BCPG announces Q1/2022 performance with an outstanding 160.4% profit increase from higher capacity and share profit, including divestment of power plants in Indonesia, aiming for a 25-35% EBITDA growth from new green power businesses
BCPG and its subsidiaries announced their operating results in Q1/2022 with total revenue of THB 1,159 million, a 10.7% increase from Q1/2021. The Company’s net profit reached THB 1,363 million, accounting for a 160.4% increase and a 473.4% increase from Q1/2021 and Q4/2021, respectively. The major contributor was the divestment of geothermal power plants in Indonesia.
According to Niwat Adirek, President and CEO of BCPG, the Company could achieve an operating profit of THB 516.7 million or a 5.7% increase. Such achievement was due to higher rainfall in Laos which led to higher revenue contributions from hydropower plants – Nam San 3A and Nam San 3B. The Company could recognize revenue from a 20-MW solar power plant in Chiba, Japan, which started COD on November 1, 2021. Moreover, the wind power plant in the Philippines contributed to a higher share of profit.
“The result in Q1 was a good start for this year, and we expect better performance in Q2 from two new solar power plants, with a total production capacity of 45 MW, in Japan, which started COD earlier this year. The better wind speed would also lead to the robust performance of our wind power plant in the Philippines.
At present, BCPG’s total production capacity is 1,108 MW, 345 MW in operation, and 764 MW under development, which is planned to commence commercialization within 2025”, said Niwat.
In 2022, BCPG aims for a 25-35% EBITDA growth from solar power plants in Japan and new M&A projects both domestically and internationally with an investment fund of THB 30,000 – 40,000 million.