B.Grimm Power Public Company Limited (SET: BGRIM) reported a dramatic surge in bottom-line performance for the second quarter of 2026, with net profit reaching THB 676 million, a stellar leap from the THB 7 million recorded in the same period last year.
While total revenue saw a modest marginal increase of 0.4% year-on-year to THB 15,123 million, the results underscore a period of significant non-cash recoveries and operational steadying. The performance was bolstered by the implementation of a new tariff formula that better reflects natural gas cost fluctuations.
Key Financial Highlights
- Net Profit (Parent): THB 676 million (+9,557% YoY).
- Revenue: THB 15,123 million (+0.4% YoY).
- EBITDA: THB 3,509 million (-6.0% YoY).
- Interim Dividend: THB 0.18 per share.
The core of the earnings growth was driven by non-recurring items, specifically a substantial non-cash unrealized foreign exchange gain of THB 139 million stemming from the net position of outstanding USD debts. Operationally, the company’s Normalized Net Profit remained resilient at THB 478 million, supported by lower tax expenses and higher realized FX gains, which mitigated a 6.0% decline in EBITDA caused by lower development fee income and unrealized losses in joint ventures.
Segment performance showed robust underlying demand. Total electricity sales volume grew by 2.7% to 4,003 GWh, bolstered by higher demand from the industrial gas and metal sectors in Thailand and new renewable contributions from Vietnam and the Philippines. However, revenue growth was capped by lower tariffs from EGAT and industrial users as pricing formulas tracked falling natural gas costs.
Financially, BGRIM maintains a solid liquidity position with THB 19,476 million in cash. However, the net interest-bearing debt-to-equity ratio increased to 2.16x, reflecting continued capital expenditure for its 2026-2027 expansion pipeline. Basic earnings per share (EPS) for the quarter stood at THB 0.2.
Management’s outlook remains aggressive, focusing on high-growth sectors like data centers and massive offshore wind. With the 364.8 MW Nakwol Offshore Wind project in Korea nearing 90% completion, BGRIM is positioning itself as a primary beneficiary of the region’s green energy transition.
Additionally, the Board of Directors approved a dividend payment of THB 0.18 per share to be paid on 11 September 2026 with an ex-dividend date on 26 August 2026.
