B.Grimm Power Plc (BGRIM)’s net profit attributable to major shareholders in the second quarter of this year leaped 50% to 1,022 million baht, driven largely by the upsurge in power sales. However, including the unrealised foreign exchange losses, the earnings declined slightly over the same period last year to 1,011 million baht.
The second quarter’s net profit was record high, at 56.5% higher than the preceding first quarter’s level, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 9.4% over the same corresponding period last year to 3,524 million baht.
Dr Harald Link, Chairman and President of BGRIM, said the 47.4% jump in its electricity sale to industrial customers in Thailand, which reached a peak of 831 gigawatt-hours in the second quarter, contributed significantly to BGRIM’s improved bottom line.
There were robust power demand particularly from customers in automotive parts, tyres, home appliances and industrial gases sectors. There were also connections to the system of new industrial customers under the power purchase agreements involving 21.2 MW in the second quarter of this year. That raised the overall capacity delivery for the first half of this year to 31.5 MW, compared with not less than 40 MW targeted for the entire 2021.
Contributing to BGRIM’s second-quarter profitability were the commercial start-up of the company’s solar farm in Cambodia in December 2020, the power plant optimisations of Amata B.Grimm Power (Rayong) 1 Co Ltd (ABPR1) and Amata B.Grimm Power (Rayong) 2 Co Ltd (ABPR2) in the second half of 2020. Cost controls had reduced sale and administrative expenses by 17.6% from the same period last year.
Meanwhile, the average price of natural gas, the main fuel of BGRIM’s generation, had dropped by 8.9% in the quarter to result in lower production costs.
Dr Link added that BGRIM has recently unveiled new seven strategic initiatives to become a world-class energy producer based primarily on its mission of “Empowering the World Compassionately.”
The mission is meant to create value for the society in the form of “Sustainable Utility Solution Provider” by producing quality energy, providing comprehensive services to meet the changing needs of customers as well as developing business cooperation with strong partners both at home and abroad.
In other development, BGRIM is due to put its Bo Thong Wind Farm 1&2, with an installed capacity of 16 MW, located in Mukdahan Province, online commercially this month.
There are 48 BGRIM power plants in commercial operation. The company aims to ramp up its total installed capacity from 3,058 MW at the end of 2020 to at least 7,200 MW by 2025 and further to 10,000 MW by 2030 in terms of power sale volumes with an annual revenue target of more than 100 billion baht.
BGRIM announced an interim dividend of 0.15 baht per share for the first half of 2021, payable on September 10 to eligible shareholders appearing on registration dated August 25.
Published : August 18, 2021