B.Grimm Power Public Company Limited (SET: BGRIM) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss) Million Baht |
162.75 | 345.09 |
| Earning Per Share (Baht) |
-0.0200 | 0.0500 |
| % Change | -52.84 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
769.92 | 1,424.45 |
| Earning Per Share (Baht) | 0.0500 | 0.3400 |
| % Change | -45.95 | |
BGRIM reported a net profit of THB 163 million in 3Q24, down from THB 345 million in the same period of last year, primarily due to an unrealised FX loss from the net position of outstanding USD debts and foreign currency transactions.
Total revenue increased by 11.0% y-on-y to THB 14,679 million in Q3’2024. Total electricity sale volumes increased 7.5% y-on-y to 3,908 GWh and EBITDA increased 8.4% y-on-y to THB 4,183 million. Key drivers were 1) a 12.9% volume increase from EGAT, primarily due to the commercial operations of 2 SPP projects commissioned in Q4’2023, with a combined capacity of 280 MW, 2) a 4.3% rise in volume from industrial users (IUs) in Vietnam. Furthermore, steam volume in Thailand grew by 41.4% compared to the same period last year due to customer expansion and increased existing demand.
For the 2024 period, the SPP gas cost guideline remains at THB 320-350/MMBTU, compared to THB 377.31/MMBTU in 2023. For Ft, the ERC has resolved to maintain the Ft rate at 39.72 satang per unit for the entire year.
Normalised net profit (NNP) increased 32.5% y-on-y to THB 808 million in Q3’2024 and 13.3% y-on-y to THB 1,899 million in 9M’2024. This increase can be attributed to the sales volume expanding from EGAT, Steam in Thailand and IUs in Vietnam, higher service income, and a greater share of profit from associates and JV.
