Banpu Power Public Company Limited (SET: BPP) has announced 2Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 2Q25 | 2Q24 |
| Net Profit (Loss)
Million Baht |
1,271.94 | 981.65 |
| Earning Per Share
(Baht) |
0.4170 | 0.3220 |
| % Change | 29.57 | |
| 6 Month | 2025 | 2024 |
| Net Profit (Loss)
Million Baht |
1,846.29 | 1,658.91 |
| Earning Per Share (Baht) | 0.61 | 0.54 |
| % Change | 11.30 | |
BPP reported a net profit in 2Q25 of Baht 1,271.94 million, an increase of Baht 290.29 million or 29.57% compared to the previous year. The increased net profit was due to improved performance of the company’s U.S. gas-fired power plants supported by higher average electricity selling prices and gains from changes in fair value of financial instruments arising from forward electricity contracts secured at favorable prices.
BPP also benefited from lower coal costs at CHP plants in China and increased revenue from the sale of carbon emission allowances (CEA), reflecting effective asset management. In addition, BLCP Power Plant maintained an impressive Equivalent Availability Factor (EAF) of 99% and delivered a higher profit contribution.
Gross profit was reported at THB 960 million, increased by THB 153 million compared to 2Q2024 derived from:
- An increase in operating performance from power business in the U.S., mainly from retail business THB 146 million.
- An increase in operating performance from CHP plants in China from a decrease in coal cost compared to 2Q2024 THB 7 million.
The company has a policy to adopt electricity forward contracts to mitigate energy price volatility, resulting in net gain on financial derivatives of THB 432 million. This comprised of realized gain on derivatives of THB 216 million resulted from actual prices was lower than price per derivative contracts, and unrealized gain on fair value recognition of THB 216 million due to future electricity price being lower than price per derivative contracts
Cost of sales reported at THB 5,597 million, decreased by THB 617 million compared to 2Q24 was derived from:
1) Power business in the U.S. that cost of sales decreased by THB 399 million from a decrease in natural gas consumption aligned with a decrease in power production volume. Additionally, this was a result of an appreciation of THB currency against USD currency which contributed to a decrease in cost of sales when converting to THB currency. The average exchange rate of USD/THB in 2Q2025 was THB 33.1071 (2Q2024: THB 36.7083).
2. CHP plants in China that cost of sales decreased by THB 218 million due to:
• A decrease in coal cost of THB 210 million from a decrease in average coal cost per tonne by CNY 183, or 20.42%. Average coal cost per tonne in 2Q2025 was CNY 711 (2Q2024: CNY 894).
• The effects from an appreciation of THB currency against CNY currency of THB 8 million, resulting in a decrease in cost of sales when converting to THB currency. The average exchange rate of CNY/THB in 2Q2025 was THB 4.5806 (2Q2024: THB 5.0666).
