B.Grimm Power Public Company Limited (SET: BGRIM) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q23 | 1Q22 |
| Net Profit (Loss) Million Baht |
398.93 | 23.30 |
| Earning Per Share (Baht) |
0.1100 | -0.0300 |
| % Change | 1,611.91 | |
BGRIM reported a net profit of 399 million baht in 1Q23, increased 1,611% from a net profit of 23.3 million baht in 1Q22. The surge in net profit was mainly due to the recovery from SPP recovery and improving performance of wind farms.
Total revenue increased 6.7% y-o-y to THB 15,750 million with total sales volume of 3,335 GWh from 1) increasing tariffs (EGAT, industrial users or IUs, steam) relating to increasing gas price and 2) growths from wind projects in Thailand.
EBITDA recovered 50.7% y-on-y to THB 3,273 million, from 1) partial margin recovery from Ft adjustment to 154.92 satang/kWh in January to April 2023 from 16.71 satang/kWh in the same period last year, 2) the successful reduction of gas consumption per unit by 4.6% from the SPP replacement scheme and continued improvement in plant efficiency and 3) improving earnings contributions from Thailand wind farm due to increasing generation and tariff.
Meanwhile, EBITDA margin recovered to 20.8% in 1Q23, compared to 14.7% in 1Q22 but still below the 2021 figure of 26.6%.
