PHU YEN POWER COMPANY - CENTRAL POWER CORPORATION

PHU YEN POWER COMPANY – CENTRAL POWER CORPORATION (CÔNG TY ĐIỆN LỰC PHÚ YÊN – TỔNG CÔNG TY ĐIỆN LỰC MIỀN TRUNG) operates from Tuy Hoa City with a workforce of about 600 employees, providing electricity transmission and distribution across the province. As a branch of the regional power corporation, it carries both operational responsibilities and public-service obligations, which make its financial structure different from that of typical commercial enterprises.

The company managed USD 103.63 million in revenue in 2024, reflecting a steady 13 percent rise as electricity demand continues to expand in the region. Total assets also increased to USD 70.8 million, demonstrating ongoing investment in infrastructure, equipment, and grid upgrades. Equity, however, remained almost unchanged at USD 11.46 million, which is typical for state-linked or branch-operated power units operating under fixed capital structures.

Despite the increase in revenue, profit dropped significantly to USD 1.2 million, a sharp decline from the previous year. Electricity distributors often face tight regulatory control over pricing, and higher operating costs or adjustments to input electricity prices can quickly compress margins. This fluctuation raises the question of how the company balances rising demand with cost pressures in a system that does not fully allow market-based pricing.

Working capital is severely damaged at –USD 33.7 million, indicating a heavy reliance on short-term liabilities to fund operations. For a power distribution branch, this may reflect the internal accounting structure rather than liquidity distress, but it remains a noteworthy signal for anyone assessing financial stability.

The company is overseen by Huynh Q. L., who manages operations within the Central Power Corporation framework. While shareholder information is not available, the entity functions under the broader EVNCPC structure, indicating centralized financial management and strategic direction.

With rising sales, expanding assets, shrinking profit, and significantly negative working capital, Phu Yen Power Company presents an operational profile that is stable yet financially constrained by the nature of regulated electricity distribution. For deeper insight into its financial mechanics, cost structure, and dependency on the parent corporation, a complete analysis from VNBIS would provide a more precise understanding.