Banpu bucks the trend, doubling profit in first quarter
Banpu Pcl reported a 9 per cent year-on-year decline in revenue in the first quarter but doubled its profit, the company said.
The integrated energy solutions giant in Asia Pacific had sales revenue of US$633 million (Bt19.806 billion), and posted net profit of $55 million (Bt1.721 billion), almost double the profit delivered during the same period last year.
Chief executive officer Somruedee Chaimongkol said that despite the tremendous global impact of the Covid-19 in the first quarter of 2020, "Banpu has managed to run the business smoothly across 10 countries in line with our greener and smarter strategy, thanks to our effective Business Continuity Management system,".
By leveraging well-prepared emergency contingency plans, online communication technology, and implementing work-from- home measure, its 6,000-plus employees are safe and able to work at full capacity while complying with the state of emergency declaration and policies announced by the government in every country of operation, she said.
"Our overall business performance is satisfactory. Looking forward, we are well positioned for sustained business growth post Covid-19, by exploring new business opportunities and modifying existing businesses to align with the 'New Normal'. We foresee rising energy consumption in the consumer sector as more people work remotely. Our strategy is to nurture sustainable growth," Somruedee said.
To take an active part in alleviating the impact of the Covid-19 crisis, Banpu partnered with the Mitr Phol group to establish a Bt500-million endowment to support medical and public health personnel with equipment and supplies needed to prevent and control the outbreak of the virus in Thailand.
So far the company has donated over Bt88 million to over 30 hospitals and organisations throughout Thailand, she said, adding, "Banpu also collaborated with MuvMi to provide electric tuk-tuk services to the King Chulalongkorn Memorial Hospital and the Thai Red Cross Society to aid in the transportation of patients."
Meanwhile, Banpu continues to explore new business opportunities with the aim of developing energy technologies and innovations that will meet all the changing needs of customers, including 'New Normal' post-COVID-19 dynamics across the world, she said.
The company is also increasingly harnessing emerging energy trends such as energy storage systems, microgrids for energy cost savings, mobile app for customers to monitor the operation of the solar panels, artificial intelligence for automated big data analysis, and blockchain-based energy trading platform, she added.
