Bangkok--26 Feb--CK Power
CK Power Public Company Limited ("CKPower") announces its operating results for Year 2019, reaching total revenue of 8,840 million baht and generating profits of 769 million baht, 28% growth compared to Year 2018, after recognizing the profit sharing from Xayaburi Hydroelectric Power Plant. It is confident that the CKPower will continue to grow stronger in Year 2020.
Mr. Thanawat Trivisvavet, Managing Director of CK Power Public Company Limited or CKP in SET, reveals the operating results of CKPower and its subsidiaries in Year 2019 with the total revenue of 8,840 million baht and the net profit of 769 million baht, an increase of 28% from the previous year. In Year 2019, there was interest income from the Nabong Substation lease which had been completed since the end of Year 2018 together with the recognition of profit sharing from investment in Xayaburi Hydroelectric Power Plant that had started commercial operation of electricity generation to EGAT since 29 October 2019 on time in accordance with the EGAT Power Purchase Agreement. In addition, CKPower has approved the dividend payment at the rate of 0.03 baht per share. Dividends will be paid to shareholders on May 27, 2020.
In Year 2019, CKPower also opened 5 additional new rooftop solar power plants, namely Phachi Solar Power Plant, in Phra Nakhon Si Ayutthaya Province with installed capacity of 0.89 megawatts, Bang Len Solar Power Plant in Nakhon Pathom Province with installed capacity of 0.97 megawatts, Phutthamonthon 5 Solar Power Plant, in Nakhon Pathom Province with installed capacity of 0.97 megawatts, Mahachai Solar Power Plant in Samut Sakhon Province with installed capacity of 0.72 megawatts and another solar power plant in Krathum Baen, Samut Sakhon Province with installed capacity of 0.52 megawatts. At the same time, the company increased the proportion of shareholding in SouthEast Asia Energy Company Limited by 5.33 percent with investment value of 681.5 million baht, resulting in the increase of indirect shareholding in Nam Ngum 2 Hydroelectric Power Plant from 42.0% to 46.0%.
Moreover, there was a financial improvement in Year 2019 as Nam Ngum 2 Power Company Limited ("NN2") issued and offered debentures in the amount of 6,000 million baht. In this connection, TRIS Rating Company Limited ("TRIS Rating") assigned the credit rating of Debenture No. 1/2019 at "A" and upgraded all NN2's debentures to "A" with a "Stable Outlook" rating, enabling NN2 to repay the loan from all remaining financial institutions and reduce financial costs.
Additionally, CKPower received subscriptions for ordinary shares from the exercise of CKP-W1 warrants in the amount of 4,556 million baht. This helped to strengthen the financial status of the CKPower with the Net Interest-Bearing Debt to Equity Ratio of 0.62 times at the end of Year 2019, confirming CKPower's financial capability to invest in new projects continuously.
Mr. Thanawat added that in Year 2020, CKPower expects to have better operating results due to the operation of Xayaburi Hydroelectric Power Plant with full capacity throughout the entire year. Meanwhile, CKPower is still looking for new opportunity to expand its investment in the generation and distribution of clean and environmentally friendly power in Thailand, Lao PDR and other countries.
"One primary objective that CKPower has continuously been implementing is the commitment towards Sustainable Development as the basis for our clean power business. We hope to achieve this by promoting and implementing the United Nations Sustainable Development Goals (UNSDG) throughout all of our activities in both the Kingdom of Thailand and the Lao PDR. This is to ensure that our power business would continue to grow while taking good care of all stakeholders, communities and the environment in a sustainable manner." Mr. Thanawat said.
About CKPower:
CK Power Public Company Limited (CKPower or CKP) engages in production and sales of electricity generated from three types of energy. The Company owns in 13 projects with the total installed capacity of 2,167 MW, consisting of two hydroelectric power projects, namely the Nam Ngum 2 Hydroelectric Power Plant with 615 MW installed capacity, operated by Nam Ngum 2 Power Limited (46% owned by CKP through its shareholding in SouthEast Asia Energy Limited) and the Xayaburi Hydroelectric Power Plant with 1,285 MW installed capacity, operated by Xayaburi Power Company Limited (37.5% owned); two cogeneration power projects, operated by Bangpa-in Cogeneration Limited (65% owned); and nine solar power projects, 7 of which are under Bangkhenchai Company Limited (100% owned) with total installed capacity of 15 MW, one solar power plant with 8 MW installed capacity under Chiang Rai Solar Limited (30% owned) and one solar power plant with 6 MW installed capacity under Nakhon Ratchasima Solar Limited (30% owned).