Banpu Power Public Company Limited (SET: BPP) has announced its 2024 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Year | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
1,746.32 | 5,319.20 |
| Earning Per Share (Baht) |
0.5730 | 1.7450 |
| % Change | -67.17 | |
The group reported 2024 net profit of THB 1.746 billion, which included non-recurring items, a provision for impairment loss on investment in NIMCO resulting from disposal of shareholdings in Nakoso power plant in Japan of THB 1.621 billion.
Whereas in 2023 the group reported a net profit at THB 5.319 billion which includes gains on fair value remeasurement from a battery business of an associate of THB 1.336 billion. Excluding the previously mentioned, the group’s net profit would decrease by THB 616 million or 15%, resulting from a decrease in operating performance from gas-fired power plants in the USA impacted by adverse weather conditions, affecting demand and electricity price, including a higher financial cost to support business expansion.
The decrease in the group’s net profit includes a decrease in profit sharing from HPC and BLCP from an unrealized loss in the exchange rate. However, the group recognized gains on financial derivatives, which increased by THB 2.418 billion according to the holding interest. Additionally, the operating performance from CHP plants and SLG power plants was better, benefiting from lower coal costs compared to the previous year, and recognized income from sales of carbon emission allowance rights of power plants.
Sales reported at THB 25.827 billion, decreased by THB 2.553 billion or 9% compared to 2023, resulting from a decrease in power sales from a gas-fired power plant in USA of THB 2.218 billion and power and steam sales from CHP plants in China of THB 335 million.
- Gas-Fired Power Plants in the USA were impacted by both adverse weather and mild temperatures than usual, leading to a decrease in electricity price and electricity demand.
- A decrease in sales from CHP plants compared to 2023 was derived from:
- A decrease of THB 112 million in power sales. This was a result of a decrease in electricity demand, partly due to weather conditions, and a decrease in industrial customers from Zouping CHP plants, which resulted in a decrease in sales volume of 57.39 GWh.A decrease.
- A decrease of THB 187 million from steam sales and others. This was a result of a decrease in selling price of RMB 4.78 per kWh. The sales volume was similar to the previous year.
- The effects of foreign exchange rate translation of THB 36 million. This was due to an appreciation of THB currency against RMB currency compared to 2023, resulting in a decrease in revenue in THB currency when converting from RMB currency to THB currency.
Cost of sales reported at THB 23.81 billion, increased by THB 3.689 billion compared to 2023 was derived from:
- Gas-fired power plants in the USA that cost of sales increased by THB 4.528 billion. This was from an increase in the use of natural gas of 13.65 billion cubic feet due to higher electricity sales volume and the effects from a depreciation of THB currency against USD currency resulting in higher cost of sales in THB currency when converting from USD currency.
- CHP plants in China that cost of sales decreased by THB 839 million because of:
- A decrease in coal cost THB 790 million from a decrease in average coal cost per ton by RMB 140.
- The effects from an appreciation of THB currency against RMB currency of THB 49 million, resulting in a decrease in cost of sales in THB currency when converting from RMB currency.
