In a recent financial report submitted to the Hanoi Stock Exchange, Trung Nam Thuan Nam Solar Company Limited (Trung Nam Thuan Nam) announced a pre-tax profit of approximately 170 billion VND and a post-tax profit of 138 billion VND for last year. Both figures represent a considerable recovery from the record 1,000 billion VND loss in 2023. This recovery reduced accumulated losses from 987 billion VND to 849 billion VND.

At the end of last year, Trung Nam Thuan Nam had an equity of over 1,560 billion VND. Liabilities decreased by about 4% to nearly 8,780 billion VND. More than half of this amount consists of domestically issued private bonds.

Capital structure and solvency indicators also showed positive changes. For example, the debt-to-equity ratio decreased from 6.4 to 5.6.

Trung Nam Thuan Nam's solar power project. Photo: *Company website*

In 2021, when Trung Nam Thuan Nam first disclosed information to the Hanoi Stock Exchange, they reported a profit of over 400 billion VND. They earned an additional 80 billion VND the following year before experiencing significant fluctuations and the record loss in 2023.

Trung Nam Thuan Nam, formerly known as Phuoc Minh Solar Power Joint Stock Company, was established in 4/2018 and changed its name in 2020. The founding shareholders include Trung Nam Hydropower Joint Stock Company (5%), Trung Nam Construction and Investment Joint Stock Company (92%), and Do Hai Nam (3%).

In 8/2024, Trung Nam Thuan Nam reported that the owner of 100% of its capital was Trung Nam Tra Vinh Solar Power Joint Stock Company. Two months ago, they announced a new owner: Trung Nam Tra Vinh Investment Joint Stock Company.

The company is a member of Trungnam Group, which operates in five main sectors: energy, infrastructure, construction, real estate, and electronics and information technology.

They are the investor of a 450 MW solar power plant combined with a 220/500KV transformer station and transmission line in Ninh Thuan province. The total construction cost was 12,000 billion VND. The project covers an area of 557 hectares, utilizes over 1.3 million solar panels, and has been fully operational since 10/2020.

Phuong Dong