Banpu Power Public Company Limited (SET: BPP) has announced its 2Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2Q24 | 2Q23 |
| Net Profit (Loss)
Million Baht |
981.00 | 1,338.00 |
| Earning Per Share
(Baht) |
0.3220 | 0.4390 |
| % Change | -27.00 | |
| 6 Months | 2024 | 2023 |
| Net Profit (Loss)
Million Baht |
1,658.91 | 3,451.90 |
| Earning Per Share (Baht) | 0.5440 | 1.1330 |
| % Change | -51.94 | |
BPP reported a net profit in 2Q24 of THB 981 million, decreased by THB 357 million or 27% compared to the same quarter of the previous year.
In 2Q24, the group reported better operating performance mainly from CHP plants in China due to a decrease in coal cost, an increase in sales volume from gas-fired power plant in USA resulting from the acquisition of Temple II gas-fired power plant since 3Q23, and an increase in profit sharing from BLCP and HPC power plants driven by better operation. However, the group has unrealized loss on fair value of financial derivatives from gas-fired power plants in the USA. Also, the financial costs became higher compared to 2Q23, this was to support business expansion in the USA from 3Q23.
EBITDA stood at THB 2,518 million, an increase of THB 677 million or 37% from the same quarter last year. This growth was primarily driven by higher electricity sales from gas-fired power plants in the USA, following the acquisition of the Temple II gas-fired power plant, and higher profit sharing from the BLCP and HPC power plants, which maintained high availability factors of 98% and 94%, respectively, and were aided by effective cost management.
Cost of sales from the gas-fired power plants in the USA increased by THB 3,920 million. This was from an increase in the use of natural gas of 8.20 thousand cubic feet due to an acquisition of Temple II gas-fired power plant in 3Q23, while a decrease in average cost of natural gas by $0.24 per thousand cubic feet.
Average cost of sales in 2Q24 was $1.98 per thousand cubic feet (2Q23: $2.22). The effects from a depreciation of THB currency against USD currency resulting in an increase in cost of sales in THB currency when converting from USD currency. Average exchange rate of USD/THB in 2Q24 was THB 36.7083 (2Q23: THB 34.4783).
