Gia Lai Electricity Joint Stock Company (GEC: code GEG - HOSE) has just announced its consolidated financial s...
Gia Lai Electricity Joint Stock Company (GEC: code GEG - HOSE) has just announced its consolidated financial statements for the fourth quarter of 2021, with a pre-tax profit of 369 billion dong, exceeding 15% of the year plan.
Thanks to favorable weather conditions, GEC's 13 hydroelectric plants in Gia Lai, Lam Dong and Hue - 84 MW will operate efficiently in 2021.
In which, hydropower contributed 343 million kWh of electricity output, equivalent to 379 billion VND in revenue, up 7% in the same period and accounting for 44% of the output - 29% of the revenue of the whole system.
5 solar power plants and 37 rooftop systems in the South, Central and West - 300 MWp recorded 381 million kWh, equivalent to VND 816 billion in revenue - accounting for 49% of output and 62% of revenue.
Notably, in November 2021, the successful commissioning of three 130 MW wind power plants in Tien Giang, Gia Lai and Ben Tre contributed to GEC 59 million kWh, equivalent to VND 124 billion in revenue.
GEC's net revenue in 2021 reached VND 1,381 billion, of which electricity sales accounted for 99%. A 16% drop in COGS brought gross profit margin up 5 percentage points to 56%, higher than the industry average of 39%.
In which, the gross profit margin of hydroelectricity, wind power and solar power plants reached high levels of over 52%, 48% and 46%, respectively.
The ratio of selling expenses and general and administrative expenses/revenue were similar to the same period last year at 8%.
GEC's consolidated profit before tax and profit after tax in 2021 reached VND 369 billion and VND 325 billion, up nearly 20% and 10% respectively, exceeding 15% and 22% of the year plan.
Net profit margin reached 24%, higher than the industry average and up 4 percentage points over the same period.
The advantage of the Company in recent years is that EBIT margin and EBITDA margin have always reached over 44% and 62% respectively. For 2021, this ratio is much higher, at 54% and 85%, compared to the averages of Companies operating in the Industry at 34% and 46%, indicating GEC's long-term growth prospects.
As of December 31, 2021, GEC's total assets reached VND 12,473 billion, 1.6 times higher than at the beginning of the year, coming from the strong growth of 95% of fixed assets. Cash and cash equivalents also recorded a high growth rate of 89%, ensuring the current solvency of the Company.
Total debt by the end of 2021 was VND 7,103 billion, 1.9 times higher than the beginning of 2021, in order to meet the capital needs in the sprint period of wind projects in time to enjoy the FIT1 price before November 2021. as well as continuing GEC's Renewable Energy portfolio expansion strategy.
Debt structure recorded a decrease in short-term loans by 32% compared to the beginning of the year and an increase in the proportion of long-term loans to 94%.
The Interest Coverage Ratio was maintained at 2 times, showing the level of profit that ensures the Company's ability to pay interest. In 2021, GEC has completed increasing its Charter Capital by 12% - to VND 3,037 billion. Accordingly, equity reached VND3,738 billion, up 8% compared to the beginning of the period.
On January 26, GEG Shares recorded an increase of 24% compared to the beginning of 2021 and reached a market capitalization of 304 million USD with an average daily liquidity of 1.5 million shares. Foreign investors have continuously been net buyers since October 2021 with about 3.8 million shares with a total value of over 83 billion dong.