BCPG Public Company Limited (SET: BCPG) reported a net profit of THB 722.3 million for the first quarter. This marks a staggering 373.5% increase from the THB 152.6 million recorded in Q1 2025, driven by a diversified revenue base and a massive jump in earnings from international investments.
Total revenue from sales and services reached THB 1,098.7 million, representing a 50.3% year-on-year (YoY) jump. A significant contributor to this top-line growth was the recognition of THB 345.3 million from the District Cooling System project upon the commencement of operations. Additionally, the company saw stronger performance from its hydropower plants in Lao PDR due to sustained high water levels and improved results from its tank terminal and seaport business following contract revisions.
While the cost of sales and services rose sharply to THB 494.7 million—largely mirroring the District Cooling project recognition—the Group’s profitability was primarily bolstered by its share of profit from associates, which surged 118.3% YoY to THB 969.9 million. This was led by CCGT power plants in the United States, which benefited from a massive spike in capacity price from USD 29 to USD 270 per MW-day. The Monsoon wind power project in Lao PDR, which commenced commercial operations in mid-2025, also provided a substantial new profit stream.
Financial efficiency further supported the bottom line, as finance costs declined by 7.8% YoY to THB 281.2 million following strategic debt repayments and loan prepayments. The quarter was also aided by a net foreign exchange gain of THB 92.2 million, a sharp reversal from the FX loss recorded in the same period last year. With core profit up 218.3% and a strengthened portfolio through the recent acquisition of a 17.5 MW solar rooftop portfolio, BCPG continues to demonstrate robust growth and prudent financial management.
