BPP Reports 182% Net Profit Growth in 1Q22 from JV Profit Sharing

Banpu Power Public Company Limited (SET: BPP) announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
2,918.34 1,034.16
Earning Per Share
0.9580 0.3390
% Change 182.19

BPP reported a net profit of THB 2,918 million in 1Q22, increased 182% from a net profit of THB 1,034 million in 1Q21. This was mainly from an increase in profit sharing in associates from gain on investment sold in Sunseap, revenue recognition and profit sharing from new power plant businesses invested during 2021, those are Temple I gas-fired power plant in USA and Nakoso power plant in Japan, net with the impact from unrealized loss on financial derivative – electricity call option, and a recognition in loss sharing from SLG power plant as an impact from higher coal cost situation in China.

Sales reported at THB 3,861 million, increased by THB 2,049 million or 113% compared to 1Q21. This was mainly from higher power sales and steam sales from CHP plants in China of THB 755 million and from electricity sales from Temple I gas-fired power plant in USA of THB 1,294 million.