Energy/EGCO Group

EGCO Group posts 115% net profit increase to over 3.5 billion baht in Q1/2025

Editorial staff

Electricity Generating Plc (EGCO Group) reported strong performance in Q1/2025, posting a net profit of 3.57 billion baht, an increase of 115% year-on-year.

A key factor contributing to this achievement was the profit recognition from the sale of its entire equity stakes in the RISEC power plant in the US and the Boco Rock Wind Farm in Australia, as part of its asset recycling strategy.

Proceeds from these sales were reinvested to drive long-term value and growth. EGCO Group is also accelerating its efforts to identify new investment opportunities in power and energy-related businesses both in Thailand and overseas.

The company continues to focus on active risk management, particularly for its investments in the US, to ensure income and profit targets are met.

Global energy, facing challenges

Jiraporn Sirikum, president of EGCO Group, said that the global energy industry is facing significant challenges due to a fluctuating business environment driven by geopolitical tensions, trade wars, and a global economic slowdown.

Despite these headwinds, EGCO Group has continued to efficiently manage its portfolio and power plant operations, which has supported sustained growth. In Q1/2025, the company achieved several major milestones, including the sale of its entire equity stakes in RISEC in the US and the Boco Rock Wind Farm in Australia.

Additionally, all 80 wind turbine generators of the Yunlin Offshore Wind Farm in Taiwan have commenced power transmission, delivering a total capacity of 640 megawatts to the grid. The Quezon power plant in the Philippines has successfully acquired a new Power Supply Agreement (PSA) for a long-term contract of 15 years.

Continued expansion in the US

Moreover, EGCO Group has continually expanded its renewables fleet in the USA with the successful acquisition of a 49% ownership interest in “Pinnacle II Portfolio”, a portfolio of two renewable energy projects. The company also made an additional capital injection of $US 95 million into CDI, an infrastructure and utility business in Indonesia.

Q1/2025 performance: EGCO Group has recognized a gross revenue of 10.83 billion baht. Net profit is 3.57 billion baht, an increase of 1.91 billion baht or 115% compared to the same period last year.

Key contributors are the profit recognition from the sales of total equity stakes in RISEC in the US and Boco Rock Wind Farm in Australia as part of its asset recycling strategy. The proceeds will be reinvested in new projects to increase value and enhance long-term growth.

Identify new investment opportunities

Jiraporn Sirikum, president of EGCO Group
“While the business environment remains uncertain, EGCO Group is accelerating efforts to identify new investment opportunities and expand the new capacity of our power business, including natural gas-fired power plants and renewable energy projects. We are planning to invest through both mergers and acquisitions (M&A) and greenfield projects, while also seeking new opportunities in energy-related businesses,” said Dr Jiraporn.