CKPower revealed that its overall operating results for both Q2/2024 and the first 6 months of 2024 improved from the same period last year. It is expected that Q3/2024 will benefit from seasonal factors.
Thanawat Trivisvavet, Managing Director of CKPower, said that the second quarter of 2024 had a total revenue of 2,621 million baht, an increase of 2.1 percent from the same period of the previous year, and recognized a net profit from operations, excluding foreign exchange losses, of 149 million baht, an improvement from the same period of the previous year, which recognized a loss from operations of 48 million baht.
The main factor was the revenue from electricity sales of Nam Ngum 2 Power Company Limited (NN2), which increased by 80.3 percent compared to the same period last year due to the high water volume in the reservoir at the beginning of 2024 and the higher volume of water flowing into the reservoir than the same period last year, as well as lower maintenance expenses because most of the major ov
erhaul for 2024 was completed in the first quarter of 2024. Meanwhile, the fuel cost of Bang Pa-in Cogeneration Company Limited (BIC) decreased by 27.6 percent in line with the price of natural gas and also recognized the net loss share from the operations of joint ventures and associated companies decreased by 110 million baht or 77.0 percent from the same period last year.
CKPower’s financial position remains strong, with total assets of THB 69,927 million as of June 30, 2024, an increase of 1.7 percent from the end of 2023. Meanwhile, 81 percent of the Company’s long-term debt according to the Company’s consolidated financial statements is fixed-rate baht debentures, with an average cost of funds of 3.77 percent. The Company will continue to closely monitor interest rate adjustments and continuously manage long-term debt to maintain an appropriate proportion.
Mr. Thanawat said that in the second half of the year, the amount of water is expected to increase according to the flood season, coupled with the
La Niña phenomenon in the Southeast Asian region, which is expected to occur from August onwards, resulting in the tendency of the amount of water at the Nam Ngum 2 Hydroelectric Power Plant and the Xayaburi Hydroelectric Power Plant to increase, which the company has planned and prepared to produce electricity in line with the amount of water.
In addition, Bangkhenchai Co., Ltd. (BKC) is preparing to construct 3 more solar power projects in collaboration with Bangkok Expressway and Metro Public Company Limited (BEM) with a total installed capacity of 7 megawatts (MW). It is expected that commercial electricity production and distribution will begin soon, which is part of helping to push the rail public transport sector to transition to renewable energy for the first time in Thailand.
‘For the next step of CKPower, we have prepared a plan to invest and develop renewable energy power plants and lay the foundation for energy both domestically and internationally, along with maintaining the balance of the ecos
ystem and environment, as well as promoting a good quality of life in communities and society through the use of engineering expertise to invent innovations and projects, as well as expanding the creation of knowledge in renewable energy to youth, communities and society to move forward towards the goal of reducing net greenhouse gas emissions to zero, which can be expected in the long term with tangible results by 2050,’ said Mr. Thanawat
Source: Thai News Agency