- “We’re primarily recognizing impaired commercial vehicle and battery inventory in our Q4/2024 reports through one-time write-offs to make a clean start for 2025.”
- “Our cashflow is positive and, excluding these one-time write-offs, our operations registered profit of over Bht 2,000 million.”
- “Making these one-time write-offs are in line with our recovery plan to fix the two parts of our business that were weighing us down – namely the commercial vehicle assembly business, and the battery business.”
Energy Absolute Public Company Limited (SET: EA), one of Thailand’s leading renewable energy businesses, today, said that it is recognizing impaired commercial vehicle and battery inventory in its 2024 fourth quarter results as part of making a clean start to 2025 with the restructuring of its vehicle assembly and battery businesses.
Recovery strategy progress
Mr. Chatrapon Sripratum, Chief Executive Officer, Energy Absolute PCL, said, “We registered positive cashflow at over Bht 8,000 million and, without the write-offs, profit of more than Bht 2,200 million. We are on track with advancing the strategic recovery plan we announced earlier this year to fix the two parts of our multiple business lines that had been weighing us down – namely, our vehicle assembly and battery businesses – by entering into strategic alliances with global leaders in each business line.”
He said, “We have successfully finalized our arrangements with one of China’s largest special vehicle manufacturers, Chengli Special Automobile Co., Ltd. for our electric vehicle assembly business.”
Chengli exports to more than 30 countries and produces over 30,000 units of special vehicles.
And, for the battery business, we are now in the process of legal reviews of our joint venture arrangements with one of China’s leading battery manufacturers to make our facility the first large plant in Thailand to manufacture lithium-ion batteries. We will be helping to supply their customers in the United States of America and Europe, and are now checking the potential implications of the tariff issues between China and the United States,” Mr. Sripratum said.
Uprated MSCI ESG Rating
EA also reported that its MSCI Environmental, Social, and Governance (ESG) Ratings have just been upgraded from ‘A’ to ‘AA’ and that the company is cited for “leading peers in clean technology efforts”.
Mr. Sripratum added, “We are proud that our ratings have been upgraded by this globally respected institution and that we can advance in this area at the same time as we are doing with the recovery of our business.”
About EA
Energy Absolute’s group operations span the production of fuel from renewable sources such as biofuel, the generation of electricity from renewable sources such as wind farms and solar farms, the supply of products and systems to store and distribute electricity, such as industrial batteries and electric vehicle charging stations, and the assembly of electric commercial vehicles such as trucks, buses, and river ferries.
As part of its recovery plan, EA disclosed in January 2025 that it is focusing on its very profitable businesses, namely, the production of biofuels, electricity generation from wind and solar energy, and the operation of Thailand’s only electric vehicle charging business that has a positive cashflow. These businesses, together, contribute around sixty percent of EA revenues.
EA has paused or scaled down two money-losing business units, being its electric commercial vehicle manufacturing operation and its battery manufacturing operation, while it restructures them. The restructuring involves seeking partnerships with large international players that can make each business globally more competitive as well as help them penetrate markets outside of Thailand.
