B.Grimm Power Public Company Limited (SET: BGRIM) delivered a strong financial result for the third quarter of 2025 (3Q25), with a surge in net profit by 220% from last year.
Net profit rose to THB 521 million for 3Q25, a significant improvement of 219.6% compared to THB 163 million in 3Q24. This jump was primarily driven by a non-cash unrealised FX gain from the net position of outstanding USD debts and foreign currency transactions.
Meanwhile, Normalised Net Profit (NNP) fell sharply by 48.8% year-on-year (y-on-y) to THB 414 million. This decline was attributed mainly to a significant share of loss from associates and joint ventures (THB 169 million in 3Q25), largely due to unrealised FX losses in subsidiaries like KOPOS and GIFU.
Total Sales and Service Income decreased 9.0% y-on-y to THB 13,351 million. This decline was largely a function of falling tariffs, as lower natural gas prices (down 11.1% y-on-y to THB 298.56/MMBTU) resulted in lower selling prices for electricity sold to EGAT and industrial users (IUs). Sales to EGAT alone dropped 10.7% y-on-y.
However, core operations showed resilience through key efficiencies and growth areas:
- Gas Cost Reduction: The y-on-y decline in gas cost led to a 12.5% decrease in natural gas expenses.
- Volume Growth: Electricity sales volume to IUs in Thailand increased by 1.6% y-on-y, driven by demand from the metal, industrial gas, and home appliance industries.
- Cost Control: Selling, General & Administrative (SG&A) expenses also decreased by 13.8% y-on-y, attributed to lower consulting fees.
Operationally, BGRIM synchronised 13.2 MW of new IUs and successfully commenced full commercial operation of the 18 MWp U-Tapao ground-mounted solar PV farm in September 2025.
