nguyen Cong Kien was named Deputy CEO from 12 August 2026.
• QTP shares closed at VND 11,300 on 22 October 2026, up almost 5%.

What Happened

According to the quarterly financial statements, QTP’s third-quarter gross profit rose nearly 45% to more than VND 93 billion even as input costs climbed in line with revenue. Financial activity revenue jumped from nearly VND 8 billion to more than VND 26 billion, more than tripling year-on-year, while general and administrative expenses fell from VND 28 billion to about VND 23 billion. Net operating profit reached nearly VND 96 billion, versus VND 42 billion a year earlier.

The earnings release follows a turbulent period for QTP’s leadership. On 23 February 2026 the company received notice from competent authorities that Le Viet Cuong, then Deputy CEO and a board member, had been prosecuted and detained over the alleged falsification of documents. QTP disclosed the next day that he no longer held a board seat. The company has since moved to rebuild its executive team, appointing Nguyen Cong Kien as Deputy CEO from 12 August 2026 and Duong Thanh Cong, formerly Deputy Head of the Technical and Safety Department at Power Generation Corporation 1, as Deputy CEO for five years from 16 October 2026.

Market Context

QTP trades on HOSE and closed at VND 11,300 on 22 October 2026, up almost 5% on the session as the market absorbed the quarterly results. The stock sits in the thermal power segment of Vietnam’s energy sector, where earnings are sensitive to coal input costs, electricity dispatch and the tariff framework set under the national power development plan. The nine-month pre-tax profit of roughly VND 750 billion represents about 51% growth on the prior year, a pace that stands out among mid-cap utilities on HOSE.

Strategic Significance

The investment case for QTP now rests on whether operational performance can stay decoupled from governance risk. The 129% quarterly profit increase was driven less by volume than by non-core financial income and cost discipline, which is a thinner base than a structural margin expansion. The appointments of two deputy CEOs within roughly two months suggest the company is stabilising its executive layer, but the underlying criminal case involving a former board member remains unresolved. For long-term holders, the key question is whether QTP can sustain earnings growth through the coal-cost and dispatch cycle while rebuilding board-level credibility.

What to Watch

• The Q4 2026 and full-year 2026 financial statements, to confirm whether the nine-month profit pace holds.
• Any further disclosure from authorities on the case against Le Viet Cuong and its implications for board composition.
• Coal input cost trends and any adjustment to the electricity tariff framework affecting thermal power dispatch.
• The 2027 annual general meeting agenda, including board renewal and dividend policy.
• Foreign-ownership and major-shareholder filings following the leadership changes.