RATCH’s Earnings Drop 26% to THB5.78 Billion in 2022 as Costs Increase

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

Year 2022 2021
Net Profit (Loss)
Million Baht
5,782 7,819
Earning Per Share
3.15 5.39
% Change -26

In 2022, RATCH had a profit of THB 5,782.07 million, decreasing by THB 2,036.73 million from THB 7,818.80 million in the year 2021.

The total revenues increased 84.4% as the Energy Payment of RG increased due to higher electricity generated than that of the previous year. Also, the revenues of SCG and FRD have been consolidated since the acquisition in the 4th quarter of 2021. In addition, revenue from sales of RAC increased as Collector Power Plant commenced COD in June 2021. Furthermore, the electricity price increased due to the increase in demand.

However, the operating result 2022 showed a lower profit due to the increase in depreciation, finance costs, and tax expense in line with the increase in project investment during the year. In addition, the finance costs of FRD and SCG have been consolidated since the acquisition in the 4th quarter of 2021. Also, in the 1st quarter of 2022, FRD recorded the one-time write-off deferred debt fees in the amount of THB 225.73 million from debt refinancing which resulted in the interest saving and loan extension. 

In addition, FRD recorded the deferred tax expense due to the tax rate change of its subsidiary in Indonesia in the amount of THB 337.70 million. These items, in the total amount of THB 563.43 million, were one-time accounting transactions which had no impact on cash flow of the company.

The Board of Directors on Tuesday approved a THB0.80 dividend payout to be paid on 19 May 2023. The ex-dividend date is on 17 March 2023.