CKPower announced 1.02 billion baht Q3/2023 net profit

Editorial Staff

CKPower announced 1.02 billion baht Q3/2023 net profit

CKPower announced 1.02 billion baht Q3/2023 net profit and achieved highest SET EGS ratings ‘AAA’ and 6th consecutive 'Excellent' CGR Rating.

Mr. Thanawat Trivisvavet, managing director, CK Power Plc (CK Power) (SET: CKP), one of the region's largest producers of renewables-based electricity with lowest carbon footprint, said that CKPower’s reported positive operating results for both Q3/2023 and the nine months of 2023 despite impacts of El Niño in the first half of the year. Thanks to a significant positive change of the water inflow beginning in August 2023.

The company has been able to improve its power production plans to better align with the higher water volume since the end of Q3, which is expected to have a positive impact on the operating results for the rest of the year.

CKPower recorded a total revenue of 2.64 billion baht for Q3/2023, a 846 million baht or 24.2% year-over-year decrease, and a net profit attributable to equity holders of the company of 1.02 billion baht, a 440 million baht or 30.1% year-over-year decline, while the total revenue for the nine months of 2023 amounted to 7.90 billion baht, a 796 million baht or 9.2% drop compared to last year, and the net profit attributable to equity holders of the company for the nine months of 2023 stood at 919 million baht, a 1.44 billion baht or 61.1% decrease from previous year.

For Q3/2023 and the nine months of 2023, CKPower recognized a total of 816 million baht and 555 million baht in share of profit from investment respectively after loss recognition in Q2/2023 and 1H/2023.

Moreover, XPCL succeeded in issuing green debentures worth 3.50 billion baht with fixed interest rates of 5.15-5.55% per annum to institutional and high-net-worth investors on October 26, 2023. The funds raised have been allocated to settle XPCL’s existing floating rate loans, mitigating interest rate volatility and financial burdens.

This strategic move is expected to bolster CKPower’s profit share from investments and enhance overall operating outcomes, paving the way for strong growth. As for its financial position as at September 30, 2023, CKPower had a net interest-bearing debt to equity ratio of 0.59 times, which is significantly lower than the debenture requirement of no more than 3.0 times, demonstrating the company’s financial strength.

Furthermore, CKPower has been awarded the “AAA” SET ESG Ratings for the year 2023, the highest achievable level. This continues its impressive track record, having been included in the lists for the past four years (formerly known as THSI).