CKPower Demonstrates Strong Q1 2025 Performance, Reinforcing Investor Confidence

 

CKPower Public Company Limited has delivered a standout performance in the first quarter of 2025, demonstrating the strength of its renewable energy-focused strategy and cementing its position as one of the region’s largest producers of electricity from renewables with one of the lowest carbon footprints.

 

 

Impressive Financial Turnaround

CKPower achieved a remarkable financial turnaround in Q1 2025, with Earnings Before Interest, Taxes, Depreciation, and Amortisation plus Share of Profits (EBITDA + Share of Profits) reaching 991 million baht—a substantial 139% increase year-on-year.

 

Most notably, the company returned to profitability with a Core Net Profit of 63 million baht, representing an impressive 305 million baht improvement from the 242 million baht operating loss recorded in the prior year's first quarter.

 

This strong performance was primarily driven by improved operations at the company's flagship hydroelectric assets.

 

Nam Ngum 2 delivered 4% higher electricity sales revenue, supported by increased water levels that enabled a 7% improvement in declared power availability.

 

Meanwhile, the Xayaburi hydroelectric power plant benefited from a 41% increase in water flow, resulting in 34% higher electricity sales compared to the same period last year.

 

This turnaround was further supported by a dramatic 99% reduction in losses from joint ventures and associates, which decreased by 563 million baht to just 7 million baht.
 

 

 

 

Diverse Renewable Energy Portfolio

CKPower's strategic focus on renewable energy continues to differentiate the company in the regional market. Currently, 93% of its installed capacity derives from renewable sources, with an ambitious target to increase this proportion to at least 95% by 2043.

 

The company's diversified portfolio comprises:

Hydroelectric Power: Three major projects including Nam Ngum 2 (46% stake, 615 MW), Xayaburi (42.5% stake, 1,285 MW), and the under-construction Luang Prabang project (50% stake, 1,460 MW).

Cogeneration: Two plants at Bangpa-in (65% stake, combined 238 MW capacity).

Solar Power: Thirteen plants totaling 42 MW, with additional projects under development through strategic partnerships.

 

 

 

 

Strong Financial Foundation

CKPower continues to maintain a solid financial footing, with a liquidity ratio of 1.72 times as of 31st March 2025. Total liabilities decreased by 3% from the end of 2024, whilst the net interest-bearing debt to total shareholders' equity ratio remained conservative at 0.53 times.

 

Recognition of CKPower's improved financial position came through TRIS Rating's upgrade of the company's debenture issue rating from "BBB+" to "A-" in March 2025, with the company rating affirmed at "A-" with a stable outlook.

 

This upgrade reflects strengthened debt structure, efficient debt management, and robust debt-servicing capability.

 

For the 2024 performance, shareholders approved a dividend payout of THB 0.085 per share, totaling THB 691 million. 
 

 

 

Strategic Growth Initiatives

Looking ahead, CKPower's 2025-2030 growth strategy centres on expanding solar power generation capacity through Private Power Purchase Agreements and government renewable energy project bids.

 

The company is also developing revenue streams through Renewable Energy Certificate sales.

 

The first phase of solar power projects developed in collaboration with Bangkok Expressway and Metro Public Company Limited is expected to become fully operational by Q2 2025.