BCPG announces 2020 performance with the highest EBITDA of THB 3,849 million and a 24.5% profit increase in Q4/2020
BCPG and its subsidiaries announced their operating results in 2020 with a total EBITDA of THB 3,849 million, a 30.2% increase from 2019, and the company's highest EBITDA ever achieved.
BCPG's total revenue for 2020 reached THB 4,231 million, or a 23.5% increase from the previous year, while the company's total net profit rose 13.5% to THB 1,959 million.
The company could also achieve total revenue of THB 1,137 million in Q4/2020, a 15.9% increase from Q4/2019, and a net profit of THB 536 million or a 24.5% increase from the same period last year.
The significant contributor was the revenue recognition of both existing and new green power projects;
- Hydropower plant "Nam San 3A" (69 MW) in Laos acquired in September 2019 (full-year revenue recognition)
- Wind power plant "LomLigor" (10 MW) in Nakhon Si Thammarat province having started COD since April 2019 (full-year revenue recognition)
- Hydropower plant "Nam San 3B" (45 MW) in Laos acquired in February 2020 (full-quartered revenue recognition)
- Four solar power plants (20 MW) in Thailand acquired in August 2020 (full-quartered revenue recognition)
Besides, there was an increase in the share of profit from geothermal power plants in Indonesia due to reduced maintenance days. Moreover, the Philippines' tariff escalation boosted more yield from the wind farm project in Nabas, the Philippines.
The company could also maintain extra business costs such as consultancy fees for project acquisition and travel expenses due to the pandemic of COVID-19 in 2020, resulting in travel restrictions.
As of December 2020, the total assets of BCPG amounted to THB 51,220 million or a 37.9% increase from 2019, while the total liabilities were THB 28,671 million, a 32.8% increase owing to the acquisition of new power projects; hydropower plant "Nam San 3B" in Laos and four solar power plants in Thailand.
"2020 is our great year. We could achieve the highest EBITDA thanks to new green investments and the development of our existing projects. The capital increase in Q4/2020 also strengthened BCPG's financial structure with a 45% increase in shareholding proportion (THB 22,480 million) and a debt-to-equity ratio of 1.27. We have planned the five-year strategy with an investment of THB 40,000 million to support business growth which will respond to the absence of solar power's adder rate and, particularly, meet our EBITDA goal of a 15% increase per year in the next five years", said Bundit Sapianchai, BCPG President.
The Company's Board of Directors meeting on February 17, 2021, approved the interim dividend payment to the shareholders from the net profit in the second half of 2020 (July 1 – December 31, 2020) at the rate of THB 0.17 per share, combined with the previous interim dividend payment for the first half of the year (January 1 – June 30, 2020) of THB 0.16 per share, the total interim dividend payment for 2020 was THB 0.33 per share or approximately THB 768.82 million.
The company will inform shareholders who have the right to receive the Record Date's dividends on March 4, 2021. After approval at the Annual General Meeting, the dividend payment date is scheduled for April 21, 2021. The XD (Exclude dividend) sign will be posted on March 3, 2021. The Company's Annual General Meeting 2021 will take place on April 7, 2021, at M Tower Building from 13.30 hrs.