BCPG Announces 2018 Net Profit of 2,219 Million Baht, 25% increase from 2017
BCPG and its subsidiaries announced their operating results in 2018 with a total net profit of 2,219 Million Baht, a 25% increase from the previous year. The main contributor was the profit from solar assets monetization to an Infrastructure Fund in Japan, along with good performance of solar power plants in Thailand and Japan. The Company’s net profit was approximately 67% with the Earnings per Share of 1.11 Baht per share, compared with the net profit of 53.4% and the 0.89 Baht per share in 2017. In addition, the Company announced dividend payment to the shareholders from the net profit in Q4/2018 at the rate of 0.16 Baht per share, which is equal to 0.64 Baht per share or approximately 1,278 Million Baht in total.
Mr. Bundit Sapianchai, BCPG President and CEO, said that in 2018, BCPG performed well with a total revenue of 3,320 Million Baht which was enhanced by two major factors; the assets monetization transaction of two solar power plants to an Infrastructure Fund in Japan and the commercial operations of solar power plants both in Thailand and Japan with a total production capacity of 13 MW (9 MW in Thailand and 4 MW in Japan). There was a slight rise in the revenue of solar power plants in Thailand, 2,869 Million Baht or a 1% increase from the last year, while the operations of solar power plants in Japan brought about 451 Million Baht or a 6% decrease compared with the previous year. The decrease was due to the solar assets monetization transaction resulting in no record of revenue in Q4/2018. However, the commercial operation of Gotemba power plant, which started in Q2/2018, helped contribute to total revenue of solar power plants in Japan.
There was a major increase in share profit of wind power plant in the Philippines (prior to amortization) from 1 Million Baht in 2017 to 73 Million Baht in 2018, resulted from a full profit recognition for the first year (compared with 7-month profit recognition in 2017). Also, the project’s production capacity in 2018 was as high as 46 million units (based on shareholding proportion) or a 144% increase. The increase was a result from the improving capacity factor per day which went up from 30% in 2017 to 37% in 2018. In addition, a tropical depression and a typhoon occurring in the past year created good wind speed which also led to high capacity factor.
A full-year share profit recognition from geothermal power plants in Indonesia brought the profit of 761 Million Baht to the Company, a 129% increase compared with 5-months profit recognition in 2017. The production output of the project in 2018 also went up to 1,250 million units or a 145% increase (based on shareholding proportion).
In 2018, the solar asset monetization transaction to an Infrastructure Fund in Japan, as well as robust performance of solar power plants, brought BCPG its record-breaking net profit of 2,219 Million Baht, a rise from 1,774 Million Baht or 25% from the past year. The Company’s net profit was approximately 67% with the Earning per Share of 1.1 Baht per share.
At the end of Q4/2018, BCPG’s total assets were 31,558 Million Baht, which was stable when compared with those at the end of Q4 last year, while the total liabilities were 16,416 Million Baht, a 7.4% decrease due to a reduction of the interest-bearing debt (15,567 Million Baht as of Q4/2018 or an 8.6% decrease from the last year). The long-term loan repayment after the 2,028 Million Baht solar assets monetization transaction in Japan in Q3/2018 mainly helped reduce the Company’s interest-bearing liabilities.
Looking ahead in 2019, BCPG is still planning for continuous growth. Production from the wind power plant in Nakhon Sri Thammarat, with a total installed capacity of 10 MW, is planned for Q2/2019, while the “CMU Smart City-Clean Energy”, a 12 MW joint project between BCPG and Chiang Mai University, will start commercial operation towards the end of this year. Committed to deliver high value while creating wealth for shareholders and sustainable future for all, BCPG strives for expansion through clean energy business both domestically and internationally, particularly in Asia-Pacific, as well as focusing more on retail business to produce and deliver clean energy directly to consumers. Additionally, the Company is transitioning into retail market with “energy as a service” models bringing in innovation to provide consumers with options to produce clean energy by themselves at a lower cost. The Company has set aside 8,600 Million Baht investment budget for business expansion and existing projects in 2019.
The Company’s Board of Directors meeting on 20 February 2019 approved the interim dividend payment to the shareholders from the net profit in Q4/2019 (1 October – 31 December 2018) at the rate of 0.16 Baht per share, combined with the previous interim dividend payment for the past three quarters (1 January – 30 September 2018) of 0.48 Baht per share, the total interim dividend payment for 2018 was 0.64 Baht per share or approximately 1,278 Million Baht. The Company will inform shareholders who have the right to receive dividend the Record Date on 6 March 2019, while the dividend payment date is scheduled for 22 April 2019. The XD (Exclude Dividend) sign will be posted on 5 March 2019 and the Annual General Meeting will take place on 9 April 2019 at M Tower Building from 13.30 hrs.