EGCO Group

Editorial staff

EGCO Group approves 3.25 baht dividend per share for 2nd half of 2022 despite challenging market conditions

Electricity Generating Public Company Limited (EGCO Group) maintained its strong operating performance in 2022 despite the global energy price crisis. EGCO Group was able to recognize 65.34 billion baht total revenues which was 55% higher than in 2021.

The company also posted 11.79 billion baht operating profit, representing an increase of 15%. However, net profit was down to 2.68 billion baht, 35% lower than in 2021. The company’s board of directors will seek shareholders’ approval of 3.25 baht dividend payment for the second half of 2022, which will bring the total dividend for the entire year to 6.50 baht per share. This underscores the company’s stable business foundation and the continuation of its long-standing dividend policy.

Mr. Thepparat Theppitak, EGCO Group’s president, said, “In 2022, the entire electricity and power industry faced a lot of challenges driven by rapid increases in global energy prices and inflation. Meanwhile, the industry started to reap the benefits from economic recovery. The fact that Thailand has opened up to the international markets again for business and tourism has also driven demand for electricity. EGCO Group’s operating performance in 2022 clearly reflects the company’s strong positioning in the face of rapid and significant fuel price and inflation increases during last year while continuing to expand its clean energy asset base in the international markets.

2022 operating performance: The company produced a significant increase in total revenues to 65.34 billion baht, representing a 55% increase on the prior year’s performance. Operating profit reached 11.79 billion baht, an increase of 15% on the prior year. Other key contributors to the strong revenue and operating performance for the year were the increased incomes from the “Paju ES” power plant in South Korea, the “Xayaburi” hydroelectric power plant in Lao PDR, the “San Buenaventura” power plant in the Philippines, and the “Khanom” in Nakhon Si Thammarat, as well as other related businesses.

Paju ES South Korea

The company’s net profit came at 2.68 billion baht, representing 35% lower than in 2021.

Mr. Thepparat added, “EGCO Group and its partners have closely monitored the progress of the “Yunlin”, a 640MW huge offshore windfarm project which is currently under construction. The company has recognized the share of loss caused by unusual circumstances and out of control events. The impact from COVID-19 is inevitable as the Taiwanese government enforced strict entry restriction and closed borders twice during 2020-2022, which seriously affected travel and the transportation of large construction equipment.”

RISEC USA

Mr. Thepparat said, “With respect to our business plans for 2023, EGCO Group will extend our success and seek investment opportunity in local and overseas power businesses, including clean and renewable energy, conventional energy particularly natural gas fueled power plant opportunities which are necessary to support energy transition in their host markets, as well as other future alternative energy such as hydrogen. We will focus on development of technology that helps reduce carbon emission.