BCPG’s 2022 Earnings Surge 31% to THB2,630 Million

BCPG Public Company Limited (SET: BCPG) announced its 2022 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
2,630.064 2,010.820
Earning Per Share
0.91 0.74
% Change 30.8

For 2022, BCPG recorded net profit of THB 2,630.1 million, up by 30.8% YoY, where the total one-time gain of THB 586.3 million was included. When compared to 2021, there was a one-time loss of THB 273.5 million. As a result, net profit grew YoY. 

Meanwhile, core profit was at THB 2,066.3 million, decreased by 9.5% YoY. This was resulted from 1) Lower revenue contribution from solar projects in Thailand due to the expiration of adder power plants; however, the impact of adder expiry was lessened by the higher Ft rate. 2) Lower revenue contribution from wind power plants in Thailand from the lower wind speed. 3) Lower share of profit from associates due to the absence of contribution from geothermal power plants in Indonesia and the lower share of profits from the wind power plant in the Philippines.

Operating revenue from solar power plants in Thailand was THB 3,098.0 million, falling by 2.0% YoY.

Operating revenue from a wind power plant in Thailand was THB 72.1 million, falling by 13.7% YoY.

Operating revenue from hydropower plants in Laos was THB 1,178.4 million, increasing by 4.7% YoY.

Revenue from solar power plants in Japan was reported atTHB 996.1 million, significantly rose by 305.7% YoY from the commercial operations of 3 new projects.

BCPG booked an FX loss of THB 188.3 million, decreased from the FX gain recorded in 2021 of THB 34.3 million. The loss recorded in 2022 came from the company’s assets, which use foreign currency as a functional currency, decreased in value following the depreciation of foreign currency against THB.

In 2022, BCPG disposed of 33.3% shares of Star Energy Group Holdings Pte Ltd. to Springhead Holdings Pte Ltd. in the amount of USD 440 million (or equivalent to THB 14,551.3 million). As a result, the company recorded net gain from sales of investment in associate after related expenses and tax of THB 1,644.6 million.