EGCO Records Surging 1Q22 Earnings by 6 Folds from Higher Operating Profit

Electricity Generating Public Company Limited (SET: EGCO) has reported its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
4,115.81 585.46
Earning Per Share
7.8200 1.1100
% Change 603.00

EGCO reported a net profit of THB 4,115 million in 1Q22, increased 603% from a net profit of THB 585 million in 1Q21. The increase was mainly due to higher operating profit from higher electricity sales of Paju ES and KEGCO. Additionally, the operating profit was increased from the acquisitions of Linden Topco and Apex on June 4, 2021 and November 17, 2021, respectively. 

However, the operating profit of BLCP decreased due to scheduled maintenance in 1Q22. Moreover, the weighted average fuel cost was increased.

EGCO recognized an unrealized foreign exchange loss from the conversion of foreign denominated debt to Thai Baht in 1Q21. However, EGCO recognized a higher unrealized net loss from the changing of the fair value of financial instruments.