Banpu Power Public Company Limited (SET: BPP) has announced a robust financial performance for the full year of 2025, characterized by significant bottom-line growth and improved operational efficiency. The company reported a net profit of THB 3,026 million, marking a substantial 73% increase from the THB 1,746 million recorded in 2024. This surge in profitability was accompanied by a 12% rise in EBITDA to THB 8,268 million.
The group’s total sales revenue grew by 8% to THB 27,850 million, up from THB 25,827 million the previous year. This top-line expansion was primarily driven by the US power business, where sales surged by THB 2,750 million due to higher electricity sales volumes and a 12% increase in average power prices. Conversely, revenue from Combined Heat and Power (CHP) plants in China declined by THB 727 million, largely due to lower steam demand and the impact of the Thai Baht’s appreciation.
Profitability was further bolstered by significant cost reductions. The cost of sales decreased by 2% to THB 23,309 million, primarily because of a sharp decline in coal costs for Chinese operations, where the average cost per tonne dropped by RMB 164. Furthermore, financial costs fell by 18% to THB 2,473 million as a result of strategic loan repayments and lower interest rates.
The year-on-year profit jump also reflects a low base effect from 2024, a year marred by a THB 1,621 million impairment loss related to the Nakoso power plant.
Despite these gains, BPP faced headwinds from its associates and joint ventures, which saw a 26% decline in profit sharing to THB 2,852 million. This was attributed to increased maintenance days at the HPC plant, higher production costs at the BLCP plant, and losses in renewable energy ventures in Japan and Vietnam. Additionally, net gains from financial instruments plummeted by 81% compared to 2024.
Looking ahead, BPP is moving toward a major structural shift following shareholder approval for an amalgamation with Banpu Public Company Limited (SET: BANPU), a move intended to enhance capital efficiency and long-term operational scale.
The company’s Board of Directors will propose a THB 0.35 dividend payment for the operating period from July 1 – December 31, 2025, at the upcoming 2026 Annual General Meeting of Shareholders. The dividend payment date is scheduled for April 28, 2026, with the ex-dividend (XD) date on April 16, 2026.
