Dr. Harald Link, Group President of B.Grimm Power Public Company Limited (SET: BGRIM), announced that 2024 financial performance continued to grow steadily. The Normalized Net Profit (NNP) attributable to the parent company reached 2,227 million baht, increasing by 5.8%, while EBITDA surged to 14,987 million baht, marking a 4.3% increase compared to the previous year. The consolidated net profit attributable to the parent company, which includes unrealized foreign exchange (FX) losses and non-recurring operation items, amounted to 1,557 million baht.
This growth was driven by several key factors, including a 10.8% increase in electricity sales to the Electricity Generating Authority of Thailand (EGAT) following the commercial operation (COD) of 3 SPP power plants in March, October, and December 2024, with a total installed capacity of 420 MW. Additionally, the decline in the average natural gas price by 14.2% and a 6.4% increase in electricity sales to industrial users (IUs) in Vietnam as well as higher revenue from project development services contributed to this strong performance. Furthermore, steam volume in Thailand grew by 19.1% compared to 2023 due to customer expansion and increased existing demand.
Throughout 2024, B.Grimm Power remained committed to expanding its renewable energy portfolio, forging partnerships with business partnership in Thailand and abroad. B.Grimm Power expanded its total renewable energy investments of 1,345 MW (Committed), including 740 MW offshore wind power projects in South Korea, 33.7 MW solar rooftop projects across the UAE, Saudi Arabia, and Bahrain, 29.9 MW hydropower projects in the United States, 65 MW solar power plant in the Republic of the Philippines, and 476.3 MW renewable projects in Thailand (including government-awarded renewable projects). Additionally, B.Grimm Power invested in Nemaroo Bimbi Wind Farm Pty. Ltd. in Australia and LT09 S.r.I. in Republic of Italy to develop renewable energy projects and partnered with Greenergy and Sino-Thai Engineering & Construction to further expand renewable initiatives.
In Q4 2024, B.Grimm Power achieved several milestones, including awarded as renewable energy power producers and suppliers to the Thai government, according to a notification of the Energy Regulatory Commission, with a total installed capacity of 60.90 MW, with COD scheduled between 2028 and 2030. Moreover, B.Grimm Solar Power Rooftop Limited (a subsidiary) and Provincial Electricity Authority have entered into a 25-year Service Agreement for the energy management project from solar generation with an installed capacity of 10.26 MW, scheduled to COD in Q1 2026.
On the LNG front, B.Grimm LNG Limited successfully imported two LNG shipments in October and December, totaling three shipments in 2024 (approximately 198,000 tons), which were integrated into the pool gas system to supply B.Grimm’s combined-cycle power plants.
For 2025, B.Grimm Power anticipates natural gas prices for SPPs to range between 320-350 baht per million BTU, similar to 2024 levels where the actual SPP gas cost ended up being 324 baht per million BTU. B.Grimm Power plans to import up to five LNG shipments and aims to synchronize 40-50 MW of new industrial users (IUs). Several ongoing projects are expected to achieve COD between late 2025 and early 2026, with a combined installed capacity exceeding 605 MW, including the KOPOS Wind Power Project (20 MW), U-Tapao Solar Power Project (18 MW), INSEE B.Grimm Solar Power Project (80 MW) in Thailand, Zhongce Rubber Solar Rooftop Project (35 MW) in Amata City Rayong, 386 Solar Rooftop Project (27.5 MW) in UAE, Saudi Arabia, and Bahrain, Nakwol Offshore Wind Power Project (365 MW) in South Korea, and ARECO Solar Power Plant Project (65 MW) in the Republic of the Philippines.
In 2024, B.Grimm Power made significant strides in ESG (Environmental, Social, and Governance), receiving the highest “AAA” rating from SET ESG Ratings and ranking in S&P Global’s Sustainability Yearbook 2025, placing in the top 5% of the Electric Utilities industry. Additionally, B.Grimm Power received a “BBB” MSCI ESG Rating from MSCI ESG Research and an “Excellent” CGR score from the Thai Institute of Directors Association and maintained our inclusion in FTSE4Good Index for the fifth consecutive year, reaffirming its commitment to sustainable growth and good corporate governance.
B.Grimm Power also received four prestigious awards from FinanceAsia in 2024, including Best CEO Award, Most Committed to ESG, Best CFO Award, and Best Investor Relations Award. Moreover, B.Grimm Power was honored with Outstanding CFO and Outstanding IR Awards at the IAA Awards 2024, as well as the Outstanding Investor Relations Award at the SET Awards 2024, reflecting its commitment to transparency and effective investor communication.
Following the strong financial performance and positive outlook, B.Grimm Power’s Board of Directors’ meeting approved to amend the dividend payout policy to not less than 50% of normalized net profit and proposed a dividend payment to the Annual General Meeting in April 2025 at 0.43 baht per share for 2024. This dividend comprises an interim dividend of 0.18 baht per share and the final dividend of 0.25 baht per share.
B.Grimm Power remains committed to creating long-term value for shareholders while reinforcing its position as a global leader in sustainable energy.
