The company is strengthening investment partnerships and expanding its renewable energy portfolio as part of its journey towards achieving Net Zero.
Dr. Harald Link, President of B.Grimm Power Public Company Limited (BGRIM), announced that the normalized net profit (NNP) attributable to the parent company for the first six months increased by 2.3% year-on-year, reaching 1, 091 million baht. Additionally, EBITDA saw an 8.0% growth, amounting to 7,548 million baht.
These remarkable results stem from a 10.4% increase in electricity sales volume, reaching 7,576 gigawatt-hours. The electricity sales to EGAT grew by 14.9%, driven by the commercial operation of three SPP power plants in Q1 and Q4 of 2023, adding a total of 420 MW of installed capacity. Additionally, electricity sales to industrial users (IUs) in Vietnam rose by 8.2%, and steam sales volume increased by 16.4%, fueled by the expansion of production capacity among existing customers and rising demand.
In Q2 2024, B.Grimm Power reported a normalized net profit (NNP) attributable to the parent company of 579 million baht, marking a 20.9% increase from the previous quarter. This growth was driven by higher electricity sales to EGAT, lower natural gas prices, and an increased share of profit from investments in associates and joint ventures, reflecting the improved performance of three SPP power plants under Univentures BGP Co., Ltd. (UVBGP). However, when compared to the same period last year, performance declined due to increased financial costs and higher income tax expenses, following the expiration of tax privileges for the three power plants. The net profit attributable to the parent company, including unrealized foreign exchange (FX) losses and non-operating items, was 229 million baht.
In Q2 2024, B.Grimm Power connected an additional 5.2 MW of capacity to the system from new industrial users (IUs) in Thailand, specifically in the food and beverage industry and the automotive parts industry. This brings the total capacity connected in the first half of 2024 to 11.2 MW.
In Q2 2024, as part of our strategy to boost long-term production capacity, BGP Holding (US), an indirect subsidiary of B.Grimm Power, expanded its investment by acquiring the Malacha hydroelectric power project in northern California, with an installed capacity of 30 MW. Additionally, the company plans to further expand by acquiring and developing renewable energy power plants in the energy market in California and other states across the United States. Moreover, RES Company Sicilia S.r.l., a subsidiary, acquired all shares in LT09 S.r.l. to develop the ground-mounted solar power project “Ortanova 2,” with a capacity of 73.26 MW, located in southern region of the Italian Republic. Most recently in July, B.Grimm Power Pty., another subsidiary, acquired all shares in Nemaroo Bimbi Wind Farm Pty. to develop a renewable energy project and Energy Hub in northern Queensland, Australia.
Currently, B.Grimm Power has more than 1 gigawatt of projects under construction and development. In the second half of 2024, the company is set to launch three renewable energy power plant projects: the U-Tapao Solar Power Plant Phase 1, the GIFU Solar Power Plant Project in Japan, and the KOPOS Onshore Wind Power Plant Project in the Republic of Korea.
Dr. Harald Link also said that B.Grimm Power’s long-term goal is to achieve net-zero carbon emissions by 2050. The company aims to increase its production capacity to 10,000 megawatts by 2030, with more than 50% of this capacity coming from renewable energy sources.
The Board of Directors of B.Grimm Power has recently approved an interim dividend payment of 0.18 baht per share for the operating results of the first six months of 2024. The XD date is scheduled for August 26, 2024, with the interim dividend payment set for September 6, 2024.
