Bangkok--18 Feb--Ratchaburi Electricity Generating Holding Public Company Limited
Ratchaburi Electricity Generating Holding Public Company Limited announces the 2008 Operating Performance of the Company and its subsidiaries with net profit of 6,493 million Baht, an increase of 11.38%. In terms of business direction of 2009, the Company aims to expand its business with the joint-ventures by investing on the Small Power Producers (SPP) for the renewable energy’s projects in Thailand as well as extending its investment in oversea projects.
Mr. Noppol Milinthanggoon, Managing Director of Ratchaburi Electricity Generating Holding PCL. revealed the Company’s business direction of 2009 that the Company is ready to continue investing on electricity generating business both domestic and abroad by cooperating with strategic partners in order to explore potential projects. According to the country’s economic recession and decreasing power demand as well as a respond to the government policy in promoting private sector to generate electricity from renewable energy, the Company would focus more on investing in Small Power Producers (SPP) and Very Small Power Producers (VSPP) projects in domestic. For foreign investment, the Company is still seeking for opportunities to expand its business in South East Asia in order to invest in Independent Power Producers (IPP) projects and coal mining projects in Vietnam and Indonesia. At present, the Company has approximately investing capital of 4,500 million Baht for project investment in 2009. For the financial status as of December 31, 2008, the Company has its working capital of 10,622 million Baht and the retained earnings of 23,493 million Baht, which reflect the stability of the Company for expanding its business in potential projects.
Regarding the developing projects located in Lao PDR, which are Hongsa Power Plant, Nam Ngum 3’s Hydro Power Plant and Xe-Pian Xe-Namnoy’s Hydro Power Plant, the Company is reaching the conclusions in order to negotiate with Lao PDR for concession agreement. Also it is to negotiate the Tariff MOU with Electricity Generating Authority of Thailand (EGAT). Nevertheless, the Company expects to sign agreements relating to said projects within 2009 after the revision of Power Demand Plan 2007. In addition, Nam Ngum 2’s Hydro Power Plant is currently 71% completed (As of December 31, 2008) and expected to start the Initial Operation Date (IOD) in late 2010 and Commercial Operation Date (COD) in 2013 as scheduled.
For the Company’s 2008 Operating Performance ended December 31, 2008, the Company and its subsidiaries recorded the net profit of 6,492.90 million Baht, an increase of 663.50 million Baht or 11.38% higher from year 2007 and equaled to 4.48 Baht per share. In 2008, the Company and its subsidiaries had total revenue of 43,801.85 million Baht, consisting 42,210.25 million Baht from sales revenue, 121.78 million Baht from management and service fee, 931.70 million Baht from shared profit of the Company’s joint-ventures, 422.52 million Baht from interest income and 115.60 million Baht from other incomes. While, the Company’s cost of sales and expenses was 35,798.23 million Baht, consisting 35,158.58 million Baht in cost of sales, 608.49 million Baht in administration expense and 31.16 million Baht in the directors’ remuneration. Whereas the Company is committed to pay the interest expense of 1,293.37 million Baht and the income tax of 217.35 million Baht.
Furthermore, the resolution of the board of directors’ meeting dated February 16, 2009 revealed that the Company would pay dividend of 2008 net profit to the shareholders as 3,190 million Baht or 2.20 Baht per share. Resulting from the interim dividend payment for the Company’s shareholders of 1.10 Baht per share as of September 12, 2008, the remaining dividend payment of 2008 is 1.10 Baht per share. The Company expects to pay dividend on April 24, 2009. The record date of shareholders for the right to to receive the dividend would be on April 9, 2009 and the closing date of share registration book would be on April 10, 2009.
In terms of Corporate Social Responsibility (CSR), the Company continues to drive the Love the Forest and the Community program or Klayim with cooperation from the Royal Forest Department (RFD). The program mainly focuses on the model community forest contest. Currently, Love the Forest and the Community program is given the trophy on national model community forest from HRH Princess Maha Chakri Sirindhorn.
“Model Community Forest Contest is one of the projects under Love the Forest and the Community program. We conducted many activities relating to the forest community last year for example, Klayim Youth Camp, Seminar of Klayim Network. Those activities were in line with the inspiration for sharing experiences and procedures in forest community administration in order for other communities as well as publicity. In 2009, the Company plans to organize variety activities concerning in forest community conservation by preparing the budget of 56 million Baht to run a 5-year of Love the Forest and the Community program,” Mr. Noppol added.
For more information, please contact
Public Relations Department, Ratchaburi Electricity Generating Holding PCL.
Wiwan Phayakvichien and Duangkeaw Dheinsawadkij
Tel: 0 2978 5221, 0 2978 5224 E-mail [email protected]