Bangkok--21 Feb--Glow Energy
- EBITDA and NNP increased by 31% and 24% respectively Year-on-Year
- Contribution from GHECO-One was a key driver for full year earnings growth
- Expansion Program completed
EBITDA and NNP increased by 31% and 24% respectively Year-on-Year
For the fiscal year 2012, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 58,318 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of THB 13,070 million,
- Normalized Net Profit (“NNP”) (net profit before foreign exchange gains and losses) of THB 5,078 million, and
- Net Profit of THB 5,560 million.
The EBITDA of the fiscal year 2012 increased by 31% year-on-year, while NNP increased by 24% year-on-year.
Contribution from GHECO-One was a key driver for full year earnings growth
The increase of Normalized Net Profit (“NNP”) was mainly due to contribution from expansion of IPP business. GHECO-One, a 660 MW IPP plant in which Glow holds 65% stake, started commercial operation in August and posted EBITDA and NNP of 2,300 MTHB and 1,386 MTHB, respectively.
The profits from cogeneration business did not reflect the increase of sales, since the electricity tariff (Ft) was not adjusted to reflect the rising gas prices. Cogeneration business profits from sales to industrial customers remained stable compared to 2011.
Expansion Program completed
In addition to GHECO-One, in 2012 Glow started commercial operation of Glow SPP12, 110 MW cogeneration plant located in Pluak Daeng, Rayong in December and a Solar Farm also in Rayong in August.
Mr. Esa Heiskanen, CEO of Glow, commented: “With completion of GHECO-One and Glow SPP12, we have completed the expansion program started in 2008, which has doubled our capacity from 1,800 MW to 3,500 MW including entry to power generation in Laos. The results of 2012 already show contribution of this expansion program with highest results in 20 years history of Glow at NNP of over 5,000 MTHB. We look forward to 2013 when all of the new capacity is in operation for full year.”
About Glow Energy
Glow Energy is a member of the Glow Group who is a major energy player in Thailand. Glow Group combined installed capacity is 3,078 MW (Glow’s stake is 2,762 MW) of electricity and 1,206 tons per hour of steam.
Glow Group generates and supplies electricity to the Electricity Generating Authority of Thailand (EGAT) under Thailand's SPP (Small Power Producer) and IPP (Independent Power Producer) programs, as well as electricity, steam, industrial water and services to large industrial customers principally located in the Map Ta Phut area and nearby.
GDF SUEZ Energy Asia is Glow Energy’s major shareholder and is part of the GDF SUEZ Group, one of the largest international industrial and services groups in the world.
For more information about GDF SUEZ please visit the companies’ website at www.gdfsuez.com. For more information about the Glow Group please visit www.glow.co.th.