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  2. •

    Utilities

  3. •

    Electric utilities
Ba Ria Thermal Power JSC

Ba Ria Thermal Power JSC

HHOSE:BTP
6,660.00
VND
-20.00
(-0.30%)
500.22BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
18,948.68
34,735
30,271.35
27,574.29
40,404.9
18,302.67
31,326.83
12,402.57
20,052.82
8,489.48
12,892.68
5,908.96
4,352.75
- -
Basic EPS, GAAP
920.56
2,003.7
1,586.81
1,981.3
1,523.5
2,270.04
3,015.97
1,338
2,103.27
1,169.61
1,187.41
707.88
703.82
- -
Free Cash Flow per Basic Share
6,551.14
821.22
-471.61
-545.84
1,510.35
1,789.44
-5,120.92
5,003.6
-2,541.62
-1,256.19
891.62
1,400.77
633.9
- -
Dividend per Share
1,085.64
793.67
987.01
994.56
994.94
2,073.03
992.13
1,093.78
1,096.26
1,495.04
1,196.48
3,255.06
329.07
328.37
Book Value per Share
15,910.38
17,157.39
17,535.8
18,289.76
18,542.52
17,989.29
20,290.8
20,223.05
21,083.99
20,550.05
19,872.18
17,584.49
17,797.54
18,052.5
Tangible Book Value per Share
15,901.14
17,153.13
17,535.2
18,289.76
18,542.52
17,988.31
20,241.65
20,180.2
21,048.12
20,501.21
19,835.36
17,557.96
17,781.19
18,038.23
Basic Weighted Avg Shares
60
60
60
60
60
60
60
60
60
60
60
60
60
60
Sales/Revenue/Turnover
1,132,553
2,100,967
1,830,981
1,667,847
2,443,914
1,107,048
1,894,822
750,177
1,212,907
513,492
779,821
357,407
263,278
- -
Operating Margin (%)
4.52
4.5
6.5
6.28
4.22
9.46
8.93
7.79
3
-0.23
-3.19
-7.39
1.91
- -
Depreciation Expense
146,965
114,922
59,697
20,463
25,064
30,181
37,001
40,361
41,573
48,747
54,319
54,431
53,703
- -
Net Income, GAAP
55,021
133,513
95,979
119,840
92,150
137,305
182,423
80,930
127,218
70,744
71,821
42,817
42,571
- -
Effective Tax Rate (%)
24.47
19.75
20.2
19.44
14.7
19.21
18.52
16.3
14.81
9.63
1.47
- -
3.69
- -
Profit Margin (%)
4.86
6.35
5.24
7.19
3.77
12.4
9.63
10.79
10.49
13.78
9.21
11.98
16.17
- -
Working Capital
1,073,500
1,115,890
1,186,582
1,087,923
1,031,093
753,057
933,848
669,753
589,677
625,504
541,244
408,044
379,092
384,665
LT Debt
624,595
532,268
528,320
487,787
493,885
423,815
368,739
336,516
254,027
196,614
146,636
90,311
47,404
22,128
Total Equity
962,349
1,037,775
1,060,663
1,106,267
1,121,555
1,088,093
1,227,301
1,223,203
1,275,278
1,242,982
1,201,981
1,063,608
1,076,495
1,091,916
Return on Invested Capital (%)
3.15
7.93
5.74
7.27
5.49
8.36
11.18
4.92
7.94
4.6
4.96
3.39
3.75
- -
Return on Capital (%)
4.26
8.96
6.58
7.97
6.25
9.1
11.93
5.49
8.41
4.99
5.34
3.6
3.82
- -
Return on Common Equity (%)
6.08
12.12
9.15
11.06
8.27
12.43
15.76
6.61
10.18
5.62
5.88
3.78
3.98
- -

Capital Structure

VND

•

in mil. unless spec.
Sep'25
Dec'25
Jun'26
ST Debt
- -
47,404
44,256
LT Borrowings
- -
47,404
22,128
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
60
60
60
Market Capitalization
659,293
543,766
500,216

Working Capital

VND

•

in mil. unless spec.
Sep'25
Dec'25
Jun'26
Total Current Assets
- -
473,872
485,259
Cash, Cash Equivalents & STI
- -
263,492
287,464
Accounts Receivable, Net
- -
49,371
54,603
Inventories
- -
140,264
127,011
Total Current Liabilities
- -
94,779
100,594
Payables & Accruals
- -
- -
- -
ST Debt
- -
47,404
44,256
Deferred Revenue
- -
- -
- -

Growth Rates

VND

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
0.33%
-2.37%
1.21%
Free Cash Flow
-129.64%
-74%
-54.75%
Net Income, GAAP
0.14%
-5.32%
-0.57%
Sales/Revenue/Turnover
-3.09%
-4.92%
-26.34%
Total Cash Common Dividend
16.61%
19.76%
-89.89%

Quarterly Revenue

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
49,338
154,551
74,754
78,764
357,407
2025
56,942
66,412
- -
72,129
263,278
2026
- -
82,179
- -
- -
- -

Quarterly Earnings Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
156.46
55.22
-13.73
509.93
707.88
2025
178
-1.76
- -
365.52
703.82
2026
- -
122.25
- -
- -
- -

Quarterly Dividends Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
3,099.29
6.29
3.73
145.74
3,255.06
2025
0.49
0.5
- -
327.87
329.07
2026
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Huy Van Le
Full Time Employees
226
Sector
Utilities
Industry
Electric utilities
Address
Ba Ria City Vietnam
IPO Date
Nov 30, 2009
Website
btp.com.vn
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Business
Ba Ria Thermal Power Joint Stock Company (HOSE: BTP) is a Vietnam-based independent power producer primarily engaged in the generation and wholesale supply of electricity, as well as the provision of specialized technical and engineering services for the power industry. The company operates the Ba Ria Thermal Power Plant, comprising 10 generating units utilizing open-cycle and combined-cycle gas turbine technologies with an aggregate installed capacity of approximately 389 megawatts. Its core product and service portfolio encompasses: electricity generation and wholesale dispatch to the national power grid using natural gas and diesel fuel; power engineering and technical services, including operation, maintenance, testing, inspection, calibration, refurbishment, and repair of electrical equipment, thermal power units, and hydraulic structures; industrial fabrication and construction, covering electrical installation and the manufacturing of mechanical and metallic products; commercial and ancillary services, including property leasing, warehousing, port operations, and industrial transportation; and consumer beverage manufacturing, specifically purified bottled drinking water marketed under the POWERFUL brand. In recent operational and strategic developments, the company has increasingly adapted its generation units to function as flexible ancillary grid stabilization assets, providing daily start-stop dispatch to balance the national transmission system during peak demand periods. Under Vietnam's National Power Development Plan VIII framework, Ba Ria Thermal Power JSC is actively pursuing long-term fuel transition strategies, including negotiations for liquefied natural gas supply solutions to mitigate depleting domestic natural gas reserves, conducting preliminary research on the Ba Ria 2 LNG power project, and evaluating renewable energy investments such as the Ba Ria - Buon Ho wind power project in Dak Lak province. Additionally, the company continuously executes periodic major overhauls and equipment modernization programs across its gas turbines to enhance heat efficiency, ensure environmental compliance, and maximize plant availability. Originally established in 1992 as a state-owned power plant, equitized in 2006, and listed on the Ho Chi Minh Stock Exchange in 2009, Ba Ria Thermal Power Joint Stock Company operates as a subsidiary of Power Generation Corporation 3 (EVNGENCO3) under the state utility Vietnam Electricity (EVN), and is headquartered in Ba Ria City, Ba Ria - Vung Tau Province, Vietnam.