CKPower Reports Baht 326 million in Core Net Profit for 1H 2026
Mr. Thanawat Trivisvavet, Managing Director of CK Power Public Company Limited or CKPower (SET: CKP), one of the region’s largest producers of electricity from renewables with one of the lowest carbon footprints, announced the operating results of the Company and its subsidiaries for Q2/2026 and the first half of 2026. The Core Net Profit of the Company for Q2 and the six-month period was Baht 210 million and Baht 326 million, representing decreases of 40% and 22%, respectively, compared to the same periods last year.
The decline was primarily attributable to lower electricity sales revenue from Bangpa-in Cogeneration Limited (BIC) and Nam Ngum 2 Power Company Limited (NN2), in line with lower electricity sales volume, together with higher fuel costs at BIC during the second quarter. However, the Company recognized a share of core net profit from Xayaburi Power Company Limited (XPCL) of Baht 318 million in Q2 and Baht 517 million for the six-month period, representing increases of 49% and 134%, respectively, compared to the same period last year. This was mainly driven by higher water flows through the Xayaburi Hydroelectric Power Plant, resulting in increased electricity sales volume. In addition, XPCL benefited from lower financing costs following the gradual repayment of long-term borrowings and lower interest rates. Against this backdrop, XPCL’s strong operating performance provided a positive contribution that helped mitigate the impact from NN2 and BIC operating results, while supporting CKP’s overall performance.
As of the end of June 2026, the reservoir level at the Nam Ngum 2 Hydroelectric Power Plant stood at 355 meters above mean sea level, broadly in line with the same period last year despite lower water inflows. Conversely, the average water flow through the Xayaburi Hydroelectric Power Plant was 15% higher year on year. Weather forecasts indicate the possibility of El Niño conditions developing in the second half of 2026. To prepare for these conditions, the Company is enhancing its Hydrometeorological Monitoring and Forecasting System to improve the efficiency and accuracy of electricity availability declarations by itshydroelectric power plants.
Construction of the Luang Prabang Hydroelectric Power Project reached 77% completion as of the end of June 2026, in line with the project schedule.Meanwhile, Bangkhenchai Company Limited (BKC) has signed a Power Purchase Agreement with the Provincial Electricity Authority (PEA) for a 6-MW renewable energy project under the non-fuel-cost Feed-in Tariff (FiT) scheme. The project has commenced construction and is scheduled to begin commercial operations in 2027 under a 25-year agreement.
CKPower also maintains a solid financial position. As of June 30, 2026, the Company maintained the Current Ratio of 2.49 times, while the Net Interest-bearing Debt to Equity Ratio remained at a low level of 0.52 times. These indicators reflect the Company’s prudent liquidity management and its ability to maintain an appropriate level of debt-servicing capacity. Meanwhile, the trend of lower average interest rates compared to the previous year is expected to helpreduce XPCL’s financing costs and support operating performance in the second half of 2026, as the Company continues to monitor interest rate trends and manage its long-term debt structure.
“Amid ongoing volatility in the energy sector and geopolitical uncertainty, renewable energy continues to play a vital role in driving the transition toward a low-carbon economy. CKPower will continue to increase the proportion of renewable energy in its power generation capacity while enhancing operational efficiency, with the goal of achieving net-zero greenhouse gas emissions by 2050,” concluded Mr. Thanawat.
