B.Grimm Power Public Company Limited (SET: BGRIM) has delivered a resilient performance for the first quarter of 2026, navigating a complex environment of fluctuating fuel prices and regulatory tariff adjustments.
Despite total revenue decreasing by 7.1% year-on-year to THB 12,726 million, the company saw its net profit climb 10.2% to THB 721 million, up from THB 654 million in the same period last year.
The revenue dip was primarily attributed to lower electricity tariffs from EGAT and reduced steam selling prices, both of which were linked to a 13.8% decline in average natural gas prices. Additionally, lower water levels impacted output from the Malacha hydropower project in the United States.
Despite these headwinds, BGRIM achieved a 2.0% increase in total electricity sales volume, reaching 3,763 GWh, driven by higher generation from renewable projects in Thailand, the Philippines, and Laos.
Operational efficiency remained strong, with EBITDA rising 1.9% to THB 3,795 million. This growth was supported by lower natural gas costs—which fell 13.4% to THB 7,277 million—and higher service income from development fees. However, Normalised Net Profit (NNP) dropped by 32.3% to THB 507 million.
This divergence between net profit and NNP was largely due to a significant non-cash unrealised FX gain from outstanding USD debts and foreign currency transactions, which bolstered the bottom line.
On the expense side, SG&A costs rose 10.3% to THB 600 million, fueled by higher staff costs and advisory fees for strategic initiatives like the ARECO and NERH projects. Tax expenses also surged by 219.1% to THB 284 million, driven by higher taxable profits and the expiration of tax privileges for the ABPR3 project.
Looking ahead, BGRIM continues to expand its portfolio, with continuous revenue recognition from the ARECO project and new contributions from the U-tapao solar plant.
