CKPower posts Baht 442.0 million revenue increase in Q1/2022

Stocks News Thursday May 12, 2022 15:17 —PRESS RELEASE LOCAL

CKPower posts Baht 442.0 million revenue increase in Q1/2022

The company is ramping up investment in renewable energy in 2022 to foster steady growth

Mr. Thanawat Trivisvavet, Managing Director, CK Power Public Company Limited or CKPower (SET: CKP), one of the region's largest producers of renewables-based electricity, stated that for its Q1/2022 operating results, CKPower recorded a total revenue of Baht 2,543.0 million, a year-on-year increase of Baht 442.0 million or 21.0%, and net profit of Baht 38.7 million.

The principal contributor to the revenue growth in Q1/2022 was the sharp increase in gas prices in the global market, which not only caused the revenue from Bangpa-in Cogeneration Power Plant to rise but also resulted in a Baht 627.6 million or 39.9% increase in operating expenses of Bangpa-in Cogeneration Power Plant. Despite the volatility of natural gas prices, the year-on-year Baht 29.2 million decrease in the share of losses on investments in joint ventures and associates, attributable mainly to the improvement in the operating results of Xayaburi Hydroelectric Power Plant, was a positive factor for CKPower.

Mr. Thanawat said that natural gas prices in the global market will likely to remain volatile for some time. However, the water inflow situation for Nam Ngum 2 Hydroelectric Power Plant and Xayaburi Hydroelectric Power Plant appears to be more favorable than the previous year as the inflow volumes for the two power plants rose by 86.9% and 23.2% respectively compared to the same period last year. If this favorable water inflow continues throughout the year, the two hydropower plants will be a key factor that would bolster CKPower's overall operating results.

"As for the business directions and goals for the year 2022, CKPower will be working towards becoming an electricity producer with one of the lowest carbon footprints in support of Thailand's effort to achieve net-zero greenhouse gas emissions by 2065. To this end, CKPower has allocated a budget of Baht 2,600 million as capital injection for the development of a new hydroelectric power project in the Lao PDR in proportion to our shareholding and for investing in other renewable projects, including solar power, hydro power, and wind power, in order to achieve our goal of increasing the installed capacity to 4,800 megawatts by 2024 and increase our company's installed capacity based on renewable energy to be at least 95% of the total installed capacity," added Mr. Thanawat.

Furthermore, the 2022 Annual General Meeting of Shareholders resolved to approve the dividend payment from the operating results of the year 2021 at the rate of Baht 0.080 per share from the net profit based on the separate financial statements, totaling approximately Baht 650.4 million - the record-high payout for the company. The dividend payment will be made on May 20, 2022.

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