BPP Reports 10% Decline in 3Q23 Net Profit from Higher Costs and Loss on Financial Derivative

Banpu Power Public Company LImited (SET: BPP) has announced its 3Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q23 3Q22
Net Profit (Loss)
Million Baht
2,098.70 2,315.18
Earning Per Share
0.6890 0.7600
% Change -9.35
9 Months 2023 2022
Net Profit (Loss)
Million Baht
5,550.10 5,918.74
Earning Per Share (Baht) 1.82 1.94
% Change -6.23

BPP reported a net profit of THB 2,098 million, decreased 9.35% from the same period of last year, including an FX translation gain of THB 236 million and a THB 1,926 million loss from derivatives. This was mainly from unrealized loss on financial derivatives from Temple I and Temple II gas-fired power plants totaling THB 1,785 million before tax and non-controlling interest.

The company’s EBITDA of THB 7,460 million increased by THB 5,545 million or 289% compared to the same quarter last year, which mainly resulted from the excellent performance of gas-fired power plant business in the United States, together with an acquisition of Temple II. Additionally, surging electricity demand driven by the heatwave crisis led to a significant increase of gross profit margin.  

The company reported consolidated revenue of THB 16,148 million, mainly driven by the gas-fired power plant in the USA which contributed THB 15,008 million. This reflected an  increase by 289% compared to the same quarter last year due to acquisition of Temple II and higher electricity price. 

Additionally lower natural gas prices also led to higher gross profit by 840% compared to the same quarter last year to THB 6,886 million. For three CHPs in China, they contributed revenue by THB 1,141 million, increased THB 45 million or 4% compared to the same quarter last year due to higher electricity sold. Moreover, a 23% drop in average coal price led to higher gross profit to be THB 44 million in this quarter, despite THB strengthening against the RMB.