BANPU Sees Profit Surge More Than 400% in 3Q as Sales Rise

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

Quarter 3Q22 3Q21
Net Profit (Loss)
Million Baht
17,744 3,505
Earning Per Share (Baht) 2.622 0.683
% Change 406.24
6 Months 2022 2021
Net Profit (Loss)
Million Baht
40,797 6,366
Earning Per Share (Baht) 6.03 1.25
% Change 540.90

In 3Q22, BANPU reported a net profit of THB17,744 million, up 406% from the same quarter last year. In the US dollar term, BANPU reported net profit of $487 million. This was mainly due to an increase in coal and natural gas market price that supported overall group performance. 

The average selling price (ASP) of coal for 191.05 USD/ton increased by 22% QoQ and the average local price of US Natural gas for 7.61 USD/Mcf increased by 15% QoQ. 

Moreover, this quarter is the first period to consolidate a newly acquired shale gas business in North Texas, and also including new power plants invested during 4Q21 such as Temple I gas-fired power plant in USAand wind power plant in Vietnam.

Sales reported at $2,397 million (equivalent to THB87,274 million), increased by $1,236 million compared to 3Q21, that derived from an increase from coal businesses $789 million, natural gas business $342 million, power and steam business and others $105 million.

Sales of coal was $1,659 million, increased by $789 million or 91%, was a result of an increase in average selling price by $91.48 per tonne or 92%, while a decrease in sales volume by 0.06 million tonnes, and an increase in cost of sales by $20.87 per tonne or 40% compared to 3Q21.

Sales from natural gas business in 3Q22 reported at $573 million, increased by $342 million or 148% compared to 3Q21. Meanwhile, sales from power and steam was $149 million or 6% of total revenue was from sales from CHP plant $30 million, solar power plant in China of $8 million, solar power plant in Australia of $2 million, wind power plant in Vietnam of $3 million and gas-fired power plant in USA of $106 million. The power plants in Australia, Vietnam, and USA were acquired by the group in 2021.