BPP’s 3Q Profit Soars 288%, Mainly Owing to Temple I and HPC Power Plants

Banpu Power Public Company Limited (SET: BPP) has announced its 3Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q22 3Q21
Net Profit (Loss)
Million Baht
2,315 596
Earning Per Share (Baht) 0.76 0.195
% Change 288
6 Months 2022 2021
Net Profit (Loss)
Million Baht
5,919 2,756
Earning Per Share (Baht) 1.942 0.904
% Change 114.74

In 3Q22, Banpu Power reported a net profit of THB 2,315 million, including FX translation gain and gain on mark-to-market of derivatives, a 288% increase from the same quarter last year. This is primarily owing to the Temple I gas-fired power plant, which has been invested in at the end of 2021, and the HPC power plant, which has run efficiently, as well as the SLG power plant’s turnaround performance as a result of its capacity to substantially lower coal costs.

Revenue for the quarter was at THB 4,956 million, an increase of THB 3,908 million from the same quarter last year. This increase was mainly attributed to the Temple I gas-fired power plant, which generated THB 3,860 million in revenue this quarter due to the summer season in Texas, where electricity demand was at its highest of the year. Due to this, power sold and power selling price increased in this quarter. It reported a gross profit of THB 733 million. The three CHPs in China reported revenue of THB 1,096 million, up THB 48 million from the same quarter last year, owing to an increase in steam sales revenue.

BPP stated on Thursday that it will continue to add its quality megawatts in accordance with its Greener & Smarter strategy by focusing on power plants that use high-efficiency, low-emission (HELE) technology and renewable power plants. The company will invest primarily in countries where we currently have a presence, including the United States, Vietnam, Thailand, China, Japan, Indonesia, Laos, and Australia to meet its 5,300 MW target by 2025.