Absolute Clean Energy Public Company Limited (SET: ACE) has announced its consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2Q22 | 2Q21 |
| Net Profit (Loss) Million Baht |
383.75 | 366.46 |
| Earning Per Share (Baht) |
0.0400 | 0.0400 |
| % Change | 4.72 | |
| 6 Months | 2022 | 2021 |
| Net Profit (Loss) Million Baht |
706.46 | 726.79 |
| Earning Per Share (Baht) | 0.0700 | 0.0700 |
| % Change | -2.80 | |
ACE reported a net profit of Baht 383 million in 2Q22, increased 4.72% from a net profit of Baht 366 million in 2Q21.
Sales and service income (included revenue from finance lease under a Power Purchase Agreement) increased 18.2% YoY from Baht 1,386.0 million to Baht 1,637.7 million, increasing Baht 251.7 million. The increase in revenue mainly derived from sales of biomass power plants as the result from revenue recognition of biomass power plant in Khlong Khlung, Kamphaeng Phet Province which started its commercial operation on 26 November 2021. Sales of natural gas power plants also increased from an increase in unit rate which is adjusted in line with the increase in average natural gas price.
However, cost of sales and service increased 27.6% YoY from Baht 920.4 million to Baht 1,174.0 million. The increase
in cost of sales and service mainly derived from increase in cost of natural gas power plant when comparing to the year 2021 as the continuing increasing in fuel material cost from increase in natural gas price, thus sales in the portion of natural gas power plant electric power formulas also increase in line with the fuel material cost of natural gas. In addition, cost of sales of biomass power plants also increased from the commercial operation of the biomass power plant in Khlong Khlung, Kamphaeng Phet Province on 26 November 2021.
