Renewable energy/CK Power

Editorial staff

SET-listed CK Power Plc, one of the region’s largest producers of electricity from renewables with one of the lowest carbon footprints, posted Q1/2025 net profit turnaround.

The results reflect strong operational performance, with continued momentum anticipated in Q2, supported by favorable seasonal factors

Thanawat Trivisvavet, the company’s managing director, announced the Q1/2025 operating results for the company and its subsidiaries with CKPower reporting a 991 million baht in EBITDA including share of profits from investments in joint ventures and associates (EBITDA + share of profits), an increase of 139% year-over-year, and a core net profit of 63 million baht, which marked a turnaround of 305 million baht compared to the operating loss of 242 million baht in the same period last year.

The improved performance in Q1/2025 was primarily attributed to the strong operational results of the company’s Nam Ngum 2 Hydroelectric Power Plant and Xayaburi Hydroelectric Power Plant.

Revenue from electricity sales at Nam Ngum 2 rose by 4% driven by higher reservoir water level at the beginning of 2025 compared to the previous year, which enabled the plant to declare 7% greater electricity availability.

Additionally, the share of loss from investments in joint ventures and associates significantly decreased by 563 million baht to just 7 million baht, representing an improvement of 99% from the same period last year. This was mainly due to a 41% rise in water inflow at the Xayaburi Hydroelectric Power Plant, which resulted in a 34% year-over-year increase in its electricity sales volume.

“The Nam Ngum 2 Hydroelectric Power Plant saw approximately 3% year-over-year increase in electricity declaration for the January - May 2025 with the reservoir water level at the end of Q1/2025 at 363 meters above mean sea level, higher than at the same period last year.”

The water inflow to the Nam Ngum 2 and Xayaburi Hydroelectric Power Plant in the first half of the year are projected to be near average with the flow outlook subject to change, pending clarity on expected inflows between June and July. Regarding the Luang Prabang Hydroelectric Power Project, construction progress reached 48% completion as of the end of March 2025, remaining on schedule.

Meanwhile, the initial phase of three solar projects with a total installed capacity of 7.0 MW to supply electricity to Bangkok Expressway and Metro Plc (BEM), was 86% completed as of the end of March 2025, also on schedule. The first of these solar projects commenced commercial operation in late December 2024, with the remaining projects expected to reach completion within Q2/2025,” said Mr Thanawat.

CKPower also maintains a strong financial position. As of March 31, 2025, the company maintained a Liquidity Ratio of 1.72, with total liabilities decreasing by 3% compared to the end of 2024.

The net interest-bearing debt to total shareholders’ equity ratio stood at a low level of 0.53 times. In March 2025, TRIS Rating has recently upgraded the credit rating for all CKPower’s debentures to ‘A-’ with a ‘stable’ outlook, aligning with the corporate credit rating.

This upgrade reflects a strengthened capital structure supported by effective debt management, the gradual reduction of debt at the subsidiary level, and the Company’s ability to maintain strong debt servicing capacity.

Furthermore, the 2025 annual general meeting of shareholders approved a dividend payment of 0.085 baht per share based on the 2024 performance, amounting to a total payout of up to 691 million baht, scheduled for May 23, 2025.

"Looking ahead, CKPower is committed to expanding its renewable energy portfolio, with a focus on both hydro and solar power, while also actively exploring new green finance opportunities through the sale of renewable energy certificates (RECs). In 2024, CKPower Group’s renewable energy facilities supplied over 8.8 million megawatt-hours (MWh) of clean electricity to Thailand, accounting for approximately 16% of the country’s total renewable energy consumption.

“Last year, our operations contributed to the avoidance of 4.4 million tons of carbon dioxide equivalent (tCO2e) greenhouse gas emissions. These achievements underscore CKPower’s tangible and measurable progress toward achieving net-zero greenhouse gas emissions by 2050, while playing a key role in supporting Thailand’s transition to a low-carbon and sustainable future,” Mr Thanawat said.