BGRIM Books Booking THB447 Million of Net Profit in 3Q21 as IU Volume Hits Record High

B.Grimm Power Public Company Limited (BGRIM) has announced its 3Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

BGRIM reported a net profit of 447 million baht in 3Q21, decreased 10.64% from a net profit of 500 million baht. Meanwhile, the company showed 2,080 million baht of net profit for its 9M21, representing an increase by 30.14% from the same period of last year.

As for the 9-month period, BGRIM reported 9M21 Normalised Net Profit (NNP) of THB 2,228 million, rose 6% YoY from 21.0% on growing volume from industrial user (IU), 16.9% SG&A reduction and portfolio expansion. In 3Q21, IU volume grew 17.1% YoY to new-high level of 844 GWh but this was offset by a 14.0% YoY increase gas price to THB268/MMBTU and the scheduled maintenance of three power plants (under SPP scheme). Hence, 3Q21 NNP softened 23.4% YoY to THB 571 million.

Total revenue increased 4.7% YoY to THB 11,714 million in 3Q21 with 17.1% growth in IU electricity volume from rising demand and new clients with total PPAs of 33.5 MW during 9M21. On the other hand, revenue from solar projects in Vietnam declined from demerging DT1&2, solar projects in Vietnam, from previously 55%-own 420 MW DT1&2 to 100%-own 240 MW DT2 (with equity MW rising slightly from 231 MW to 240 MW) and the softening demand in Vietnam from Vietnam’s temporary lockdown from covid-19 pandemic in 3Q21.