Trung Nam Solar Power Reports Record Profit, Repays Debt in 2024
Trung Nam Solar Power JSC has reported a significant turnaround in its financial health in 2024. The company, which operates the Trung Nam solar power plant with an annual capacity of 450 million kWh, saw its net profit after tax surge by 32% to VND367 billion ($13.89 million), its highest since 2021.
The company's robust performance was reflected in its key financial indicators. Total liabilities decreased from VND2,780 billion to VND2,599 billion ($98.35 million), while shareholders' equity grew to VND1,659 billion ($62.78 million), an increase of VND367 billion from the start of the year. The debt-to-equity ratio improved to 1.57, and payment capability ratios rose above 1.5.
Trung Nam Solar Power also demonstrated strong cash management. It fully repaid its bank loans of nearly VND24 billion ($908,160) and saw undistributed post-tax profit rise to VND646 billion ($24.44 million). The interest coverage ratio also improved to 3.15 in 2024.
In 2024, Trung Nam Solar Power JSC achieved its highest profit since 2021, marking a significant milestone for the company. Its improved financial health and robust performance have positioned it well for future growth. Notably, the company was acquired by Asia Renewable Energy Investment & Development Co., Ltd. in the same year.
Read also:
- Racing ahead in Renewable Energy Dominance: Changzhou, Jiangsu Pushes for Worldwide Renewable Energy Ascendancy
- Renault Group to Discuss Decarbonization and Circular Economy Strategies at ChangeNow 2023 Event
- Public remains oblivious to potential hazards at gas export facilities, due to confidentiality surrounding their operations
- The potential consequences of the European Union's Clean Hydrogen strategy in relation to exacerbating our global climate emergency.
