CKPower records a 39% revenue growth in Q3/2022

An all-time high net profit was achieved despite impact of gas prices on the operating expenses.

Mr. Thanawat Trivisvavet, Managing Director, CK Power Public Company Limited or CKPower (SET: CKP), one of the region’s largest producers of electricity from renewables with one of the lowest carbon footprints, stated that CKPower continued to see steady growth both in revenue and net profit attributable to equity holders of CKPower in Q3/2022, where it posted a total revenue of Baht 3,495 million, an increase of Baht 986 million or 39% from the Baht 2,509 million of the year 2021. Despite a Baht 964 million increase in operating costs due to the rise in natural gas prices in the global market, CKPower still enjoyed a Baht 235 million increase in the share of profit from investments in joint ventures and associates, or a 23% year-on-year rise, attributable to a 38% year-on-year boost in the average water inflow volume at the Xayaburi Hydroelectric Power Plant in the third quarter, which enabled it to operate nearly at its maximum capacity throughout the quarter. As a result, CKPower posted a total net profit of Baht 1,462 million, a Baht 227 million or 18% year-on-year increase compared to the Baht 1,235 million of the previous year.

CKPower also saw a year-on-year surge in the operating results in the first nine months of the year, where it posted a total of Baht 8,697 million in revenue, a Baht 1,792 million or 26% rise from the Baht 6,905 million in the year 2021, and Baht 2,364 million in net profit attributable to equity holders of CKPower, a Baht 308 million or 15% increase compared to the Baht 2,057 million of the previous year. The primary driver was the recognition of the share in profit from investments in joint ventures and associates, which grew sharply by 33% or Baht 505 million, due to a 26% year-on-year increase of the water inflow volume through the Xayaburi Hydroelectric Power Plant. As a result, CKPower was able to achieve the record-high net profit of Baht 2,364 million.

Hydroelectric Power Plant in Q3/2022, CKPower reported an increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) and net profit, in line with its business approach, which focused on investing in eco-friendly clean energy businesses alongside generating suitable returns to shareholders. As of September 29, TRIS Rating reaffirmed CKPower rating at “A” with “Stable” outlook due to its reliable cash flows and long-term power purchase agreements with creditworthy buyers.

“The operating results in the last quarter and of the entire year are expected to show continuous growth, especially with regard to investment in clean energy projects, which will begin to enhance CKPower’s strength and growth in a sustainable way. In addition, CKPower’s goal to increase its hydroelectric power generation capacity will help support the achievement of its 2050 Net-Zero Greenhouse Emission target while also supporting Thailand’s goal to attain carbon neutrality by 2050,” added Mr. Thanawat.

CKPower has been included in the SET Thailand Sustainability Investment (THSI) Index for a third consecutive year and won a Rising Star Sustainability Awards from the Stock Exchange of Thailand on October 28, 2022 — a testament to the continued advancement of CKPower’s sustainability efforts, which supports the country’s sustainable long-term economic and social growth.

About CKPower:
The Company engages in production and sales of electricity generated from three sources of energy under its 13 power plants with the total installed capacity of 2,167 MW, consisting of two hydroelectric power plants, the Nam Ngum 2 Hydroelectric Power Plant with 615 MW installed capacity, operated by Nam Ngum 2 Power Company Limited (46% owned by CKPower through its shareholding in SouthEast Asia Energy Limited) and the Xayaburi Hydroelectric Power Plant with 1,285 MW installed capacity, operated by Xayaburi Power Company Limited (42.5% owned); two cogeneration power plants with 238 MW installed capacity, operated by Bangpa-in Cogeneration Limited (65% owned); and nine solar power plants, comprising seven under Bangkhenchai Company Limited (100% owned) with total installed capacity of 15 MW, one under Chiangrai Solar Company Limited (30% owned) with 8 MW installed capacity and one under Nakhon Ratchasima Solar Company Limited (30% owned) with 6 MW installed capacity.

Source: CK Power

Symbol: CKP