EA: Third Quarter Earnings Increased by 44% amid Stronger Sales in EV Segment

Energy Absolute Pcl. (EA) on Friday announced third quarter earnings of THB 1,616.26 million which translates to an increase of 44.44% compared to the same period of last year. Earnings for the period ended nine-months 2021 amounted to THB 4,218.76 million.

Source: Company MD&A, SET, SET Trade

Revenue from core businesses amounted to THB 5,039.64 million which is an increase of 33.55% YoY. Battery and electric vehicle business contributed the most in third quarter revenue by 745.60% YoY followed by biodiesel business by 37.11% YoY and power business by 11.86% YoY.

Manufacturing and distribution of lithium-ion battery and electric vehicle segment saw the largest contribution in revenue drive by sale of 77 unit of electric buses.

Biodiesel products manufacturing and distribution segment includes biodiesel selling, revenue of which increased by 20.34% YoY. Under this business segment pure glycerin business increased by 43.90% YoY mainly due to COVID-19 outbreak increased demand of glycerin for alcohol gel production which pushed price of glycerin upward. Crude palm oil revenue increased by 109.81% YoY due to recognition of sales by a subsidiary company as well as increased price of crude palm oil. PCM revenue increase by 10.85% YoY due to recognition of revenue from PCM sales in late 2020.

Power business’s revenue is mainly driven by higher electricity production from wind power plant due to stronger wind during the rainy season. Revenue from wind power plants increased revenue by 31.96% YoY while revenue from biogas power increased by 35.88% YoY and solar power plants revenue decreased by 1.64% YoY.

Selling expense for the third quarter decreased by THB 15.35 million decline of 17.56% YoY due to slight decrease in sales volume of biodiesel products. Administrative expenses amounted to 350.09 million increase by 40.60% YoY.