BCPG Public Company Limited (SET: BCPG) and its subsidiaries announced their operating results in Q1/2024. Total revenue was THB 1,194 million, a 12.9% increase compared with the previous year, owing to a higher contribution from hydropower plants in Laos and the tank terminal project in Thailand.
The company’s total net profit accounted for THB 441 million, a 13.9% decrease from Q1/2023 (THB 512 million) due to an absence of impaired asset reversal record of THB 267 million, while its core profit reached THB 343 million, a 114.7% increase from Q1/2023 (THB 160 million).
“In the first quarter of 2024, we have successfully achieved a major growth in core profit thanks to full revenue recognition of hydropower plants in Laos, which have already started transferring electricity sales to Vietnam Electricity (EVN) since Q3/2023, and higher contribution from tank terminal in Thailand based on the first recognition in June 2023. Moreover, higher wind speed in the Philippines brought about a higher share of the profit of our wind power plant in Nabas. An increase in electricity sales and a well-balanced difference between electricity price and cost together led to higher contribution from natural gas power plants in the US”, said Niwat Adirek, President and CEO of BCPG Public Company Limited.
“On April 30, 2024, BCPG achieved an acquisition agreement to acquire new solar power plants, with a total production capacity of 7.95 MW, in Thailand, which is expected to start revenue recognition immediately”, Niwat added.
