Electricity Generating Public Company Limited or EGCO Group reported THB 1,819 million operating profit and THB 1,393 million net profit in Q2/2024 while booked THB 3,410 million operating profit and THB 3,055 million net profit in 6M/2024. The strong performance was driven by the increasing operating results of big power plants abroad and APEX which recognized a higher revenue from the share sales of 2 renewable energy power plants. For the second half of this year, the company has high opportunities to invest more in natural gas-fired and renewable energy power plants, resulting in quick win in terms of revenue that strengthens financial performance. The company also expresses confidence in participating in the bidding for the country’s new round of renewable energy projects, the scheduled completion of the Yunlin offshore wind farm in Taiwan, and the negotiation of the power supply agreement for Quezon power plant in the Philippines which will be concluded within this year.
Dr. Jiraporn Sirikum, President of EGCO Group, said, “In the first half of this year, EGCO Group continues to maintain our efficiency in managing our power plant portfolio and fuel costs, especially for the large-scale power plants in Thailand and abroad despite more challenging market conditions. Our ability to manage projects under construction to proceed as planned will also generate more revenue in the near future. The Yunlin offshore wind farm in Taiwan has already completed the installation of the 80 monopile foundations while other construction and equipment installation have proceeded as planned. Today, we have completed the installation of 66 wind turbine generators (WTGs), 47 of which have started transmitting electricity to the grid totaling 376 installed MW.”
For the second quarter of 2024, EGCO Group posted total revenue of THB 11,511 million and operating profit of THB 1,819 million. Key contributors were the increasing performance of large power plants overseas including Yunlin in Taiwan and Nam Theun 2 in Laos. In addition, APEX in the US has recognized higher income from the sales of 75% shares of the Mulligan solar power plant and the Great Pathfinder wind farm. As a result, EGCO Group recorded THB 1,393 million net profit in Q2/2024.
Operating performance in the first six months of 2024: EGCO Group recorded total revenue of THB 22,871 million and operating profit of THB 3,410 million. Key contributors were from increasing operating results of those large power plants overseas. Such performance enabled the company to realize THB 3,055 million net profit in 6M/2024.
“In the second half of this year, EGCO Group will continue to be driven by our “4S” strategy, focusing on merger and acquisition (M&A) of natural gas-fired and renewable energy power plants, as well as energy-related businesses that are high-value assets with high returns and quick income recognition. We have strong fundamentals with over THB 34,000 million cash flow. We have a comprehensive risk management plan considering a more challenging business environment. EGCO Group is highly confident that we will achieve this year’s business goal that is to fully complete the Yunlin construction project with the installation of all 80 WTGs with a total capacity of 640 MW. We are confident of the renewed power supply agreement for Quezon power plant, which is now under agreement review. We are well prepared for participating in the second round of government’s bidding for approximately 3,600 MW renewable energy extension project in Thailand,” Dr. Jiraporn said.
