B.Grimm Power Public Company Limited (SET: BGRIM) has announced its 2022 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Year | 2022 | 2021 |
| Net Profit (Loss) Million Baht |
-1,244.08 | 2,275.70 |
| Earning Per Share (Baht) |
-0.6300 | 0.7200 |
In 2022, total revenue increased 33.8% y-o-y to THB 62,395 million with total sales volume of 13,958 GWh from 1) increasing tariff especially from EGAT’s fuel pass-through mechanism, Ft and steam price, 2) recovering IU volume in Vietnam after the end of country’s lockdown during pandemic, 3) growths from hydro projects in Laos and 4) the commenced operation of 16 MW wind projects in Thailand in Aug 2021.
EBITDA declined 20.9% y-on-y in 2022 to THB 9,796 million but grew 3.5% y-on-y in Q4’2022 to THB 2,582 million, primarily due to a sharp increase in gas price by 79.0% to 476 THB/MMBTU in 2022 and by 43.6% to 481 THB/MMBTU in Q4’2022. On the other hand, IU tariff increased from the same period of last year by only 17.5% in 2022 and 35.4% in Q4’2022 due to a lag time in Ft adjustments with incremental increases of 16.71 satang/kWh in Jan, 23.38 satang/kWh in May and 68.66 satang/kWh in Sep 2022.
Net loss from non-cash items and non-operating transaction was reported for 2022 and Q4’2022, mainly from 1) an unrealised FX loss of THB 840 million from a net position of the outstanding US dollar debts, other US dollar transactions, and 2) a THB 1,105 million non-operating transaction loss attributable to an impairment loss on retired SPP assets, including relating minority interest for 2022. The net loss – owner of the parent, was THB 1,244 million in 2022 and THB 545 million in Q4’2022.
Cost of sales and services in 2022 rose 47.8% to THB 56,066 million, mainly due to natural gas cost.
Natural gas cost sharply surged 64.7% y-on-y in 2022 to THB 45,785 million and 16.0% y-on-y in Q4’2022 to THB 10,166 million, primarily due to respective increases of 79.0% and 43.6% in natural gas prices. (Note that the natural gas price is linked with the weighted average price from PTT’s pool gas.)
Cost of electricity purchased from subsidiaries of EVN increased 14.3% y-on-y in 2022 to THB 1,395 million and 3.3% y-on-y in Q4’2022 to THB 345 million, aligned with the tariff sales.
There was net gain on exchange rate (FX) of THB 81 million in 2022. In Q4’2022, THB 453 million net loss on exchange rate (FX) was reported due to the appreciation of THB against the US dollar.
2023 Outlook
- Pursuing New Greenfield and Brownfield Projects with 4,700 MW operating capacity by 2024
- The scheduled commercial operations the SPP replacement BGPM2R, U-Tapao hybrid power plant and 2 new SPPs (BGPAT2&3) with total capacity of 438 MW
- Targeting new industrial users (IU) with 50-60 MW total PPA
- Implementing expense control programs to save at least THB 50-70 million
- Increasing Ft charge from 0.9343 THB/kWh to 1.5492 THB/kWh inJan-Apr 2023
- SPP gas cost guideline of THB400-450/MMBTU from THB 476/MMBTU in 2022
The Board of Directors approved a dividend payout of THB0.035 per share to be paid on 10 May 2023 with an ex-dividend date on 14 March 2023.
