BGRIM records 40% earnings growth in Quarter 3
B.Grimm Power Plc (BGRIM),
one of Thailand’s leading private power producers, raised net profit in the third quarter of this year by 40% from the same period of last year to 795 million baht.
Strong earnings growth was driven by a 20% growth in revenue from the same period of last year to a new record of 9.7 billion baht in the third quarter, thanks to the start-up of two power plants and stronger power demand.
” The profitability is largely in line with the projection as BGRIM is able to execute undertakings as planned and within the set timeframes, “ said BGRIM President Preeyanart Soontornwata.
The commercial operation of two 133-megawatt co-generation facilities in Amata City Industrial Estate in Rayong, namely ABPR3 and ABPR4, on February 1 and June 1, respectively, was part of the revenue drivers.
Mrs Preeyanart said BGRIM has continued relentlessly to expand its business both domestically and internationally , targeting to raise its total installed capacity by 861 MW or 45% to 2,773 MW by next year from 1,912 MW as of the third quarter of this year.
While the 133-MW ABPR5 co-generation plant in Rayong successfully started commercial operation on October 1 this year, BGRIM has a series of committed and under-development projects.
Due to start commercial operation within this December are seven ground-mounted solar farms for government agencies and agricultural cooperatives with a combined installed capacity of 31 MW.
Slated to commence operation in the first quarter of next year is a 15-MW hydro-power plant in Laos.
Two large scale solar energy projects in Vietnam with a total installed capacity of 677 MW are scheduled for commercial operation in mid-2019, while an industrial waste-to-energy plant with a 5-MW capacity is due to come on stream by the end of next year.
With these new power plants are brought on line, BGRIM’s revenues are expected to increase by 15-20% in 2019.
According to Mrs Preeyanart, BGRIM is constantly on the lookout for new business opportunities both domestically and internationally in order to achieve the target of 5 GW installed capacity in 2022.
Recently, BGRIM’s issue of debentures worth 9.7 billion baht was fully subscribed, thus securing financial resources needed for future investment projects and re-financing purposes.
The enthusiastic response to debentures reflects investor’s trust and confidence in BGRIM’s business outlook and long-term growth prospects.
