Gia Lai Electricity Joint Stock Company - GEC (stock code: GEG) has just announced its consolidated financial ...
Gia Lai Electricity Joint Stock Company - GEC (stock code: GEG) has just announced its consolidated financial statements for the third quarter of 2021. Accumulated 9 months, net revenue reached 938 billion VND, approximately the same period.
The increase in net revenue mainly comes from 99% electricity sales. Due to good water flow, 13 84 MW hydroelectric plants operate efficiently, contributing 190 million kWh of electricity output, equivalent to 232 billion VND in revenue, times increase by 11% and 14%, respectively, in the same period.
Besides, 5 solar power plants and 37 rooftop systems with a total capacity of 300 MWp also grew slightly, reaching 312 million kWh, equivalent to 669 billion VND in revenue.
The output of the whole system reached 502 million kWh - providing electricity for about 77,000 households and revenue reaching 900 billion VND, maintaining the upward momentum over the same period in the context of Covid-19 PANDEMIC in the southern province in the third quarter of the past.
In the structure of electricity output, hydropower accounted for 38% - higher than 35% of the same period; Solar and rooftop electricity is about 62% equivalent in the same period.
For electricity revenue, hydroelectricity accounted for 26% - higher than 23% in the same period; Solar and rooftop electricity accounted for 74%, equivalent to the same period.
The cost of goods sold decreased by 5% and gross profit increased slightly to 549 billion VND. The Company's gross profit margin continues to remain at an attractive level of up to 58%, much higher than the average level of 39% of the Electricity industry.
The gross profit margin of hydropower plants and solar power plants remained high at 43% and 60% respectively.
Meanwhile, financial expenses also changed positively, down 8% recorded at 258 billion VND. With the policy of reducing costs during the Covid period, selling and administrative expenses decreased by 35% and 9% respectively in the same period.
GEG's consolidated pre-tax and after-tax profit in the first 9 months of 2021 reached 230 billion VND and 211 billion VND, up 9% and 3% respectively over the same period.
As of September 30, 2021, GEG's total assets reached 12,560 billion VND, 1.6 times higher than at the beginning of the year due to strong growth in cash and cash equivalents.
Other current assets and long-term work-in-progress, respectively, increased by 252%, 772%, and 910%, mainly due to the proceeds of the capital increase, equipment, and expenses for the urgent completion of Wind Power Projects.
Total debt by the end of the third quarter of 2021 is at 6,504 billion VND, an increase of 70% compared to the beginning of 2021 to meet the capital needs in the sprint period of Wind projects to enjoy the FiT1 price before the deadline in November 2021 as well as continuing GEC's renewable energy portfolio expansion strategy.
However, the loan structure was favorable when focusing about 93% on long-term loans while short-term loans recorded a decrease of 24% compared to the beginning of the year. The interest coverage ratio remained at 1.9 times to ensure the interest payment of the Company.
At the end of the trading session on October 29, the price of GEG shares of Gia Lai Dien reached 20,900 VND, down slightly from the previous session, but increased by nearly 15% in the past month.
Since the beginning of the year, GEG has completed the issuance of 1,000 billion VND of bonds and offered shares to the public to increase its charter capital to 3,037 billion VND.
These bond packages aim to focus resources to put into commercial operation 3 wind power plants and restructure debts to optimize financial costs.
Specifically, a package of individually secured bonds worth 300 billion VND - 3-year term, interest rate 9.5%/year was issued to a financial institution.
Package of unsecured bonds issued to the public with a value of 700 billion VND (with the order value of institutional investors up to nearly 3,000 billion VND, more than 4 times the offering value) - profit Interest rate of 9.5%/year, the 3-year term will be listed on Hanoi Stock Exchange in November 2021.
Also in the third quarter of 2021, GEG completed a dividend payment of 8%, a public offering, and an ESOP issuance at the rate of 8%.
GEC officially raised its charter capital to 3,037 billion VND - an increase of 12% compared to the beginning of the year. The completion of the increase in Chartered Capital contributed positively to the improvement of financial indicators and maintained within a safe level for the Company's operations.
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